Morphosys results apparently disappointed the market, with the stock down about 9% at time of posting. nothing interesting on the CAT litigation, except that they have made no provision for it as unable to forecast...
I have some doubts that they will be able to raise significant cash - which they need - until this is resolved.
MARTINSRIED, Germany and MUNICH, Germany, May 28 /PRNewswire/ -- MorphoSys AG (Neuer Markt: MOR) achieved revenues amounting to euro 2.76 million in the first quarter of 2001, representing an increase of 97 percent compared to the same period of the previous year. Total operating expense for Q1 2000 amounted to euro 4.99 million, an increase of 74 percent, or euro 2.13 million, compared to the year 2000. The Company's net loss for the first quarter of 2001 amounted to a total of euro -2.03 million and a net loss per share of euro -0.57, representing an improvement of 55.4 percent and 56.4 percent, respectively, in comparison with the previous year.
Highlights of the first quarter included:
-- Achievement of a first milestone in our therapeutic antibody
collaboration with Bayer -- the generation of a high affinity HuCAL®
antibody against a Bayer target.
-- Exercise of an option to develop a second therapeutic antibody with
Bayer.
-- Attainment of a second milestone in the collaboration with
Hoffmann-La Roche for the development of an antibody against
Alzheimer's Disease.
-- Recruitment of two senior Corporate Development executives in the USA.
``We are pleased regarding the achievement of the milestones in our existing collaborations'' commented Dave Lemus, CFO MorphoSys AG. ``Moreover, the recruitment of two senior Corporate Development executives in our U.S. subsidiary will further underpin our on-going commercial efforts.''
MorphoSys develops and applies innovative technologies for the production of synthetic antibodies which accelerate drug discovery and target characterization. Founded in 1992, the Company's proprietary Human Combinatorial Antibody Library (HuCAL) technology is used by researchers world-wide for human antibody generation. The Company currently has licensing and research collaborations with Bayer (Berkeley, California/USA), BioGen (Cambridge, Massachusetts/USA), Centocor (Malvern, PA/USA), Chiron (Emeryville, California/USA), DuPont Pharmaceuticals (Wilmington, Delaware/USA), Eos Biotechnology (South San Francisco/California/USA), GPC Biotech AG (Munich/Germany), Hoffmann-La-Roche AG (Basel/Switzerland), ImmunoGen (Cambridge, Massachusetts/USA), Millennium (Cambridge, Mass/USA) and ProChon Biotech (Revohot/Israel). |
