At least, seams, they didn't give away additional shares for extra $50M. If they asked me....but, who this days ask me anything?
Miljenko
BTW, will see how will CBST fire after note offering?
Monday October 22, 8:11 am Eastern Time
Press Release
SOURCE: Regeneron Pharmaceuticals, Inc.
Regeneron Announces Third Quarter 2001 Results
TARRYTOWN, N.Y.--(BW HealthWire)--Oct. 22, 2001--Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN - news) today announced its financial and operating results for the quarter ended September 30, 2001.
Regeneron reported a net loss of $19.9 million, or $0.46 per share, for the third quarter of 2001 compared with a net loss of $3.1 million, or $0.09 per share, for the third quarter of 2000. For the nine months ended September 30, 2001, the Company reported a net loss of $47.8 million, or $1.15 per share, compared with a net loss of $14.8 million, or $0.43 per share, for the comparable period in 2000.
At September 30, 2001, cash and marketable securities totaled $268.0 million, compared to $154.4 million at December 31, 2000. On October 17, 2001, Regeneron completed the sale of $200 million aggregate principal amount of convertible senior subordinated notes due 2008 for proceeds to the Company, before expenses, of $193.4 million. The notes accrue interest at a rate of 5.5 percent per year and are convertible into shares of Regeneron common stock at a conversion price of $30.25. Subsequent to this transaction, the Company had more than $450 million in cash, marketable securities, and restricted marketable securities on hand.
Total operating expenses in the third quarter were $28.8 million, an increase of 48 percent over last year's third quarter. For the nine months ended September 30, 2001, these expenses rose 32 percent, to $73.7 million compared with the same period in 2000. The increase was due primarily to higher research and development expenses as a result of additional staff and expanded preclinical and clinical development programs. In July 2001, Regeneron initiated a Phase III clinical program of AXOKINE® for the treatment of obesity. The initial pivotal trial has begun to enroll approximately 2,000 patients in over 60 sites across the United States. General and administrative expense increased due primarily to higher staffing.
``We remain committed to leveraging our strong foundation in scientific discovery to search for and develop innovative medicines,'' noted Leonard S. Schleifer, M.D., Ph.D., Regeneron's President and Chief Executive Officer. ``We will soon have five potential pharmaceutical products in clinical development, and we continue to evaluate several preclinical candidates. Our robust product pipeline, led by our pharmaceutical drug candidates for obesity and rheumatoid arthritis, continues to give us confidence that we can create substantial shareholder value by providing important medicines for unmet medical needs. We believe that our recent financing gives us the resources and flexibility we need to advance our development of these investigational products.''
Regeneron's total revenue decreased to $5.5 million in the third quarter of 2001 from $15.0 million in the same period of 2000, and to $17.6 million for the first nine months of 2001 from $40.1 million in the same period of last year. The decrease in revenue in both the third quarter and the first nine months of 2001 was due primarily to lower contract research and development revenue from The Procter & Gamble Company resulting from the renegotiation of a long-term collaboration agreement and from Amgen-Regeneron Partners due to the cessation of clinical trial activity on brain-derived neurotrophic factor (BDNF) in January 2001. In addition, Regeneron received two non-recurring research progress payments totaling $3.5 million from Procter & Gamble during the third quarter of 2000 related to a long-term collaboration agreement and a $3.0 million research progress payment (less $0.3 million of Japanese withholding tax) from Sumitomo Pharmaceuticals Co., Ltd. during the second quarter of 2000 related to a drug development agreement. <snip> |
