As does EBIO, which has had some violent moves recently, % -wise:
>>BOTHELL, Wash., Oct. 30 /PRNewswire/ -- Epoch Biosciences, Inc. (Nasdaq: EBIO - news), a leading provider of proprietary chemistries enabling genomic research, today reported revenues for the quarter ended September 30, 2001 increased to $1.9 million compared to $183,000 in the like period in 2000; and, on a sequential basis, increased 10% from $1.8 million reported in second quarter 2001. The net loss during the quarter was $1.1 million, or $0.04 per share, compared with a net loss of $1.1 million, or $0.05 per share, in the third quarter of 2000.
William G. Gerber, M.D., Chief Executive Officer, commented, ``This was another successful quarter for Epoch, one in which we met our financial projections and made important operational progress on a number of our business objectives. Our sequential revenue growth was driven by a 20% increase in product sales, caused primarily by increased shipments to two collaborative partners -- Applied Biosystems and Third Wave Technologies. In addition, we recently announced a license, development, and supply alliance with Incyte Genomics, which represents a significant building block in Epoch's strategy of commercializing its technology and an important validation of our proprietary MGB Eclipse(TM) Probe Systems.''
Gerber continued, ``We're encouraged by our progress in a number of areas, particularly in the momentum we are establishing in product development and distribution. We are on track to introduce products for micro array users as well as to expand our Eclipse Probe System offerings during the fourth quarter. As we continue to develop technologies into products, we anticipate putting distribution arrangements in place to further drive product revenue growth. Moreover, our collaborations with existing partners are going very well and we are making progress on expanding our technology-licensing portfolio. Finally, our products and technologies are performing well in collaborative reviews and continue to be validated by partners and customers alike.''
For the nine months ended September 30, 2001, Epoch reported revenues of $5.3 million compared to $422,000 in the same period last year. The net loss for the first nine months of 2001 was $3.6 million, or $0.14 per share, compared to $3.5 million, or $0.15 per share, for the same period in 2000.
At September 30, 2001, the Company had unrestricted cash and cash equivalents of $8.1 million.
Epoch management will hold a conference call at 11:00 a.m. EST (8:00 a.m. PST) today, Tuesday, October 30, 2001, to discuss third quarter financial results. To access the call, dial (877) 232-1251 for domestic and (706) 634-5936 for international. The passcode is ``Epoch''. A live webcast of the call may be accessed at vcall.com . To listen, go to vcall.com approximately 15 minutes prior to the call to register and download/install any necessary audio software. A replay will be available for 45 days.
About Epoch Biosciences
Epoch Biosciences develops proprietary products with commercial applications in the genomics and molecular diagnostics fields. Epoch's technology has numerous applications including the detection of inherited diseases and single nucleotide polymorphisms (SNPs) to identify individuals at risk for disease or adverse drug reactions. The Company's chemical reagents enhance the performance of genetic analysis procedures, and are compatible with the majority of DNA analysis systems currently employed or under development for research and diagnostic uses. The Company licenses its chemistries to leading genomics companies for incorporation in their systems and distribution to end-users. Epoch also manufactures and sells specialty oligonucleotides and genetic detection systems employing its proprietary chemistry. Information about Epoch is available at www.epochbio.com .
Epoch Biosciences Cautionary Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements are subject to risks and uncertainties, including but not limited to the possibility that the potential products utilizing the Company's technology may be ineffective or, although effective, may be uneconomical to market; or, that third parties hold proprietary rights that preclude Epoch or its licensees from marketing them; or, that third parties market a superior product. These factors and others may cause actual results to differ materially from the anticipated results. Additional information about potential risk factors that could affect Epoch Biosciences' business and financial results is included in Epoch's annual report on Form 10-KSB for the year ended December 31, 2000 and in other reports filed from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as to the date of this release and Epoch undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise.
For more information, contact: Bert W. Hogue, Chief Financial Officer of Epoch Biosciences, Inc., +1-425-482-5555.
Epoch Biosciences, Inc.
Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended, Nine Months Ended,
September 30 September 30
2001 2000 2001 2000
Revenues:
Product sales $1,359 $45 $3,515 $257
License fees and royalties 51 18 214 45
Contract research revenue 539 120 1,539 120
Total revenues 1,949 183 5,268 422
Operating expenses:
Cost of product sales 870 23 2,497 51
Research and development 1,079 772 3,405 2,404
Selling, general
and administrative 1,235 806 3,373 2,153
Total operating
expenses 3,184 1,601 9,275 4,608
Operating loss (1,235) (1,418) (4,007) (4,186)
Other income:
Interest income, net 88 270 365 671
Net loss $(1,147) $(1,148) $(3,642) $(3,515)
Net loss per share
- basic and diluted $(0.04) $(0.05) $(0.14) $(0.15)
Weighted average number
of common shares
outstanding - basic and
diluted 25,640 24,875 25,570 23,731
Epoch Biosciences, Inc.
Balance Sheet Highlights
(in thousands)
(unaudited)
September 30, December 31,
2001 2000
Cash and cash equivalents $8,077 $12,122
Accounts receivable and other current assets 1,103 616
Non-current assets 8,746 8,197
Total assets $17,926 $20,935
Current liabilities $1,884 $2,815
Deferred revenue and other non-current
liabilities 3,200 2,059
Stockholders' equity 12,842 16,061
Total liabilities and stockholders' equity $17,926 $20,935<<
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Cheers, Tuck |
