Soldier has been kind enough to post the following information over on Yahoo!..It is well worth the time to read this information...
"09:14am EST 9-Nov-01 Punk, Ziegel & Co. (Matthew Kaplan 212-891-5247) BTRN
BioTransplant Reports 3Q Loss of $0.21 Per Share; Reiterate Buy Rating
Punk, Ziegel & Company - Matt Kaplan 212.891.5266
-BioTransplant Reports Third-Quarter Loss of $0.21 Per Share.
MEDI-507 on Schedule to Enter Phase III Trials in Early 2002.
We Reiterate our BUY Rating on BioTransplant.
This morning, BioTransplant announced a net loss of $4.0 million or ($0.21) per
share on a pro forma basis for 3Q 2001. The loss was in-line our expectations
of $4.14 million. Third-quarter R&D expenses were $2.99 million, $1.5 million
below our estimates. G&A spending of $1.28 million was $0.28 million above
our expectations. BioTransplant recorded $212,000 revenues during the third
quarter. During the third quarter, BioTransplant recorded non-cash charges
associated with the Eligix acquisition. Specifically, BioTransplant recorded a
$1.0 million charge for amortization of intangible assets during the 3Q 2001.
BioTransplant also recorded a $1.7 million non-cash compensation charge
related to stock and options associated with the Eligix transaction. Including
one-time, non-cash charges associated with in-process research and development
and stock compensation and other amortization charges, BioTransplant reported
a net loss of $6.7 million or $0.35 per share for 3Q 2001.
We are updating our earnings model and increasing BioTransplant's estimated net
loss for 2001 to $19.9 million or ($1.12) per share from our previous estimate
of $18.4 million or ($1.00) per share. BioTransplant had a cash position of
$18.6 million as of September 30, 2001, or roughly enough to cash fund its
operations until 3Q 2002. In addition, BioTransplant recently received a $3.5
million payment from Immerge Therapeutics, its joint venture with Novartis,
which is not reflected in the September 30, 2001 cash position of $18.6
million.
Pipeline Update
During 3Q 2001, BioTransplant executed a number of important milestones
including obtaining European approval for the TCell-DLI System and the
announcement of additional strong clinical results from three MEDI-507 Phase
I/II psoriasis trials at the European Society of Dermatological Research (ESDR)
conference held in Stockholm, Sweden on September 21-22. Additionally, during
October 2001, Gambro BCT and BioTransplant announced they initiated the formal
commercial launch the BCell-SC and TCell-DLI Cell Separation Systems in
Europe.
Positive MEDI-507 Phase I/II data. BioTransplant and MedImmune announced
strong additional clinical results from three MEDI-507 psoriasis trials at the
ESDR conference held in Stockholm, Sweden,
-on September 21-22. At the conference, MedImmune presented updated data from
three trials including, a Phase I, open-label, single dose intravenous (IV)
safety study; a Phase I/II, open-label, dose escalation study involving eight
weekly IV infusions; and a Phase I/II, open-label, dose escalation study with
twelve weekly subcutaneous (sub-Q) injections. The overall Phase I and Phase
I/II data indicate MEDI-507 was a safe and well tolerated. The data also
indicate patients treated with MEDI-507 at the highest dose levels (0.04 mg/kg
IV and 5.0 mg and 7.0 mg sub-Q) experienced a robust clinical response to the
drug as a greater than 75% PASI improvement was observed in 39% of the
patients. |
