Thursday May 2, 7:31 am Eastern Time
Press Release
SOURCE: VARIAGENICS, INC.
VARIAGENICS Announces First Quarter Financial Results
Company to Host Conference Call at 11:00 a.m.
CAMBRIDGE, Mass.--(BW HealthWire)--May 2, 2002--VARIAGENICS, INC. (Nasdaq: VGNX - news), a leader in pharmacogenomics, today announced results for the first quarter ended March 31, 2002.
For the first quarter of 2002, revenues were $0.7 million compared with $1.1 million for the same period in 2001. The first quarter net loss excluding non-cash equity compensation was $6.5 million, or $0.28 per share (basic and diluted), compared with $2.6 million or $0.11 per share (basic and diluted) for the first quarter of 2001.
The Company ended the first quarter with $73.1 million in cash and marketable securities.
VARIAGENICS CONFERENCE CALL INFORMATION
VARIAGENICS will hold a conference call at 11:00 a.m. Eastern Time today. Joseph S. (Jay) Mohr, President and Chief Business Officer, will lead the call. Rick Shea, Chief Operating Officer, Chief Financial Officer and Treasurer, will also participate.
Date: Thursday, May 2, 2002
Time: 11:00 a.m. Eastern Time
Conference call numbers
Toll-free: (888) 515-2781
Toll/international: (719) 457-2605
Webcast: www.variagenics.com
There will be a replay of the conference call for five days beginning on Thursday, May 2, 2002 at 3:00 p.m.. To replay the call, please dial (888) 203-1112 in the U.S. and (719) 457-0820, internationally. The access code is 602879.
VARIAGENICS, INC. applies its pharmacogenomic technologies to the discovery, development and commercialization of personalized drugs and companion molecular diagnostic products. Using a targeted drug pathway approach, the Company identifies therapeutically important genetic markers, including SNPs, haplotypes and, for cancer studies, loss-of-heterozygosity (LOH) and other related indicators. This information is then applied to clinical programs to enhance the success rates of drugs in development, and ultimately to the creation of diagnostics for predicting patient response to drugs.
For more information, please visit the Company's website at www.variagenics.com.
This press release may contain forward-looking statements, including statements regarding the effect of pharmacogenomics on therapeutic outcomes and the delivery of healthcare and the role that the Company will play in the field of pharmacogenomics. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied in such statements. These risks are identified in VARIAGENICS' Annual Report on Form 10-K for the fiscal year ended December 31, 2001. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in our expectations, except as required by law.
Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three months ended
March 31,
2002 2001
Revenue:
Collaboration and other $ 256 $ 892
Product sales 450 210
Total revenue 706 1,102
Costs and expenses:
Cost of product sales 236 186
Research and development 4,929 2,945
General and administrative 2,493 2,022
Non-cash equity compensation 3,335 1,059
Loss from operations (10,287) (5,110)
Other income (expense):
Interest income 495 1,448
Interest expense (78) (42)
Net loss $ (9,870) $ (3,704)
Net loss per share (basic and diluted) $ (0.42) $ (0.16)
Weighted average common shares outstanding
(basic and diluted) 23,385 23,169
Net loss excluding non-cash equity compensation $ (6,535) $ (2,645)
Net loss per share (basic and diluted)
excluding non-cash equity compensation $ (0.28) $ (0.11)
Balance Sheet Data
(in thousands)
(unaudited)
March 31, December 31,
2002 2001
Cash, cash equivalents and short-term
marketable securities $68,548 $72,918
Working capital 66,182 69,709
Total cash and marketable securities 73,089 80,029
Total assets 83,077 90,932
Stockholders' equity 76,493 82,983
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Contact:
VARIAGENICS, INC.
Rick Shea
Chief Operating Officer
617/588-5354
rshea@variagenics.com
or
Paul Kidwell
Media Relations
617/588-5340
pkidwell@variagenics.com |
