First Quarter Ended March 31, 2002
SAN DIEGO--(BW HealthWire)--May 14, 2002--GenStar Therapeutics (AMEX:GNT - News), a biotechnology company developing gene therapy products for the treatment of hemophilia A, prostate cancer and HIV/AIDS, today reported financial results for the first quarter ended March 31, 2002.
For the first quarter of 2002, GenStar reported a net loss of $2.7 million, or $0.11 per share, as compared to the net loss for the first quarter of last year of $2.6 million or $0.11 per share. Research and development costs totaled $2.3 million in the first quarter 2002 compared with $1.9 million in the first quarter of 2001. Revenues for the quarter ended March 31, 2002 were $268,000 compared with $32,000 in the same period last year. Revenues were derived from research grants. Operating expenses for the first quarter ended March 31, 2002 include costs related to the Company's continued development efforts for each of its product programs.
GenStar ended the first quarter with approximately $13.1 million in cash, cash equivalents and short-term investments, down from $16.3 million as of December 31, 2001. The decrease in cash is attributable to the funding of on-going operations.
"We are extremely pleased that already this year we have made significant advances on our own and with our partners," stated Robert E. Sobol, M.D., Chief Executive Officer. "We believe that our gene therapy technology has the potential to address serious medical needs with growing patient populations."
Among the highlights for the year, Dr. Sobol noted the following achievements:
Signed a research agreement with Centocor, a Johnson & Johnson company, employing GenStar's viral gene delivery technology
Identified additional candidate patients for the Company's Phase I clinical trial for severe hemophilia A where expression of Factor VIII was observed in the first treated patient following administration of MAX-AD Factor VIII
Continued progress with plans to initiate a Phase I clinical trial in hemophilia in Europe by the second half of 2002
Made progress in complying with the FDA's requests regarding the Company's DUAL-AD program advancing closer to a Phase I clinical trial for the treatment of prostate cancer in the next 12 months and concurrently, continue to pursue corporate partnering opportunities for the DUAL-AD prostate cancer program
Dr. Sobol added, "We look forward to advancing our hemophilia clinical trial. In addition, our prostate cancer and HIV/AIDS programs are anticipated to make significant progress over the next year as we move toward clinical trials for these indications."
Later today GenStar will webcast a conference call with financial analysts live on the Company's internet site at 1:00 p.m. Eastern Standard Time. The Company will review its financial results and clinical drug development progress. To access the live call or the subsequent archived recording, log onto www.genstar-rx.com. |
