3-Dimensional Pharmaceuticals Reports Financial Results for the Second Quarter 2002
YARDLEY, Pa., July 25 /PRNewswire-FirstCall/ -- 3-Dimensional Pharmaceuticals, Inc. (Nasdaq: DDDP - News; 3DP), a drug discovery and development company, today reported its financial results for the second quarter and six months ended June 30, 2002.
Revenue for the second quarter was $6.5 million, compared to $6.6 million for the second quarter of 2001. Net loss for the quarter was $7.2 million, or $0.32 per share, compared to a net loss of $3.1 million, or $0.14 per share, for the second quarter of 2001. For the six months ended June 30, 2002, 3DP reported revenues of $12.7 million, compared to $12.4 million for the same period in 2001. Net loss for the six months ended June 30, 2002 was $16.0 million, or $0.71 per share, compared to a net loss of $4.7 million, or $0.22 per share, for same period in 2001. Included in the results for the six months ended June 30, 2002 was a non-cash in-process research and development charge of $4.1 million in connection with the acquisition of the pre-IND compound, 3DP-3534. 3DP ended the second quarter of 2002 with $82.9 million in cash, cash equivalents and marketable securities.
Including the $12.7 million recognized during the first six months, 3DP's existing collaborations are estimated to provide revenue in 2002 of approximately $24.0 million, relating to up-front fees, research funding payments and license fees. Not included in this estimate is any potential revenue from new collaborations.
During the second quarter of 2002, the two-year research funding period under an agreement with Schering AG came to its scheduled end. This was partially offset by revenue from the discovery collaboration with Johnson & Johnson Pharmaceutical Research & Development, L.L.C. (J&J PRD) that began in the first quarter of 2002. 3DP's ongoing collaboration with Bristol-Myers Squibb Company provided the largest source of revenue for the three and six months ended June 30, 2002 and June 30, 2001.
Research and development expenses increased by $3.4 million to $10.3 million for the second quarter of 2002, compared to $6.9 million for the same period in 2001. Research and development expenses increased by $5.5 million to $18.2 million for the six months ended June 30, 2002, compared to $12.7 million for the same period in 2001. These increases are attributable to the Company's emphasis on enhancing its research and development programs through increases in personnel and facilities expenses.
"We remain focused on increasing the value of 3DP by advancing our pipeline and reducing our cash burn by developing new R&D collaborations," said David C. U'Prichard, Ph.D., Chief Executive Officer of 3DP. "We fully intend to advance our pre-clinical programs to the clinical stage and plan to initiate Phase I human clinical trials for 3DP-3534, our compound for the prevention and treatment of thrombocytopenia, or low blood platelet count, during the first half of 2003."
3DP (http://www.3dp.com) is an integrated bio-pharmaceuticals company dedicated to revolutionizing small molecule drug discovery and development. 3DP's proprietary platform, DiscoverWorks®, has the potential to produce drug candidates suitable for faster development, with fewer resources and a higher probability of success than using conventional drug discovery methods. 3DP is developing its own drug pipeline and collaborates with other pharmaceutical companies in discovery and development. |
