3-Dimensional Pharmaceuticals Reports Financial Results for the Third Quarter 2002
Thursday October 24, 7:31 am ET
YARDLEY, Pa., Oct. 24 /PRNewswire-FirstCall/ -- 3-Dimensional Pharmaceuticals, Inc. (Nasdaq: DDDP - News; 3DP), a drug discovery and development company, today reported its financial results for the third quarter and nine months ended September 30, 2002.
Revenue for the third quarter was $5.5 million, compared to $5.8 million for the third quarter of 2001. Net loss for the quarter was $7.7 million, or $0.34 per share, compared to a net loss of $5.0 million, or $0.23 per share, for the third quarter of 2001. For the nine months ended September 30, 2002, revenues were $18.2 million, which was the same for the comparable period in 2001. Net loss for the nine months ended September 30, 2002 was $23.7 million, or $1.06 per share, compared to a net loss of $9.7 million, or $0.45 per share, for same period in 2001. Included in the results for the nine months ended September 30, 2002 was a non-cash in-process research and development charge of $4.1 million related to the acquisition of the pre-IND compound, 3DP-3534. 3DP ended the third quarter of 2002 with $75.1 million in cash, cash equivalents and marketable securities.
Including the $18.2 million recognized during the first nine 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. 3DP's collaboration with Bristol-Myers Squibb Company, which commenced in July of 2000 and provides three years of research and development funding, was the largest source of revenue for the three and nine months ended September 30, 2002 and the comparative period in 2001.
Research and development expenses increased by $1.4 million to $9.7 million for the third quarter of 2002, compared to $8.3 million for the same period in 2001. Research and development expenses increased by $6.9 million to $27.8 million for the nine months ended September 30, 2002, compared to $20.9 million for the same period in 2001.
"3DP-3534, our compound for the prevention and treatment of thrombocytopenia, or low blood platelet count, has been undergoing extensive pre-clinical development activities and remains on track to begin Phase I human trials during the first half of 2003," said David C. U'Prichard, Ph.D., Chief Executive Officer of 3DP. "We continue to focus on building shareholder value while managing our cash burn."
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. |
