Q2 results from yesterday...
Heavy volume today, stock continues to slide, now below 3. Ugh. Still, unless they are going to go belly up altogether, this would be a good time to get some more. Don't think I will though...
Cambridge NeuroScience Reports Second Quarter 1997 Financial Results
July 31, 1997 07:59 AM
CAMBRIDGE, Mass., July 31 /PRNewswire/ -- Cambridge NeuroScience, Inc. CNSI today reported a net loss of $3.9 million, or ($0.22) per share, for the three months ended June 30, 1997, compared to a net loss of $2.9 million, or ($0.22) per share, for the same period in 1996. The increase in net loss was due to additional research and development expenses for the three month period ended June 30, 1997 compared to the same period in 1996. Research and development expenses reflected costs associated with the continued patient enrollment in the Phase III clinical trial of CERESTAT(R) in traumatic brain injury as well as increased spending for pre-clinical activities associated with other of the Company's product development programs. Offsetting increases in net loss per share in the second quarter of 1997, compared to 1996, is the increase in the weighted average shares outstanding resulting from the sale of 1,237,624 shares of Common Stock to Boehringer Ingelheim International GmbH ("BI") in September 1996 and the Company's public offering of 2,760,000 shares of Common Stock in the first quarter of 1997. Research and development revenues were $1.1 million in the second quarter of 1997 compared to $676,000 in the same period in 1996.
Research and development revenue earned pursuant to the BI collaboration represents the excess of the Company's expenditures over its obligations for the period (generally 25% of total spent by both parties) and was $850,000 in the second quarter of 1997, compared to $676,000 in the same period in 1996. This increase is attributable to an increase in costs incurred by CNSI relative to total costs incurred by both collaboration partners as a result of the continuing enrollment of patients in the TBI trial and the suspension of enrollment in the Phase III stroke trial, which is being managed by BI. Also included in research and development revenues was $250,000 earned in the second quarter of 1997 pursuant to the Company's collaboration with Allergan, Inc.
On June 24, 1997, the Company and Boehringer Ingelheim announced the temporary suspension of enrollment of new patients into the Phase III trial of CERESTAT(R) in stroke, pending the completion of an expanded benefit to risk analysis on all of the patients enrolled as of that date. This decision was made after a planned interim analysis of 368 patients who had completed seven- day post-treatment follow-up. The subsequent analysis, based on the primary outcome at 90 days post-treatment, will be conducted on the more than 600 patients enrolled in the trial as of the date of suspension. Once the results of this in-depth analysis are reviewed, a decision will be made regarding the continuation of the trial.
"BI is committed to rapidly completing the in-depth analysis of the patients enrolled in the stroke trial, and we expect the review of the data to be completed by year end," said Elkan Gamzu, Ph.D., President and Chief Executive Officer of Cambridge NeuroScience. "Enrollment in the Phase III trial of CERESTAT(R) in traumatic brain injury, underway with our partner BI, continues at the anticipated pace. With over 475 patients enrolled to date, we expect to complete accrual by year end."
Cambridge NeuroScience, Inc. is a leading neuroscience company engaged in the discovery and development of proprietary pharmaceuticals focusing on nerve cell survival. The Company is developing a number of products to treat stroke, traumatic brain injury and chronic neurodegenerative disorders such as multiple sclerosis, peripheral neuropathies and other degenerative diseases. |
