Sirna Therapeutics Reports First Quarter Financial Results
Wednesday May 14, 8:55 am ET
BOULDER, Colo., May 14 /PRNewswire-FirstCall/ -- Sirna Therapeutics, Inc. (Nasdaq: RNAI - News) today reported a net loss applicable to common stock of $5.5 million, or $1.62 per share for the quarter ended March 31, 2003 compared to a net loss applicable to common stock of $8.5 million, or $2.55 per share for the same period in 2002. The decrease in net loss for the period was primarily attributable to a reduction of research and development expenses as a result of the company's new business strategy and previously announced organizational restructuring. Research and development expenses for the first quarter of 2003 were $3.8 million, compared to $6.7 million for the first quarter of 2002. Per share amounts have been adjusted to reflect the 1 for 6 reverse stock split which became effective on April 17, 2003.
The company's cash, cash equivalents and securities available-for-sale were $4.9 million at March 31, 2003. On April 21, 2003 the company consummated a private placement of $48 million of its common stock and warrants exercisable for additional shares of common stock to a leading group of biotechnology venture capital investors to support the company's research and development of RNAi-based therapeutics. After consideration of the private placement, Elan's conversion of its preferred stock to common stock and a reverse common stock split, the company's total common shares outstanding is 28,227,709.
About Sirna Therapeutics
Sirna Therapeutics (formerly Ribozyme Pharmaceuticals) is a biotechnology company leveraging its expertise in nucleic acid technology to develop and commercialize products that target human diseases. Sirna Therapeutics' primary focus is to develop therapeutics based on a nucleic acid technology called ribonucleic acid interference, or RNAi. Sirna Therapeutics is listed on the Nasdaq National Market under the ticker symbol "RNAI." More information on Sirna Therapeutics is available on the company's web site at www.sirna.com .
This press release contains forward-looking statements that involve risks and uncertainties, and actual events or results may differ materially. These risk factors include actions by the U.S. Food and Drug Administration, technological advances, ability to obtain rights to technology, ability to obtain and enforce patents, ability to commercialize and manufacture products and general economic conditions. These and additional risk factors are identified in the company's Securities and Exchange Commission filings, including the Forms 10-K and 10-Q and in other SEC filings.
For further information please contact: Marvin Tancer, CFO & V.P. Operations of Sirna Therapeutics, Inc., +1-303-449-6500; or Amy Sullivan, Senior Vice President of Noonan Russo Presence, +1-415-677-4455, for Sirna Therapeutics, Inc.
SIRNA THERAPEUTICS, INC.
CONDENSED BALANCE SHEET
March 31, December 31,
2003 2002
(unaudited)
Assets
Cash, cash equivalents and
securities available-for-sale $4,866,645 $8,820,978
Accounts receivable 385,493 483,645
Equipment & leasehold
improvements, net 4,270,443 4,523,809
Other assets, net 8,046,294 8,069,693
Total assets $17,568,875 $21,898,125
Liabilities and stockholders' deficit
Current liabilities $5,662,079 $5,033,196
Long-term liabilities, convertible
debt & redeemable preferred stock 20,995,025 20,818,078
Stockholders' deficit (9,088,229) (3,953,149)
Total liabilities & stockholders' deficit $17,568,875 $21,898,125
SIRNA THERAPEUTICS, INC.
(Formerly Ribozyme Pharmaceuticals, Inc.)
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended
March 31,
2003 2002
Total revenues $489,789 $1,578,636
Expenses
Research and development 3,776,762 6,740,615
General and administrative 1,389,439 1,482,609
Total expenses 5,166,201 8,223,224
Operating loss (4,676,412) (6,644,588)
Total other expense (237,341) (1,650,075)
Net loss (4,913,753) (8,294,663)
Accretion of dividends on preferred stock 562,388 202,916
Net loss applicable to common stock $(5,476,141) $(8,497,579)
Net loss per share (basic and diluted)
(split adjusted) $(1.62) $(2.55)
Shares used in computing
net loss per share (split adjusted) 3,380,893 3,335,840
--------------------------------------------------------------------------------
Source: Sirna Therapeutics, Inc. |
