Texas Biotechnology Reports Second Quarter Results
HOUSTON -- Texas Biotechnology Corporation (TBC) (Amex: TXB) today announced financial results for the second quarter of 1997.
Revenues for the second quarter of 1997 totaled $690,000, compared to $1,284,000 for the same quarter of 1996. Revenues from research agreements decreased primarily due to a reduction in payments associated with research collaborations. Operating expenses were $6,532,000 for the second quarter of 1997, compared to $7,036,000 for the same quarter of 1996. The decrease was due to an overall decrease in research and development activity related to the completion of enrollment in certain clinical trials for the compound NOVASTAN(R). Net loss for the second quarter of 1997 was $6,142,000, or $0.24 per share (on 25,775,955 weighted average shares outstanding), compared to a net loss of $5,501,000, or $0.23 per share (on 24,064,064 weighted average shares outstanding), for the same quarter of 1996.
Operating expenses included a non-cash charge of $1,150,000 related to the extension of the exercise period of certain stock options. Without including the non-cash charge discussed above, the loss would have been $4,992,000 for the quarter.
Revenues for the six months ended June 30, 1997 totaled $1,490,000, compared to $3,201,000 for the same period in 1996. Operating expenses were $11,902,000 for the six months ended June 30, 1997, compared to $14,050,000 for the same period of 1996. Net loss for the six months ended June 30, 1997 was $10,941,000, or $0.43 per share, compared to a net loss of $10,352,000, or $0.46 per share, for the same period of 1996. Without including non-cash charges for stock option extensions, the net loss for the six months ended June 30, 1997 would have been $9,638,000.
Cash, cash equivalents and short-term investments were $9,294,000 at June 30, 1997 and $17,064,000 at June 30, 1996. Subsequent to the close of the quarter, Texas Biotechnology received a cash payment of $9,500,000 as a result of its collaboration with SmithKline Beecham, entered into in August, 1997.
Also in August, Texas Biotechnology began a Phase II clinical trial evaluating its endothelin-A (ETA) receptor antagonist, TBC 11251, for the treatment of congestive heart failure (CHF).
Texas Biotechnology Corporation is developing a new generation of therapeutics focused on preserving the functional integrity of the vascular system. In addition to completing late-stage studies in the development of NOVASTAN(argatroban), the Company has completed Phase I studies of its novel endothelin-A receptor antagonist for congestive heart failure and selectin antagonist for asthma. Texas Biotechnology Corporation's expertise in computer-aided small molecule drug design has generated important lead compounds for the inhibition of cell adhesion, endothelin, growth factors and programmed cell death. For additional information, visit the Company's Internet web site at tbc.com.
This press release contains forward-looking information that is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are attainment of research and clinical goals of product candidates. In particular, careful consideration should be given to cautionary statements made in the various reports Texas Biotechnology has filed with the Securities and Exchange Commission.
TEXAS BIOTECHNOLOGY CORPORATION
SELECTED FINANCIAL DATA
$ in thousands (except loss per share and shares outstanding)
Unaudited
Summary of Operations
Three Months Ended Six Months Ended
June 30, June 30,
1997 1996 1997 1996
Revenues $690 $1,284 $1,490 $3,201
Operating expenses 6,532 7,036 11,902 14,050
Other income (net) 150 251 318 497
Preferred dividend requirement 450 -- 847 --
Net (loss) applicable to
common shares (6,142) (5,501) (10,941) (10,352)
Net (loss) per share (0.24) (0.23) (0.43) (0.46)
Weighted average shares
outstanding 25,775,955 24,064,064 25,647,058 22,479,819
Balance Sheets
June 30,
1997 1996
Cash and cash equivalents, and
short-term investments $9,294 $17,064
Total assets 14,673 21,946
Total liabilities 3,344 2,997
Stockholders' equity 11,329 18,949
/CONTACT: David B. McWilliams, President and Chief Executive Officer, or
Joseph M. Welch, Vice President, Business Development of Texas Biotechnology Corporation, 713-796-8822; or investors, Reagan Codner, or media, Karen L. Bergman of Burns McClellan, 212-213-0006/
"Copyright(c) 1997, PR Newswire"
"Provided by Dow Jones & Company, Inc."
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