Introgen Therapeutics Reports First Quarter 2004 Financial
Results; Results for the Quarter Ended March 31, 2004 in
Line With Expectations
15:30 EDT Tuesday, May 11, 2004
AUSTIN, Texas, May 11 /PRNewswire-FirstCall/ -- Introgen
Therapeutics, Inc. (Nasdaq: INGN) announced today its
results for the quarter ended March 31, 2004, reporting
progress during these periods in its clinical development
programs.
Introgen reported a net loss of $5.4 million, or $0.21 per
share, for the quarter ended March 31, 2004. These results
compare to a net loss of $5.4 million, or $0.22 per share,
for the quarter ended December 31, 2003, and a net loss of
$5.4 million, or $0.25 per share, for the comparable prior
year quarter ended March 31, 2003.
During the quarter ended March 31, 2004, cash, cash
equivalents and short- term investments decreased $5.7
million. At March 31, 2004, Introgen had cash, cash
equivalents and short-term investments of $30.7 million.
Revenue was $109,000 for the quarter ended March 31, 2004,
compared to revenue of $2,000 for the quarter ended December
31, 2003, and $150,000 for the quarter ended March 31,
2003. Operating expenses were $5.7 million for the quarter
ended March 31, 2004, compared to $5.6 million for the
quarter ended December 31, 2003, and $5.7 million for the
quarter ended March 31, 2003.
Quarterly Conference Call
Introgen has scheduled a conference call to discuss the
financial results at 4:30 p.m. EDT today. Interested parties
can access a live Internet broadcast at
introgen.com . For those unable to listen to the
broadcast the call will be archived at Introgen's Website at
introgen.com in the Investor Relations section.
Introgen is a leading developer of biopharmaceutical
products designed to induce therapeutic protein expression
using non-integrating gene agents for the treatment of
cancer and other diseases. Introgen maintains integrated
research, development, manufacturing, clinical and
regulatory departments and operates a commercial-scale, CGMP
manufacturing facility.
[snip forward looking statement]
Editor's Note: For more information on Introgen
Therapeutics, or for a menu of archived press releases,
please visit Introgen's Website at introgen.com .
Contact:
Introgen Therapeutics, Inc.
C. Channing Burke
(512) 708 9310 Ext. 322
Email: c.burke@introgen.com
INTROGEN THERAPEUTICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
MARCH 31, DEC. 31,
2004 2003
(Unaudited)
(Thousands)
CASH AND CASH EQUIVALENTS 12,263 36,397
SHORT-TERM INVESTMENTS 18,475 0
TOTAL CASH, CASH EQUIVALENTS &
SHORT-TERM INVESTMENTS 30,738 36,397
OTHER CURRENT ASSETS 458 302
PROPERTY AND EQUIPMENT, NET 7,165 7,502
OTHER ASSETS 531 282
TOTAL ASSETS $38,892 $44,483
ACCOUNTS PAYABLE, ACCRUALS AND OTHER
CURRENT LIABILITIES $5,529 $5,608
NOTES PAYABLE AND CAPITAL LEASE OBLIGATIONS,
NET OF CURRENT PORTION 6,485 6,714
OTHER LONG TERM LIABILITIES 942 876
TOTAL LIABILITIES 12,956 13,198
TOTAL STOCKHOLDERS' EQUITY 25,936 31,285
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $38,892 $44,483
INTROGEN THERAPEUTICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
THREE MONTHS ENDED
MARCH 31,
2004 2003
(Unaudited) (Unaudited)
(Thousands except per share
information.)
CONTRACT MANUFACTURING, GRANT AND
OTHER REVENUE $109 $150
OPERATING EXPENSES:
RESEARCH AND DEVELOPMENT 4,295 4,342
GENERAL AND ADMINISTRATIVE 1,444 1,387
TOTAL OPERATING EXPENSES 5,739 5,729
LOSS FROM OPERATIONS (5,630) (5,579)
INTEREST INCOME, INTEREST EXPENSE AND
OTHER INCOME, NET 183 140
NET (LOSS) ($5,447) ($5,439)
NET LOSS PER SHARE, BASIC AND DILUTED ($0.21) ($0.25)
SHARES USED IN COMPUTING BASIC AND DILUTED
NET LOSS PER SHARE 26,566 21,525
SOURCE Introgen Therapeutics, Inc.
CONTACT: C. Channing Burke of Introgen Therapeutics, Inc., +1-512-708-9310, Ext. 322, or c.burke@introgen.com
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