Here's ALRI's latest financials which also mention the ALRI call:
Allergan Ligand Retinoid Therapeutics, Inc. Reports Second Quarter Results
SAN DIEGO, Aug. 15 /PRNewswire/ -- Allergan Ligand Retinoid Therapeutics,
Inc. (ALRT) (Nasdaq: ALRI) today reported operating results for the quarter
ended June 30, l997. Net loss was $9.6 million or $2.94 per share for the
quarter and $18.8 million or $5.77 per share for the six months ended June 30,
1997. In 1996 ALRT incurred a net loss of $6.1 million or $1.89 per share for
the quarter and $11.4 million or $3.51 per share for the six months ended June
30, 1996.
Interest income was $0.5 million in the second quarter and $1.1 million in
the first six months of 1997 compared to $1.1 million in the second quarter
and $2.1 million in the first six months of 1996. R&D expenses were $9.6
million in the second quarter and $19.1 million for the first six months of
1997 compared to $6.8 million in the second quarter and $12.7 million in the
first six months of 1996. R&D was performed primarily by Allergan, Inc. and
Ligand Pharmaceuticals Incorporated under contracts with ALRT. General and
administrative expenses were $0.5 million in the second quarter and $0.8
million in the first six months of 1997 compared to $0.4 million in the second
quarter and $0.8 million in the first six months of 1996.
ALRT had cash and cash equivalents and marketable securities of $31.7
million as of June 30, 1997.
ALRT announced a research and development plan for fiscal 1997 on January
31, which represents a more rapid discovery and development of a significantly
larger library of viable retinoid compounds than anticipated at the time of
formation of ALRT. This plan will result in accclerated spending and the
Company anticipates the acceleration in spending could result in the use of
substantially all of the funds available for research and development
remaining in ALRT in late 1997 or early 1998. Ligand and Allergan have
certain purchase options over ALRT Callable Common Stock and the assets of
ALRT which could be triggered by the use of substantially all of ALRT's funds.
There can be no assurance that Ligand or Allergan will exercise these options.
Allergan Ligand Retinoid Therapeutics, Inc. is a company whose primary
purpose is to discover and develop drugs based on retinoids. Retinoids have a
broad range of biological actions, and evidence suggests that retinoids may be
useful in the treatment of skin diseases, metabolic diseases, a variety of
cancers, including kidney cancer, certain forms of leukemia and other cancers,
as well as eye diseases.
This press release may contain certain forward looking statements and
actual results could differ materially from those described as a result of
factors, including, but not limited to, the following. There can be no
assurance: (a) that the Company's products will be successfully developed,
that regulatory approvals will be granted, or patient and physician acceptance
of these products will be achieved; (b) that if a need for additional
financing occurs, such financing will be available to the Company when
required or that such financing would be available under favorable terms; (c)
that if the purchase options of Ligand and Morgan over ALRT Callable Common
Stock and the assets of ALRT are triggered, Ligand or Allergan will exercise
either or both of the options; or (d) that changes in the existing
collaborative research relationships will not occur, including their early
termination. In addition, patent positions of pharmaceutical and
biotechnology firms, including the Company, are uncertain and involve complex
legal and factual questions for which some important legal principles are
largely unresolved.
ALLERGAN LIGAND RETINOID THERAPEUTICS, INC.
(In thousand; except share data)
Statements of Operations
Three Months Six Months
Ended Ended
June 30 June 30
1997 1996 1997 1996
Interest income $ 493 $ 1,133 $ 1,112 $ 2,088
Research & development 9,579 6,832 19,095 12,710
General and
administrative 466 435 770 788
Total costs and expenses 10,045 7,267 19,865 13,498
Net loss $ (9,552) (6,134) (18,753) (11,410)
Net loss per callable
common share $ (2.94) $ (1.89) $ (5.77) $ (3.51)
Condensed Balance Sheets
June 30, December 31,
1997 1996
Assets
Cash and equivalents $14,260 $29,897
Marketable securities 17,442 20,394
Other assets 616 720
Total assets 32,318 51,011
Liabilities and stockholders' equity
Payable to Allergan, Inc. and Ligand
Pharmaceuticals Incorporated $ 3,859 $ 3,889
Accounts payable and
accrued liabilities 361 261
Total current liabilities 4,220 4,150
Stockholders' equity 28,098 46,861
Total liabilities and
stockholders' equity $ 32,318 $ 51,011
SOURCE Allergan Ligand Retinoid Therapeutics, Inc.
CONTACT: Dwight Yoder of Allergan, 714-246-5458 |
