Friday September 12 8:02 AM EDT
Company Press Release
Source: Hyseq, Inc.
Hyseq Announces Second Quarter Results
SUNNYVALE, Calif., Sept. 12 /PRNewswire/ -- Hyseq, Inc. (Nasdaq:HYSQ) today announced that revenues for the second quarter ended June 30, 1997 were $1.1 million versus revenues of $84,000 in the second quarter of 1996. Hyseq's Executive Vice President and Chief Financial
Officer, Christopher R. Wolf, indicated that the company is continuing to build its HyGenomics(TM) Database and has increased its production beyond the previously announced rate of more than 400,000 partial gene sequences per month, already believed to be the highest production rate in the world. Reflecting the increased level of production, the second quarter operating loss was $1.5 million, against an operating loss of $1.1 million in the second quarter of 1996. Pro forma net loss
per share totaled $0.16 compared with a pro forma net loss per share of $0.11 in the second quarter of last year.
Revenues for the first six months of 1997 were $1.4 million, compared to $163,000 for the first six months of last year. The net loss for the first six months of the year was $3.3 million, or a pro forma
net loss of $0.38 per share, compared to a loss of $2.3 million, or a pro forma net loss of $0.25 per share for the same period last year.
Lewis S. Gruber, President and Chief Executive Officer, stated: ``Hyseq's second quarter results mark the end of one chapter and the beginning of another in the life of our company, as they represent Hyseq's last fiscal period as a private company. We believe our recent successful public offering, combined with investments in Hyseq by Perkin-Elmer and Chiron, will bring us to a new level of scientific and commercial achievement. We appreciate the confidence that our private investors have demonstrated in us in the past, and hope to reward our new public shareholders and corporate partners in the future.''
Mr. Wolf said: ``We believe Hyseq's 1997 second quarter operations reflect our company's on-going prudent commitment to invest in research and development, which will enable us to continue our advance as a scientific leader in the field of genomics. The $55.8 million from our public offering and concurrent private placement in the current quarter, together with the $10 million invested by Perkin-Elmer and Chiron during the second quarter, provides us an accelerated growth platform. With the advent of Hyseq's existence as a public company, and our new strategic corporate relationships, we will be able to approach scientific and financial opportunities from a
position of genuine strength.''
Hyseq, Inc. applies the proprietary DNA array technology of its integrated HyX(SM) genomics platform to develop gene-based therapeutic product candidates, and diagnostic products and tests.
Three months ended June 30 (Unaudited)
1997 1996
Contract revenues: $1,134,000 $84,000
Operating expenses:
Research and development: 1,842,000 821,000
General and administrative: 795,000 373,000
Total operating expenses: 2,637,000 1,194,000
Loss from operations: (1,503,000) (1,110,000)
Interest income:
(expenses), net: 85,000 56,000
Net loss: (1,418,000) (1,054,000)
Pro forma net loss
Per share: ($0.16) ($0.11)
Shares used in computing
Pro forma net loss per share: 8,639,000 9,437,000
Six months ended June 30 (Unaudited)
1997 1996
Contract revenues: $1,406,000 $163,000
Operating expenses:
Research and development: 3,148,000 1,767,000
General and administrative: 1,726,000 775,000
Total operating expenses: 4,874,000 2,542,000
Loss from operations: (3,468,000) (2,379,000)
Interest income:
(expenses), net: 134,000 50,000
Net loss: (3,334,000) (2,329,000)
Pro forma net loss
Per share: ($0.38) ($0.25)
Shares used in computing
Pro forma net loss per share: 8,853,000 9,431,000 |
