PINE BROOK, N.J., Nov. 5 /PRNewswire/ -- Cistron Biotechnology, Inc.
(OTC Bulletin Board: CIST) today announced results for its fiscal year ended
June 30, 1996.
Cistron's sales for the 12-month period were $562,161, versus $649,949 in
fiscal 1995. Net loss was $1,106,166, or a loss of 4 cents per share,
compared with net income of $279,276, or income of 1 cent per share for the
1995 fiscal year.
Sales decreased in fiscal 1996 as a result of lower cytokine assay sales
in the domestic market as intense competition continued.
Earnings were adversely affected by significant legal and consulting
expenses of the company's lawsuit against Immunex Corp. and by the doubling of
research and development expenditures. In the 1995 fiscal year, Cistron had
higher licensing income because of an agreement with another company.
The Company's accountants had raised concerns about the Company's ability
to continue as a "going concern." However, the recently announced $21 million
settlement agreement with Immunex Corporation has resolved these concerns.
Cistron's primary product area is immune response regulators known as
lymphokines. The company manufactures and sells lymphokines and lymphokine
assay kits to pharmaceutical companies, the government and academic
institutions in North America, Europe and the Pacific Rim for cancer,
arthritis and other autoimmune disease research.
Cistron Biotechnology, Inc.
Financial Summary
12 months ended June 30
1996 1995
Net Sales $ 562,161 $ 649,949
Net Income (Net Loss) $(1,106,166) $ 279,276
Earnings (Loss) Per Share $ (.04) $ .01
Weighted Average Number
of shares outstanding 26,882,990 27,522,928 |
