Earnings as expected: -.32 vs -.21
Aronex Pharmaceuticals, Inc. Reports First Quarter 1998 Results
THE WOODLANDS, Texas, April 28 /PRNewswire/ -- Aronex Pharmaceuticals, Inc. (Nasdaq: ARNX - news), today reported financial results for the first quarter ended March 31, 1998.
The net loss for the first quarter 1998 was $4.9 million, or $0.32 per share, compared with a net loss of $3.1 million, or $.021 per share, for the first quarter of 1997, and $4.7 million, or $0.31 per share, for the fourth quarter of 1997. Total revenues, comprised primarily of interest income, were $520,000 in the first quarter compared with $878,000 in the first quarter of 1997 and $677,000 in the fourth quarter of 1997. Research and development expenditures for the first quarter of 1998 were $4.5 million compared to $3.5 million for the first quarter of 1997 and $4.1 million for the fourth quarter of 1997. The Company ended the first quarter of 1998 with $25.7 million in cash and investments.
In commenting on the first quarter 1998 operating results, Geoffrey F. Cox, Ph.D., Chairman and CEO of Aronex Pharmaceuticals, said, "Results for the first quarter are in line with our forecast. Aronex Pharmaceuticals is focusing its investments on the clinical programs for its two lead products, ATRAGEN(R) and NYOTRAN(TM). Preparatory work is proceeding to enable expedient filing of New Drug Applications for these programs with the U.S. Food and Drug Administration upon completion of these clinical trials. We are also continuing to make significant progress in developing the breadth and strength of our management and infrastructure in preparation for our transition to commercial operations."
Aronex Pharmaceuticals, Inc. is a biopharmaceutical company that develops and commercializes proprietary innovative medicines to treat cancer and infectious diseases. Aronex Pharmaceuticals currently has four products in clinical development, two of which are in an advanced stage, as well as a pipeline of additional products.
Any statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, the effect of economic conditions, intellectual property rights and litigation, clinical trials, governmental regulation, competitive products, risks in product and technology development, the results of financing efforts, the ability to complete transactions and other risks identified in the Company's Securities and Exchange Commission filings.
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ARONEX PHARMACEUTICALS, INC.
(a development stage company)
CONDENSED STATEMENTS OF OPERATIONS
(all amounts in thousands, except loss per share data)
(unaudited)
Three Months Ended
March 31,
1998 1997
Revenues:
Interest income $ 417 $ 592
Research and development
Grants and contracts 103 286
Total revenues 520 878
Expenses:
Research and development 4,522 3,485
General and administrative 904 456
Interest expense and other 5 30
Total expenses 5,431 3,971
Net loss $ (4,911) $ (3,093)
Basic and diluted net loss
per share $ ( 0.32) $ (0.21)
Shares used in computing basic
and diluted net loss per share 15,461 14,620
CONDENSED BALANCE SHEETS
(Unaudited)
March 31, December 31,
1998 1997
ASSETS
Current assets:
Cash and cash equivalents $ 3,306 $ 2,029
Short-term investments 17,235 17,783
Prepaid expenses and other
assets 825 574
Total current assets 21,366 20,386
Long-term investments 5,111 10,142
Furniture, equipment and
leasehold improvements, net 2,099 1,107
Other assets -- --- 490
Total assets $ 28,576 $ 32,125
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities $ 5,991 $ 4,740
Total long-term liabilities 3 6
Total stockholders' equity 22,582 27,379
Total liabilities and stockholders'
equity $ 28,576 $ 32,125 |
