Here are the CNSI Q3 Financial Results...
(My broker is saying $35 w/in a year, but I can understand why what PW is saying publicly is a bit more conservative).
Cambridge NeuroScience Reports Third Quarter 1996 Financial Results
Monday, November 11, 1996 11:25 AM
CAMBRIDGE, Mass., Nov. 11 /PRNewswire/ -- Cambridge NeuroScience, Inc. today reported a net loss of $3.6 million or ($0.26) per share for the third quarter ended September 30, 1996, compared to a net loss of $2.8 million or ($0.23) per share for the third quarter of 1995. Revenues for the third quarter of 1996 were $151,000 compared to $1.3 million in the same period in 1995 and reflect reimbursement from Boehringer Ingelheim (BI) of the costs incurred by Cambridge NeuroScience which were in excess of the 25% share of CERESTAT(R) development expenses that the Company is obligated to pay under the collaboration agreement. The decrease in revenue in the third quarter of 1996 compared to the same period in 1995 reflects a considerable increase in the relative amount BI is spending on CERESTAT development in 1996, primarily relating to the commencement of a phase III stroke trial by BI. Operating expenses were $4.0 million for the third quarter of 1996, compared to $4.3 million in the same period in 1995.
"During the third quarter, our CERESTAT partner, Boehringer Ingelheim, made a $10 million equity investment in Cambridge NeuroScience. We're extremely proud of their continued confidence in Cambridge NeuroScience and enthusiastic about the commitment on both sides," said Elkan Gamzu, President and CEO. "Also in the third quarter, we initiated studies at the majority of sites in North America, Europe, South Africa and Australia for the phase III clinical trial of CERESTAT for stroke."
Cambridge NeuroScience, Inc. is a leading neuroscience company engaged in the discovery and development of proprietary pharmaceuticals focusing on nerve cell survival. The Company is developing a number of products to treat stroke, traumatic brain injury and chronic neurodegenerative disorders such as peripheral neuropathies, multiple sclerosis and other degenerative diseases.
Boehringer Ingelheim, with headquarters in Ingelheim, Germany, is an international R&D-oriented pharmaceutical company with total worldwide sales of 6.5 billion Deutschemarks ($4.4 billion U.S.). Boehringer Ingelheim spent 1.1 billion Deutschemarks ($750 million U.S.) last year on R&D, focusing on innovative products for the treatment of acute chronic conditions associated with respiratory, cardiovascular, CNS and gastrointestinal disorders. The headquarters for the U.S. operations, Boehringer Ingelheim Corporation, is located in Ridgefield, Connecticut.
This press release contains forward-looking statements based on the current expectations of management. There are certain important factors that could cause results to differ from those anticipated by the statements made above, including, but not limited to, the continued funding of the Company's development program for CERESTAT from BI under the BI collaboration agreement, the rate of enrollment of patients in the Company's current and future clinical trials, the Company's ability to establish and maintain collaborative arrangements with third parties and the acceptance by regulatory authorities of the Company's clinical trial outcomes as a basis for marketing approval.
CAMBRIDGE NEUROSCIENCE, INC.
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
Revenues
Research and
development, net $150,834 $1,278,977 $1,897,135 $6,968,644
Government grants --- --- --- 63,400
Total revenues 150,834 1,278,977 1,897,135 7,032,044
Operating expenses
Research and
development 3,381,880 3,676,276 9,747,856 10,411,694
General and
administrative 634,721 578,761 1,874,568 1,685,229
Total expenses 4,016,601 4,255,037 11,622,424 12,096,923
Loss from
operations (3,865,767) (2,976,060) (9,725,289) (5,064,879)
Interest income 281,995 202,109 821,909 498,670
Net loss $(3,583,772) $(2,773,951) $(8,903,380) $(4,566,209)
Net loss per
common share $(0.26) $(0.23) $(0.65) $(0.39)
Weighted average
shares outstanding 13,914,984 12,068,753 13,674,170 11,677,152
Condensed Consolidated Balance Sheets
September 30, December 31,
1996 1995
(unaudited)
Cash and cash equivalents $27,336,831 $21,937,450
Prepaid expenses and other current assets 537,113 506,721
Equipment, furniture and fixtures, net 1,294,832 1,876,473
Total assets $29,168,776 $24,320,644
Current liabilities $8,586,914 $4,792,513
Stockholders' equity 20,581,862 19,528,131
Total liabilities and stockholders' equity $29,168,776 $24,320,644 SOURCE Cambridge NeuroScience, Inc.
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