here is the new website for SHMN and the report:
This was on Yahoo this morning.
Jan
Monday May 11, 7:10 pm Eastern Time
Company Press Release
Shaman Announces First Quarter Results
SOUTH SAN FRANCISCO, Calif.--(BW HealthWire)--May 11, 1998-- Shaman
Pharmaceuticals, Inc. (NASDAQ:SHMN - news) today reported operating results
for the three months ended March 31, 1998.
For the fiscal quarter ended March 31, 1998, Shaman reported a net loss of
$8.5 million, or $0.48 per share, compared with a net loss of $6.0 million or
$0.39 per share for the corresponding quarter last year.
Revenue from collaborative agreements in the first quarter of 1998 was
$875,000, representing no change in collaborative revenue as reported for the
first quarter of 1997. The collaborative revenue in both cases was the result
of research payments from Shaman's strategic partnerships to discover novel
diabetes therapies with Lipha s.a., a subsidiary of Merck, KGaA, Darmstadt,
Germany, and with Ono Pharmaceutical Co., Ltd., Osaka, Japan.
Research and development expenses grew to $7.5 million for the three-month
period ended March 31, 1998, from $6.0 million for the same period of last
year. The increase reflects the Company's expansion of its clinical
development programs, in particular, initiation of a Phase III human clinical
trial for SP-303/Provir(TM) for the treatment of diarrhea in patients with
AIDS.
General and administrative expenses were $1.3 million, compared with $0.99
million for the same period in the prior year. The increases were attributable
to increases in compensation and marketing research related to late stage
clinical products as well as legal dispute costs. Cash and cash equivalents at
March 31, 1998 were $14.2 million.
According to Lisa Conte, president and chief executive officer, ''Our
financial results are in line with our expectations. In March, we initiated
patient enrollment for a Phase III, multi-center study of SP-303/Provir(TM),
Shaman's anti-diarrhea product candidate for patients with AIDS.
''This development program will continue to be a primary focus throughout the
coming months as we prepare for an NDA filing as early as the first half of
1999. We intend to continue to invest in this important program, in our other
clinical studies, and in planning for the potential of a product launch for
the anti-diarrheal therapy for patients with AIDS.''
Shaman also announced today the debut of its new internet web site, at
www.shaman.com.
Shaman Pharmaceuticals discovers and develops novel pharmaceutical products
for major human diseases by isolating active compounds from tropical plants
with a history of medicinal use.
The Company has three compounds in clinical development: SP-303/Provir(TM) an
oral product for the treatment of diarrhea in patients with AIDS and other
watery diarrhea indications; nikkomycin Z, an oral antifungal for the
treatment of systemic fungal infections; and SP-134101, an oral product for
the treatment of Type II diabetes.
Shaman maintains an active Type II diabetes research program which serves as
the basis for its collaborations with Lipha s.a., a wholly owned subsidiary of
Merck KGaA, Darmstadt, Germany and with Ono Pharmaceutical Co., Ltd. of Japan.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Shaman Pharmaceuticals Inc.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Statement of Operations
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (in thousands, except per share amounts)
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Three Months Ended
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Mar 31,
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 1998ÿÿÿÿÿÿÿÿÿ 1997
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (unaudited)ÿÿ (unaudited)
Revenue from collaborative agreementsÿÿÿÿÿ $ÿÿÿ 875ÿÿÿÿÿ $ÿÿÿ 875
Operating expenses:
Research and developmentÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 7,513ÿÿÿÿÿÿÿÿ 6,015
General and administrativeÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 1,276ÿÿÿÿÿÿÿÿÿÿ 991
Total operating expensesÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 8,789ÿÿÿÿÿÿÿÿ 7,006
Loss from operationsÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (7,914)ÿÿÿÿÿÿ (6,131)
Other income (expense):
Interest incomeÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 232ÿÿÿÿÿÿÿÿÿÿ 251
Interest expenseÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (807)ÿÿÿÿÿÿÿÿ (101)
Net lossÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ $ (8,489)ÿÿÿÿ $ (5,981)
Net loss per share(a)ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ $ÿ (0.48)ÿÿÿÿ $ÿ (0.39)
Shares used in calculation
of net loss per shareÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 17,836ÿÿÿÿÿÿÿ 15,455
(a)ÿ Net loss per share is based on the weighted average of common
ÿÿÿÿ shares outstanding during the period.
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Selected Balance Sheet Data
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (in thousands)
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Mar 31,ÿÿÿÿÿÿÿ Dec 31,
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 1998ÿÿÿÿÿÿÿÿÿÿ 1997
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (unaudited)
Cash, cash equivalents
and investmentsÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ $ÿ 14,199ÿÿÿÿÿ $ÿ 21,421
Working capitalÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 6,814ÿÿÿÿÿÿÿÿ 14,547
Total assetsÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 19,277ÿÿÿÿÿÿÿÿ 26,753
Long-term obligations, including
current installmentsÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 6,424ÿÿÿÿÿÿÿÿÿ 6,802
Senior convertible notesÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 10,179ÿÿÿÿÿÿÿÿÿ 9,967
Accumulated deficitÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (120,399)ÿÿÿÿÿ (111,910)
Total stockholders' equity
(stockholders' deficit)ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (3,012)ÿÿÿÿÿÿÿÿ 5,148
Note to Editors: Provir(TM) is a trademark of Shaman Pharmaceuticals Inc.
This press release contains, among other things, certain statements of a
forward-looking nature relating to Shaman's ability to advance its clinical
development and research programs and file for product registration.
Such statements involve a number of risks and uncertainties including the
timing and results of preclinical and clinical studies and determinations by
the U.S. Food and Drug Administration, as well as the Risk Factors listed in
the Company's SEC filings including, but not limited to, those contained in
Shaman Pharmaceuticals, Inc.'s Annual Report on Form 10-K/A for the year ended
Dec. 31, 1997. These filings are available upon request at 650/952-7070.
------------------------------------------------------------------------
Contact:
ÿÿÿÿ Shaman Pharmaceuticals, Inc.
ÿÿÿÿ Corporate Communications, 650/952-7070 ext. 48
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