NEOTHERAPEUTICS, INC. REPORTS FINANCIAL RESULTS FOR THREE MONTHS ENDED MARCH 3
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( BW)(NEO-THERAPEUTICS)(NEOT) NeoTherapeutics, Inc. Reports Financial Results for
Three Months Ended March 31, 1998
IRVINE, Calif.--(BUSINESS WIRE)--May 14, 1998--NeoTherapeutics, Inc. (Nasdaq: NEOT
& NEOTW) today reported financial results for the three month period ended March 31, 1998.
In the quarter ended March 31, 1998, the Company reported a net loss of $2,508,291 or $(0.46) per
share. That compares to a net loss of $818,975 or $(0.15) per share, for the same three-month
period last year. Weighted average shares outstanding for the three-month periods ended March
31, 1998 and 1997 were 5,467,206 and 5,361,807, respectively.
The increase in net loss was principally due to accelerated expenditures for research and
development of the Company's lead compound, AIT-082 (NEOTROFIN(TM), including costs
associated with the commencement of clinical trials for this compound, and the development of
other drugs. NeoTherapeutics reported aggregate cash and cash equivalents, and marketable
securities and investments of $5,862,323 as of March 31, 1998.
NeoTherapeutics, based in Irvine, California, is a publicly traded biopharmaceutical company
dedicated to the discovery and development of drugs that act on the central nervous system to
repair nerve cells and treat neurological diseases and conditions such as Alzheimer's disease,
memory deficits associated with aging, spinal cord injury, Parkinson's disease, stroke, depression,
and migraine. NeoTherapeutics' compounds are orally administered and based on patented
technologies.
This press release contains forward-looking statements regarding future events and the future
performance of NeoTherapeutics that involve risks and uncertainties that could cause actual
results to differ materially. These risks include, but are not limited to, the biological activity, side
effect profile and efficacy of AIT-082, the early stage of product development, the potential need
for additional funding, the initiation and completion of clinical trials and dependence on third parties
for clinical testing, manufacturing and marketing. These risks are described in further detail in the
Company's annual and quarterly reports filed with the Securities and Exchange Commission. |
