Creative BioMolecules Reports First Quarter Results and Development Progress
Thursday, May 14, 1998 08:51 AM
HOPKINTON, Mass., May 14 /PRNewswire/ -- Creative BioMolecules Inc. (Nasdaq: CBMI) today announced financial results for the first quarter of fiscal 1998, ended March 31, 1998. Revenues were $3,418,000 and expenses were $8,337,000, resulting in a net loss of $4,919,000 or $0.15 per share. Comparable numbers for the quarter ending March 31, 1997 were revenues of $3,647,000, expenses of $7,396,000 and a net loss of $3,749,000, or $0.11 per share.
Revenues generated during the first quarter result from research contracts and product supply to Stryker Corporation and Biogen, Inc. for the orthopaedic and renal programs, respectively. The increase in expenses during the first quarter of 1998 is attributed to the preparation of the Company's manufacturing facilities and completion of the manufacturing documentation required for the planned filing by Stryker of the Pre-Market Approval (PMA) application for the OP-1 bone graft device. Additionally, the Company expanded its research of OP-1 and other proprietary morphogenic proteins for the development
of therapies for the treatment of stroke and other neurological disorders.
In March, Stryker presented data from a 122 patient pivotal trial of the OP-1 bone graft device at the American Academy of Orthopaedic Surgeons. The data demonstrated that the device was clinically comparable to autograft in healing non-union fractures of the tibia while eliminating the autograft harvest procedure. Eliminating this second invasive procedure results in less blood loss, shorter surgical time, less pain, and reduced infections.
Creative BioMolecules, Inc. has established a substantial proprietary position in the field of morphogenic proteins, including OP-1. The Company's morphogenic protein programs include a late stage development effort in orthopaedic reconstruction with Stryker Corporation, ongoing research to develop treatments for renal disease with Biogen, Inc., and the development of proprietary new therapies for stroke and other neurological disorders.
This news release includes forward-looking statements that involve risks and uncertainties. Factors which could cause actual results to differ from the Company's expectations include, without limitation, the course of the research and development programs, including the achievement of development milestones by the Company and completion of clinical testing, the impact of competitive products, the timely receipt of regulatory clearances required for clinical testing, manufacturing and marketing of products and the other risks and uncertainties detailed from time to time in the Company's periodic reports.
NOTE: Creative BioMolecules, Inc. makes available its latest news releases on the Internet at prnewswire.com or by facsimile by calling Fax On Demand at 1-800-758-5804, extension 212213.
SOURCE Creative BioMolecules Inc.
CONTACT: Karla MacDonald, Communications Specialist, 617-912-2953 or
Wayne E. Mayhew, III, V.P. and Chief Financial Officer, 508-782-1120, both of Creative BioMolecules, Inc.
/Company News On-Call: prnewswire.com or fax, 800-758-5804,
ext. 212213 |
