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Amylin Pharmaceuticals Reports Second Quarter Financial Results
PR Newswire - August 10, 1998 07:46
SAN DIEGO, Aug. 10 /PRNewswire/ -- Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN) today reported a net loss of $12.7 million, or $0.39 per share, for the second quarter ended June 30, 1998, as compared to a net loss of $10.5 million, or $0.33 per share, for the same period in 1997. For the six months ended June 30, 1998, the Company posted a net loss of $27.6 million, or $0.85 per share, as compared to a net loss of $17.2 million, or $0.54 per share, for the six-month period ended June 30, 1997. The increase in the net loss for both the second quarter and the six months ended June 30, 1998, as compared to the respective periods in 1997, was due to decreased collaboration expense reimbursements and increased interest expenses. Revenues in the first half of 1997 were higher due to option-fee payments made by Johnson & Johnson to the Company. Cash equivalent and short-term investment balances at June 30, 1998 totaled $26.0 million. Adjusted to reflect the net proceeds of the Company's recently completed public stock offering, cash equivalent and short-term investment balances at the end of the second quarter would have totaled $38.7 million. Financial results from the second quarter were consistent with expectations.
The Company's net revenues were $5.9 million and $13.0 million for the three-month and six-month periods ended June 30, 1998, as compared to $10.0 million and $22.4 million for the same periods in 1997. The revenues in the first half of 1998 were comprised of Johnson & Johnson's reimbursement of its one-half share of pramlintide development expenses incurred by Amylin during the first six months of this year.
Amylin Pharmaceuticals, Inc. is focused on developing novel medicines for treating metabolic disorders. The Company has pioneered research of the hormone amylin, which is believed to play an important role in metabolic control and is missing or deficient in millions of people with diabetes. The Company is developing pramlintide, its patented synthetic analog of human amylin, for the treatment of diabetes. Four, ongoing Phase 3 clinical studies of pramlintide are fully enrolled. The studies, two each in type 1 and insulin-using type 2 diabetes, are designed to test pramlintide's safety and efficacy and thereby support regulatory filings in Europe and the U.S. The Company has a research and development pipeline within the field of metabolic disorders, including preclinical programs for exendin and GLP-1 for type 2 diabetes and obesity, lipid-lowering antioxidants for atherosclerosis and prevention of restenosis, and new drug targets for obesity, including mitochondrial uncoupling proteins. Amylin Pharmaceuticals is headquartered in San Diego, California and has European operations headquartered in Oxford, U.K.
This press release contains forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from those discussed herein, due to, among other things, the results of the Company's ongoing and planned clinical studies of pramlintide, the Company's ability to raise additional capital to finance its business operations through and following the first quarter of 1999, the timing of filing for regulatory approval of pramlintide, and if such approval is received, time to market thereafter. Additional risks and uncertainties are described in the Company's most recently filed SEC documents, such as its Form S-3, 10-K and 10-Q.
Amylin Pharmaceuticals, Inc.
Consolidated Balance Sheets Data June 30, December 31,
(in thousands) 1998 1997
(unaudited) (audited)
Assets
Cash, cash equivalents and $26,026 $52,748
short term investments
Other current assets 1,245 2,264
Property & equipment, net 7,416 8,610
Other assets 1,840 1,716
Total assets $36,527 $65,338
Liabilities & Stockholders' Equity (deficit)
Current liabilities $16,465 $23,709
Other liabilities 41,281 36,980
Stockholders' equity (deficit) (21,219) 4,649
Total liabilities &
stockholders' equity (deficit) $36,527 $65,338
Consolidated Statements of
Operations Data
(in thousands except per
share data) Three Months Ended Six Months Ended
(unaudited) June 30, June 30,
1998 1997 1998 1997
Revenues under collaborative
agreements from related party $5,889 $10,013 $12,975 $22,371
Expenses
Research & development 14,233 17,653 32,402 34,184
General & administrative 3,366 3,363 6,289 6,209
Total expenses 17,599 21,016 38,691 40,393
Interest (expense)/income, net (1,037) 498 (1,850) 868
Net loss ($12,747) ($10,505)($27,566) ($17,154)
Net loss per share - basic
and diluted ($0.39) ($0.33) ($0.85) ($0.54)
Shares used in calculation of
net loss per share - basic
and diluted 32,572 32,071 32,505 32,047
SOURCE Amylin Pharmaceuticals, Inc.
/CONTACT: Richard W. Krawiec, Ph.D., Director of Corporate Communications
of Amylin Pharmaceuticals, Inc., 619-552-2200/
/Company News On-Call: prnewswire.com or fax, 800-758-5804,
ext. 100201/
/Web site: amylin.com
(AMLN)
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