4Q96 and 1996 results reported:
Cambridge NeuroScience Reports Fourth Quarter and Year-End 1996 Financial Results
Monday, January 27, 1997 6:38 PM
CAMBRIDGE, Mass., Jan. 27 /PRNewswire/ -- Cambridge NeuroScience, Inc. today
reported a net loss of $13.0 million, or ($0.93) per share, for the year ended
December 31, 1996, compared to a net loss of $7.1 million, or ($0.59) per share,
for 1995. The increase in net loss and net loss per share was due to a decrease in
research and development revenues for the year ended December 31, 1996 compared to
the same period in 1995. Partially offsetting this decrease in revenue was an increase
in the number of weighted average shares outstanding in 1996, compared to 1995, as a
result of the directed public offerings in the fourth quarter of 1995 and shares
issued in September 1996 to Boehringer Ingelheim GmbH ("BI"), one of the Company's
collaboration partners. Research and development revenues were $2.4 million in 1996,
compared to $8.2 million in the same period in 1995. Revenues in 1995 included a
one-time reimbursement of $5.0 million of previously incurred costs pursuant to the
collaboration agreement with BI. Research and development revenues reflect
reimbursement from 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. Operating expenses were
$16.6 million for 1996, compared to $16.0 million for 1995.
The net loss for the fourth quarter of 1996 was $4.1 million, or ($0.27) per share,
compared to $2.5 million, or ($0.20) per share, in the same period in 1995. Revenues
in the fourth quarter of 1996 decreased to $499,000, compared to $1.2 million in the
same period in 1995. The decrease in revenue in the fourth quarter of 1996, compared
to the same period in 1995, reflects an increase in the relative amount BI spent on
CERESTAT development in 1996, primarily relating to the commencement of a phase III
stroke trial by BI. Operating expenses for the quarter were $4.9 million in 1996,
compared to $3.9 million in 1995.
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 multiple sclerosis,
peripheral neuropathies and other degenerative diseases.
This press release may contain 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
(in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
1996 1995 1996 1995
(unaudited)
Revenues
Research and
development, net $499 $1,186 $2,396 $8,155
Government grants --- --- --- 63
Total revenues 499 1,186 2,396 8,218
Operating expenses
Research and
development 4,230 3,437 13,978 13,850
General and
administrative 711 473 2,585 2,158
Total expenses 4,941 3,910 16,563 16,008
Loss from operations (4,442) (2,724) (14,167) (7,790)
Interest income 356 237 1,178 736
Net loss $(4,086) $(2,487) $(12,989) $(7,054)
Net loss per common
share $(0.27) $(0.20) $(0.93) $(0.59)
Weighted average
shares outstanding 14,897 12,678 13,980 11,927
Condensed Consolidated Balance Sheets
(in thousands)
December 31, December 31,
1996 1995
Cash and cash equivalents $26,664 $21,937
Prepaid expenses and other current assets 1,271 507
Equipment, furniture and fixtures, net 1,285 1,877
Total assets $29,220 $24,321
Current liabilities $9,573 $4,793
Stockholders' equity 19,647 19,528
Total liabilities and stockholders' equity $29,220 $24,321 SOURCE Cambridge NeuroScience, Inc.
|
