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Friday February 14 7:30 AM EDT
Procept announces 1996 financial results
CAMBRIDGE, Mass.--(BW HealthWire)--Feb. 14, 1997-- Procept Inc today announced its results for the year ended Dec. 31, 1996. The
company reported that revenues decreased to $2,278,000 in 1996 from $4,647,000 in 1995. The net loss decreased to $11,236,000 or $0.97
per share in 1996 from $11,712,000 or $1.82 per share for the comparable period last year.
As of Dec. 31, 1996, the company had cash, cash equivalents and marketable securities of $6.0 million. There were approximately 13.7 million
shares of common stock outstanding.
Procept Inc., headquartered in Cambridge, Mass., is engaged in the discovery and development of small molecule therapeutics for the prevention
and treatment of chronic and life-threatening immune system disorders. The company's research is based upon its understanding of critical cell
receptors responsible for modulating immune responses. Procept is developing therapeutics for the treatment of arthritis, diabetes, organ
transplant rejection and infectious diseases, including AIDS and tuberculosis. Procept was founded in 1985 and is traded on the Nasdaq National
Market System under the symbol PRCT.
PROCEPT, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
1996 1995 1996 1995
Revenues $ 343 $ 557 $ 2,278 $ 4,647
Costs and Expenses:
Research and development 2,174 2,892 9,926 12,406
General and administrative 866 905 3,176 3,723
Restructuring charges - - 273 -
Other expenses 37 49 139 230
Total costs and expenses 3,077 3,846 13,514 16,359
Net loss $(2,734) $(3,289) $(11,236) $(11,712)
Net loss per common
share $ (0.20) $ (0.51) $ (0.97) $ (1.82)
Weighted average number
of common shares
outstanding 13,680,399 6,474,478 11,538,500 6,422,613
CONDENSED BALANCE SHEETS
(in thousands)
December 31, December 31,
1996 1995
ASSETS
Cash, cash equivalents,
and marketable securities $ 5,964 $ 2,571
Other current assets 284 157
Total current assets 6,248 2,728
Property and equipment, net 1,863 $ 2,815
Restricted investment 469 522
Other assets 337 332
TOTAL ASSETS $ 8,917 $ 6,397
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued
expenses $ 1,531 $ 1,867
Deferred revenue -- 1,275
Capital lease obligations 634 1,543
Other liabilities 436 273
Total liabilities 2,601 4,958
Stockholders' equity:
Common stock, par value $0.01
per share 137 65
Additional paid-in capital 54,882 38,841
Accumulated deficit (48,703) (37,467)
Total stockholders' equity 6,316 1,439
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 8,917 $ 6,397
CONTACT: Procept, Inc.
Stanley C. Erck
(617) 491-1100
or
INFOCUS, Inc. (media)
Karen M. Goldman
(609) 683-9055
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