CAMBRIDGE, Mass., Oct. 27 /PRNewswire/ -- Cambridge NeuroScience, Inc.
[ Past Profited from CNSI, don't own it now but watch it and thought you folks would want to see this.]
(OTC Bulletin Board: CNSI) today reported a net loss of $1.0 million for the quarter ended September 30, 1999, or ($0.06) per share. This net loss is comparable to those of the prior two quarters of 1999.
In the third quarter of last year the Company had net income of $102,000.
However, that was primarily the result of revenue from a one-time favorable settlement of shared costs under an agreement concluded in 1998 with
Boehringer Ingelheim for the development of aptiganel for stroke and brain
injury. Operating expenses for the third quarter of 1999 were consistent with
those of last year's third quarter. As of September 30, 1999, the Company's
cash balance was $10.3 million, a decrease of $1.6 million since December 31,
1998, representing cash used for operating purposes.
"We have made the decision to advance the lead compound in our pain
program, CNS 5161, into Phase II clinical trials", said Harry Wilcox,
President and C.E.O. of Cambridge NeuroScience. He continued, "This decision
is based on preliminary data obtained in earlier phase I trials. We plan to
conduct the phase II trials using a transdermal formulation of CNS 5161 in
patients experiencing chronic pain. We hope to begin these trials before the
end of next year. We are in a position financially to advance CNS 5161
because we made significant progress in our other programs which are under
collaborative agreements with Allergan and Bayer."
Cambridge NeuroScience, Inc. is a neuroscience company engaged in the
discovery and development of proprietary pharmaceuticals focusing on nerve
cell survival and function. The Company is developing products to treat
neurodegenerative disorders such as multiple sclerosis, peripheral
neuropathies, chronic pain 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 Company's ability to establish and
maintain collaborative arrangements with third parties for its product
candidates and programs, the results of future clinical trials, and the
acceptance by regulatory authorities of the Company's clinical trial outcomes
as a basis for marketing approval.
(financial tables to follow)
CAMBRIDGE NEUROSCIENCE, INC.
Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Revenues
Research and
development $ 298 $ 1,422 $ 1,170 $ 1,973
Operating expenses
Research and
development 1,228 1,233 3,662 5,150
General and
administrative 241 288 874 1,227
Restructuring costs - - - 921
Total expenses 1,469 1,521 4,536 7,298
Loss from operations (1,171) (99) (3,366) (5,325)
Interest income 142 201 448 987
Net (loss) income $(1,029) $102 $(2,918) $(4,338)
Net (loss) income
per share $(0.06) $0.01 $(0.16) $(0.24)
Weighted average
shares outstanding 18,136 18,022 18,112 17,945
Condensed Consolidated Balance Sheets
(in thousands)
September 30, December 31,
1999 1998
(unaudited)
Cash, cash equivalents and marketable
securities $ 10,335 $ 11,900
Prepaid expenses and other current assets 1,018 3,340
Equipment, furniture and fixtures, net 247 377
Total Assets $ 11,600 $ 15,617
Current liabilities $ 757 $ 1,887
Stockholders' equity 10,843 13,730
Total Liabilities and Stockholders'
Equity $ 11,600 $ 15,617
SOURCE Cambridge NeuroScience, Inc.
-0- 10/27/1999
/CONTACT: Harry W. Wilcox, President and C.E.O. of Cambridge
NeuroScience, Inc., 617-225-0600, ext. 119, or Theresa McNeely, Director of
Feinstein Kean Partners Inc., 617-577-8110/
(CNSI)
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