<a lot of bang for the buck>
No kidding... tons of stuff here.
Also, second quarter financials are out:
Monday August 9, 8:30 am Eastern Time
Company Press Release
SOURCE: BioTransplant Incorporated
BioTransplant Incorporated Reports Second Quarter
1999 Results
CHARLESTOWN, Mass., Aug. 9 /PRNewswire/ -- BioTransplant Incorporated (Nasdaq: BTRN - news) today reported
financial results for the second quarter and six month period ended June 30, 1999. For the second quarter ended June 30, 1999,
the Company reported a net loss of $2,968,000 or $0.35 per common share, compared to a net loss of $2,947,000 or $0.34 per
common share, for the quarter ended June 30, 1998. Weighted average shares outstanding for the second quarters ended June 30,
1999 and 1998 were 8,583,000 and 8,579,000, respectively. Revenues were $1,412,000 for the quarter ended June 30, 1999,
compared to $1,218,000 for the same quarter last year. In addition to interest income, revenues for the current quarter include
sponsored research support from the Company's alliance with Novartis Pharma A.G. The increase in revenue is due to an
anticipated $364,000 increase in sponsored research support from Novartis, partially offset by decreased interest income.
For the six month period ended June 30, 1999, the Company reported a net loss of $5,859,000 or $0.68 per common share,
compared to a net loss of $4,601,000 or $0.54 per common share, for the same period in 1998. The Company reported cash,
cash equivalents and investments of $12,679,000 at June 30, 1999.
Management noted, as in 1998, the Company expects to receive a payment for license fees and sponsored research support from
Novartis in the fourth quarter of 1999.
''In the recent period, BioTransplant and its partners announced significant advances in the clinical development of transplantation
and blood cell cancer therapies,'' said Elliot Lebowitz, Ph.D., President and Chief Executive Officer of BioTransplant. ''The
Company's collaborator, Massachusetts General Hospital, reported initial clinical data in the Lancet suggesting that BioTransplant's
AlloMune (TM) System approach may be used to treat certain blood cell cancers. Along with MedImmune, the Company also
reported encouraging Phase I/II data indicating that MEDI-507 provided potential clinical benefit for treatment of steroid-resistant,
severe graft- versus-host disease. The GvHD data were presented at the 28th Annual Meeting of the International Society for
Experimental Hematology.''
BioTransplant Incorporated utilizes its proprietary technologies in re- educating the body's immune responses to allow tolerance of
foreign cells, tissues and organs. Based on this technology, the Company is developing a portfolio of products designed to treat a
range of medical conditions, including organ and tissue transplantation, cancer and autoimmune disease, for which current therapies
are inadequate. BioTransplant's products are intended to induce long-term functional transplantation tolerance in humans, increase
the therapeutic benefit of bone marrow transplants, and reduce or eliminate the need for lifelong immunosuppressive therapy.
This document includes forward-looking statements based on management's current expectations. Factors that could cause future
results to differ materially from such forward-looking statements include, but are not limited to: the Company's ability to secure the
substantial additional funding required for its operations and research and development programs; the Company's ability to
successfully discover, develop and commercialize its products, obtain required regulatory approvals in a timely fashion, and
overcome other difficulties inherent in developing pharmaceuticals and procedures for organ transplantation; the Company's ability
to obtain and enforce the patent protection required for its products; uncertainties as to the extent of future government regulation
of the transplantation business; and the Company's ability to maintain collaborations with third parties. For a detailed discussion of
these and other factors, see the section titled ''Business - Factors Which May Affect Results'' in the Company's current annual
report on Form 10-K, as filed with the Securities and Exchange Commission.
-Financial chart follows-
BIOTRANSPLANT INCORPORATED AND SUBSIDIARY
(A Development Stage Company)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1999 1998 1999 1998
Revenues:
Research and development $1,239 $875 $2,477 $3,250
Interest income 173 343 399 759
Total revenues 1,412 1,218 2,876 4,009
Expenses:
Research and development 3,812 3,578 7,620 7,264
General and administrative 567 584 1,114 1,338
Interest 1 3 1 8
Total expenses 4,380 4,165 8,735 8,610
Net loss $(2,968) $(2,947) $(5,859) $(4,601)
Basic net loss per
common share $(0.35) $(0.34) $(0.68) $(0.54)
Shares used in computing basic
net loss per common share 8,583 8,579 8,583 8,579
SELECTED BALANCE SHEET INFORMATION
June 30, December 31,
1999 1998
Cash, cash equivalents and investments $12,679 $20,011
Total assets 15,140 22,683
Stockholders' equity 11,099 16,958
SOURCE: BioTransplant Incorporated |
