Repligen 2nd Q 2000 Results- -0.04 cents/share
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Repligen Reports Second Quarter 2000 Results
PR Newswire - October 28, 1999 13:09
NEEDHAM, Mass., Oct. 28 /PRNewswire/ -- Repligen Corporation (Nasdaq: RGEN) today reported a loss of $805,000 or $0.04 per share, on revenues of $982,000 for the second quarter of fiscal year 2000 ended September 30, 1999. This compares to a loss of $199,000 or $0.01 per share on revenues of $762,000 for the second quarter of fiscal year 1999. Expenses for the quarter were $1,787,000 compared to $961,000 in the same quarter of fiscal year 1999. Total revenue for the first six months of fiscal year 2000 ended September 30, 1999 was $1,670,000 with expenses of $2,897,000 for a loss of $1,227,000 or $0.06 per share. This compares with a loss of $542,000 or $0.03 per share with revenues of $1,354,000 and expenses of $1,896,000 for the first six months of fiscal year 1999.
"The quarter was notable for record Protein A sales due to the initiation of product shipments to Amersham Pharmacia Biotech and strong demand from monoclonal antibody producers," said Walter C. Herlihy, Ph.D., President and Chief Executive Officer of Repligen. "Increased expenses are in line with our expectations as we prepare to initiate Phase 2 clinical studies of secretin in autism and CTLA4-Ig in bone marrow transplantation early next year."
Repligen Corporation develops new drugs for autism, organ transplant and cancer. Repligen also manufactures and markets a set of patented products based on Protein A which are used by the pharmaceutical industry to produce therapeutic antibodies. Its corporate headquarters are located at 117 Fourth Avenue, Needham, MA 02494. Additional information may be requested from www.repligen.com.
This press release contains forward-looking statements based on current management expectations. There are certain key factors which could cause future results to differ materially from those anticipated by management. Such factors include, but are not limited to: uncertainty in the realization of future revenues, the uncertain timeline for clinical activity, results of pending or future clinical trials, the Company's ability to continue to establish collaborative arrangements with third parties; the Company's ability to maintain financial stability; the technical risks associated with development and manufacture of clinical products; the fact that there can be no assurances that patents relating to the Company's potential products will afford adequate protection to the Company, the risks of technological change and competition, and the competitive environment of the biotechnology and pharmaceutical industries. These factors are more fully discussed in the Company's periodic filings with the Securities and Exchange Commission.
-Financial Table Follows-
SELECTED CONSOLIDATED FINANCIAL DATA
Operating Statement Data:
Three Months Ended Six Months Ended
September 30, September 30,
1999 1998 1999 1998
Revenues:
R&D and licensing $ 232,000 $ 470,000 $ 611,000 $ 738,000
Product 579,000 197,000 811,000 426,000
Investment 156,000 57,000 203,000 119,000
Other 15,000 38,000 45,000 71,000
982,000 762,000 1,670,000 1,354,000
Costs & Expenses:
R&D 733,000 465,000 1,221,000 931,000
SG&A 767,000 354,000 1,193,000 711,000
Cost of
products sold 287,000 142,000 483,000 254,000
1,787,000 961,000 2,897,000 1,896,000
Net loss $(805,000) $(199,000) $ (1,227,000) $ (542,000)
Net loss per
common share
outstanding $(0.04) $(0.01) $(0.06) $(0.03)
Weighted average
common shares
outstanding 21,868,000 18,002,000 20,324,000 18,002,000
Balance Sheet Data:
9/30/99
Cash and investments $10,913,000
Total assets $12,982,000
Stockholders' equity $12,464,000
SOURCE Repligen Corporation
/CONTACT: Walter C. Herlihy, Ph.D., President and Chief Executive Officer
of Repligen, 781-449-9560, ext. 2000/
/Web site: repligen.com |
