New stock.. LKST I was going to mention it on Thursday as a possible earnings play for Monday but I see it already reported on Friday. as I've been following it since MLNM said it would buy it.
They are saying its drug CAMPATH is its hot drug. MLNM would subsidize the drug and LKST could be worth up to $30 after all is said and done. There are still problems with MLNM's apparent overvaluation but its a stock worth looking into. Currently I have no position in either stock.
On October 21, 1999 Hambrecht & Quist analyst R Van Den Broek issued a 3 page Company Report on Leukosite Inc. Report highlights: 'The company will be purchased by Millennium for $635 million. A BUY rating was maintained.'
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LeukoSite Reports Third Quarter 1999 Financial Results
CAMBRIDGE, Mass., Nov. 5 /PRNewswire/ -- LeukoSite, Inc. (Nasdaq: LKST - news) today released its financial results for the third quarter of 1999. Revenue for the third quarter of 1999 was $4,232,197 compared with revenue of $2,377,153 for the third quarter of 1998. LeukoSite reported a net loss of $11,115,926 or $(0.78) per share for the third quarter of 1999, compared with a net loss of $4,814,420 or $(0.41) per share, in the comparable period last year. The increase in net loss was primarily due to the write-off of acquired in-process research and development related to the ProScript acquisition and greater expenses associated with ongoing clinical trials.
For the first nine months ended September 30, 1999, LeukoSite reported revenues of $10,929,070 compared with revenues of $7,070,163 for the same period a year ago. The increase was primarily due to greater research funding and revenue for services. Net loss for the first nine months of 1999 was $21,684,389 or $(1.69) per share, compared with $11,795,523 or $(1.12) per share for the first nine months of 1998. The increase in net loss was primarily due to the write-off of acquired in-process research and development related to the CytoMed and ProScript acquisitions and greater expenses associated with ongoing clinical trials.
Total operating expenses were $13,517,078 in the third quarter of 1999 compared with $6,612,922 in the comparable 1998 period. Research and development expenses were $9,853,194 in the third quarter of 1999 compared with $6,057,468 in the same period of 1998.
''During the quarter we announced an important milestone for our most advanced product, CAMPATH®, a monoclonal antibody in late stage development for the treatment of patients with chronic lymphocytic leukemia,'' said Christopher K. Mirabelli, Chairman and CEO of LeukoSite. On August 24th, LeukoSite and its joint-venture development partner, ILEX Oncology, announced that they had signed an agreement with Schering AG and its US affiliate, Berlex Laboratories, to market and distribute CAMPATH® in the U.S., Europe and the rest of the world, except Japan and East Asia, where the Company and ILEX have retained rights. ''As a leader in the treatment of chronic lymphocytic leukemia, Schering knows the medical need and the market for drugs in this patient population and is therefore ideally suited to market CAMPATH®,'' Dr. Mirabelli concluded. |
