RGEN 3rd Quarter 2000 results-- (-0.08/share)
Repligen Reports Third Quarter 2000 Results
PR Newswire - February 01, 2000 07:14
NEEDHAM, Mass., Feb. 1 /PRNewswire/ -- Repligen Corporation (Nasdaq: RGEN) today reported a loss of $1,735,000 or $0.08 per share, on revenues of $864,000 for the third quarter of fiscal year 2000 ended December 31, 1999. This compares to a loss of $326,000 or $0.02 per share on revenues of $589,000 for the third quarter of fiscal year 1999. Expenses for the quarter were $2,599,000 compared to $915,000 in the same quarter of fiscal year 1999. Expenses for the third quarter of fiscal 2000 include a non-recurring charge of $1,000,000. This charge is associated with the acquisition from ChiRhoClin, Inc. of commercial rights to two in vivo diagnostic products based on the hormone secretin, one of which is awaiting FDA approval.
Total revenues for the first nine months of fiscal year 2000 ended December 31, 1999 were $2,535,000 with expenses of $5,497,000 for a loss of $2,962,000 or $0.14 per share. This compares with a loss of $868,000 or $0.05 per share with revenues of $1,944,000 and expenses of $2,812,000 for the first nine months of fiscal year 1999. Product sales for the first nine months of fiscal 2000 were $1,370,000, an increase of more than 100% over prior year.
"The quarter was notable for increased Protein A sales resulting from our agreement with Amersham Pharmacia Biotech and continued strong demand from monoclonal antibody producers," said Walter C. Herlihy, Ph.D., President and Chief Executive Officer of Repligen. "Growing the Protein A business and the acquisition of the commercial rights to secretin diagnostic products is consistent with our goal of increasing current product revenues to partially offset expenses incurred by our ongoing development of secretin for autism and CTLA4 for bone marrow transplant."
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.
SELECTED CONSOLIDATED FINANCIAL DATA
Operating Statement Data:
(unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
Revenues: 1999 1998 1999 1998
R&D and licensing $ 161,000 $ 275,000 $771,000 $ 1,014,000
Product 558,000 249,000 1,370,000 675,000
Investment 131,000 51,000 334,000 170,000
Other 14,000 14,000 60,000 85,000
864,000 589,000 2,535,000 1,944,000
Costs & Expenses:
R&D 1,864,000 422,000 3,086,000 1,353,000
SG&A 443,000 318,000 1,636,000 1,029,000
Cost of products
sold 292,000 175,000 775,000 430,000
2,599,000 915,000 5,497,000 2,812,000
Net loss $(1,735,000) $(326,000) $(2,962,000) $(868,000)
Net loss per common
share outstanding $(0.08) $(0.02) $(0.14) $(0.05)
Weighted average common
shares
outstanding 22,194,000 18,002,000 20,951,000 18,002,000
Balance Sheet Data: 12/31/99
Cash and investments $ 9,296,000
Total assets $11,244,000
Stockholders' equity $10,733,000
SOURCE Repligen Corporation
/CONTACT: Walter C. Herlihy, Ph.D., President and Chief Executive Officer
of Repligen Corporation, 781-449-9560, ext. 2000/
/Web site: repligen.com |
