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Biotech / Medical : Guilford (GLFD) - Steadily Rising -- Ignore unavailable to you. Want to Upgrade?

To: Steve who wrote (338)	2/16/2000 10:36:00 AM
From: Jack Hartmann	Read Replies (1) \| Respond to of 496

Guilford Pharmaceuticals Reports 1999 Year-End Results Wednesday, February 16, 2000 08:03 AM Mail this article to a friend BALTIMORE, Md., Feb. 16 /PRNewswire/ -- Guilford Pharmaceuticals Inc. (Nasdaq: GLFD, news, msgs) today reported financial results for the year ended December 31, 1999. For 1999, Guilford reported a net loss of $26.9 million, or ($1.31) per share, compared to a net loss of $29.7 million, or ($1.52) per share, in 1998. Total revenues were $21.6 million for 1999, compared to $12.5 million in 1998. Revenues for 1999 increased from 1998 as a result of the receipt of $9.5 million in non-recurring milestone payments from our corporate partners for achieving development milestones in our GLIADEL(R) Wafer and neuroimmunophilin programs. Total revenues from product sales and royalties were $6.8 million in 1999 compared to $6.6 million in 1998. Total costs and expenses were $55.5 million for 1999, compared to $50.3 million for 1998. Increased total costs and expenses were primarily due to increased research and development costs from $37.7 million in 1998 to $41.9 million in 1999. This increase was related to the intensification of our research efforts for the development of our drug delivery product, PACLIMER(TM) Microspheres. General and administrative expenses increased from $10.5 million in 1998 to $11.3 million in 1999. These costs increased, in part, because of an increase in the activities necessary to support our research, product development and commercial efforts. "Guilford made substantial progress in many of our product development programs in 1999," remarked Dr. Craig R. Smith, President and Chief Executive Officer. "Specifically, we completed enrollment in a Phase III clinical trial of GLIADEL Wafer for use in initial surgery, and obtained authorizations to market GLIADEL Wafer in several European countries, including France and Germany. We also submitted an IND application for PACLIMER Microspheres -- Guilford's second drug delivery product candidate -- and intend to commence clinical testing this quarter in women with advanced ovarian cancer." "Separately, our partner, Amgen, commenced clinical testing in Europe with the first neuroimmunophilin compound and initiated a Phase I clinical study in the U.S. The first indication is expected to be Parkinson's disease and we look forward to continued progress in the neuroimmunophilin program this year." "In 1999 Guilford achieved several important development milestones that resulted in $9.5 million in payments from our corporate partners," continued Dr. Smith. "We also raised an additional $42.3 million in net proceeds from a private placement. Consequently, we ended the year in a strong financial position with $144.7 million in cash and investments. We intend to use these capital resources to support the development of our small molecule and polymer product candidates." Guilford Pharmaceuticals Inc. is a biopharmaceutical company engaged in the development of biopolymer-based therapeutics for cancer and other diseases, and novel products for the diagnosis and treatment of neurological disorders. Revenues up, losses down. Jack