nothing here, but relevant wording is in bold.......
biz.yahoo.com
Monday February 14, 8:05 am Eastern Time
Company Press Release
SOURCE: OSI Pharmaceuticals, Inc.
OSI Pharmaceuticals, Inc. Reports First Quarter
Results
UNIONDALE, N.Y., Feb. 14 /PRNewswire/ -- OSI Pharmaceuticals, Inc. (Nasdaq: OSIP - news) announced today its
financial results for the first quarter of fiscal 2000, ended December 31, 1999. The Company reported net income of
$3,515,726, or $0.16 per share for the first quarter 2000, versus a net loss of $2,192,165, or $(0.10) per share for the prior
year period. This increase is due to the one-time net gain of approximately $3,746,000 arising from the sale of the Company's
diagnostics business to The Bayer Corporation for $11 million, including contingency payments. The Company also received a
multi-million dollar technology access fee from the initiation of the diabetes collaboration with Tanabe Seiyaku Co. Ltd. For the
first quarter, total revenues were $9,868,705, an increase of approximately 112% over total revenues of $4,654,143 for the
first quarter of fiscal 1999. This increase also reflects increases in operating revenues due to the initiation of the Tanabe
collaboration, expansion of the Anaderm program in cosmeceuticals and the collaboration with Solvay in GPCR directed drug
discovery.
For the three months ended December 31, 1999, the Company's operating expenses were $10,783,212, an increase of
approximately $3,727,000 over the prior-year period. Research and development expenses were $8,370,911, an increase of
approximately $3,647,000 from the comparable period in 1999. The R&D increase reflects the addition of the diabetes
program with Tanabe, the expansion of the cosmeceuticals program with Anaderm and the Company's investment in its
proprietary discovery efforts, including its drug discovery programs focused on the adenosine receptor program acquired from
Cadus Pharmaceutical.
''During the first quarter of 2000, OSI made a number of strides forward in becoming a leading pharmaceutical research and
development organization,'' stated Colin Goddard, Ph.D., President and Chief Executive Officer of OSI Pharmaceuticals, Inc.
''The sale of OSI's diagnostics business to Bayer has allowed us to focus our research and development efforts toward
proprietary drug discovery and development. Additionally, we have strengthened our discovery technology portfolio by
entering into a licensing agreement with American Cyanamid that complements our newly-acquired GPCR technology. This is
an important step towards building a strong functional genomics capability in this area.''
OSI also signed a licensing agreement with the R.W. Johnson Pharmaceutical Research Institute for OSI's gene transcription
patents, further validating this expanding patent estate. In addition, OSI initiated Phase I trials of its anti-cancer agent with
Pfizer, began its fully-funded collaboration with Tanabe in diabetes and extended the Sankyo collaboration in influenza. During
the quarter OSI added a distinguished member to its Board of Directors, Dr. Viren Mehta, of Mehta Partners LLP, who has
over 12 years of financial and strategic experience in the pharmaceutical and biotechnology industry.
OSI Pharmaceuticals is a leading drug discovery company with a substantial pipeline of product opportunities for
commercialization with the pharmaceutical industry. OSI's research programs are focused in the areas of cancer therapeutics,
cosmeceuticals, diabetes, and GPCR-directed drug discovery. OSI utilizes a comprehensive drug discovery and development
capability to facilitate the rapid and cost-effective discovery and development of novel, small molecule compounds in more than
40 research and development programs. OSI is involved in long-term research alliances with Pfizer, Tanabe, Novartis, Aventis,
Sankyo, and Solvay.
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