You can't ask for more upbeat comments than this, from the news release this morning.....The Zomaril Phase III program in schizophrenia is making excellent continued progress through Novartis, with exciting preliminary results from Phase III testing, and our CeaVac Phase III program in colorectal cancer is also proceeding very well. In addition to these important programs, Titan has a number of other innovative products advancing in development, with significant additional near term opportunities for important progress and achievement."
Dr. Bucalo concluded, "Our accomplishments during 1999 provide the platform for further growth and progress, as Titan emerges as a significant player in the development of innovative products for treatment of central nervous system disorders and cancer."
Titan Pharmaceuticals, Inc. is a biopharmaceutical company developing proprietary therapeutics for the treatment of central nervous system disorders, cancer, and other serious and life threatening diseases.
The press release may contain "forward-looking statements"within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to the Company's development program and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to difficulties or delays in development, testing, regulatory approval, production and marketing of the Company's drug candidates, unexpected adverse side effects or inadequate therapeutic efficacy of the Company's drug candidates that could slow or prevent product markets, the uncertainty of patent protection for the Company's intellectual property or trade secrets and the Company's ability to obtain additional financing if necessary. Such statements are based on management's current expectations, but actual results may differ materially due to various factors, including those risks and uncertainties mentioned or referred to in this press release.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Twelve Months Ended
December 31 December 31
------------------------ ------------------------
1999 1998 1999 1998
(unaudited)
----------- ----------- ----------- -----------
License and
grant revenue $ 238,254 $ - $ 337,254 $ -
Operating expenses:
Research and
development 2,870,156 2,523,417 9,428,550 7,813,363
Acquired in-
process research
and development - - 135,785 -
General and
administrative 640,916 899,131 2,794,682 3,707,874
----------- ----------- ----------- -----------
Total operating
expenses 3,511,072 3,422,548 12,359,017 11,521,237
----------- ----------- ----------- -----------
Loss from
operations (3,272,818) (3,422,548) (12,021,763) (11,521,237)
Other income, net 348,278 186,808 726,226 906,873
----------- ----------- ----------- -----------
Net loss $(2,924,540) $(3,235,740)$(11,295,537)$(10,614,364)
=========== =========== =========== ===========
Basic and diluted
net loss per share $ (0.15) $ (0.25) $ (0.70) $ (0.81)
=========== =========== =========== ===========
Shares used in
computing basic
and diluted net
loss per share 18,908,756 13,123,508 16,112,260 13,108,513
=========== =========== =========== ===========
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, December 31,
1999 1998
------------ ------------
Assets
Cash and cash equivalents $ 46,454,129 $ 11,654,896
License fee and grants receivable 149,778 -
Prepaid expenses and
other current assets 327,218 139,958
------------ ------------
Total current assets 46,931,125 11,794,854
Furniture and equipment, net 414,823 416,956
Other assets 15,958 15,783
------------ ------------
$ 47,361,906 $ 12,227,593
============ ============
Liabilities and Stockholders' Equity
Current liabilities $ 1,818,973 $ 1,580,223
Minority interest - Series B
preferred stock of Ingenex, Inc. 1,241,032 1,241,032
Stockholders' Equity 44,301,901 9,406,338
------------ ------------
$ 47,361,906 $ 12,227,593
============ ============
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