Has everyone "left the building"? Note SKB warrant exercise.
Antex Biologics Reports First Quarter Financial Results
GAITHERSBURG, Md., May 24 /PRNewswire/ -- Antex Biologics Inc. (OTC Bulletin Board: ANTX) recently released
financial results for the first quarter ended March 31, 2000.
Revenues for the first quarter of 2000 were $129,763 compared to $921,068 for the first quarter of 1999. Research and
development expenses were $1,006,958 for the first three months of 2000 in comparison to $1,040,267 for the first three
months of 1999. The net loss for the first quarter of 2000 was $1,197,826 compared to a net loss of $538,581 for the
comparable quarter of 1999. Loss per common share was $.04 for the first quarter of 2000 compared to $.02 for the first
quarter of 1999. Cash and cash equivalents were $15,589,582 and total stockholders' equity was $15,624,181 at March 31,
2000. The Company's improved liquidity resulted from the successful completion of a $15.3 million private placement in March
2000.
Additionally, Antex announced that SmithKline Beecham Biologicals Manufacturing s.a. has exercised its warrant for
3,495,204 shares of Antex common stock. As a result, SmithKline Beecham now owns 7,090,468 shares of Antex's common
stock, approximately 13.7% of Antex's outstanding common shares.
Antex Biologics Inc. is a biopharmaceutical company committed to developing and marketing new products to prevent and
treat infections and related diseases. The Company has three vaccines in clinical development and has strategic alliances with
SmithKline Beecham, Aventis Pasteur, Pfizer and the U.S. Department of Defense. The Company's common stock is quoted
on the OTC Bulletin Board under the ticker symbol ANTX.
Statements contained herein that are not historical facts may be forward- looking statements that are subject to a variety of
risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those
expressed in any forward-looking statements made by the Company. These factors include, but are not limited to: (i) the
Company's ability to fund future operations; (ii) the Company's ability to successfully complete product research and
development, including preclinical and clinical studies and commercialization; (iii) the Company's ability to obtain required
governmental approvals; (iv) the Company's ability to attract and/or maintain manufacturing, sales, distribution and marketing
partners; and (v) the Company's ability to develop and commercialize its products before its competitors.
ANTEX BIOLOGICS INC.
(a development stage enterprise)
CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ended
March 31,
2000 1999
Revenues $129,763 $921,068
Expenses:
Research & development 1,006,958 1,040,267
General & administrative 433,198 464,578
Total expenses 1,440,156 1,504,845
Loss from operations (1,310,393) (583,777)
Interest income 112,567 45,196
Net loss (1,197,826) (538,581)
Non-cash dividend accretion (122,500) -
Net loss applicable to
common stockholders $(1,320,326) $(538,581)
Net loss per common share:
Basic and diluted $(0.04) $(0.02)
Weighted average common
shares outstanding:
Basic and diluted 32,762,776 25,863,726
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2000
Assets
Cash and cash equivalents $15,589,582
Other current assets 225,306
Property and equipment, net 740,706
Other assets 173,891
$16,729,485
Liabilities and Stockholders' Equity
Deferred research & development $558,156
Other current liabilities 418,485
Total current liabilities 976,641
Other liabilities 128,663
Stockholders' equity 15,624,181
$16,729,485
SOURCE Antex Biologics Inc.
CONTACT: Theresa M. Stevens of Antex Biologics, 301-590-0129; or Tom Norton or Jeff McLaughlin, 202-955-6222; both of
SPECTRUM Science Public Relations |
