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Biotech / Medical : Regeneron Pharmaceuticals -- Ignore unavailable to you. Want to Upgrade?

To: Miljenko Zuanic who wrote (432)	4/27/2000 10:02:00 PM
From: juneau_boy	Read Replies (1) \| Respond to of 3559

Still no partner, but the report is out....another grain? Regeneron Announces First Quarter 2000 Results TARRYTOWN, N.Y.--(BUSINESS WIRE)--April 27, 2000--Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN - news) today announced its financial and operating results for the first quarter of 2000. Regeneron reported a net loss of $7.3 million, or $0.23 per share, for the first quarter of 2000 versus a net loss of $8.9 million, or $0.29 per share, for the first quarter of 1999. Regeneron's total revenue in the first quarter of 2000 increased to $11.7 million from $6.9 million in the same period of 1999. The increase was due to higher contract research and development revenue from The Procter & Gamble Company in connection with a long-term collaboration agreement and from Amgen-Regeneron Partners related to increased clinical trial activity by Regeneron on brain-derived neurotrophic factor (BDNF) and neurotrophin-3 (NT-3). Contract manufacturing revenue related to a long-term manufacturing agreement with Merck & Co., Inc. decreased in the first quarter of 2000. Total operating expenses in the first quarter of 2000 increased to $19.0 million from $15.8 million in the same period of 1999 due primarily to higher contract manufacturing and research and development expenses. Contract manufacturing expense was higher due to costs associated with initiating commercial production of both a vaccine intermediate for Merck and BDNF for clinical use by Sumitomo Pharmaceuticals Co., Ltd. Research and development expense rose because of higher staffing and increased activity in Regeneron's preclinical and clinical research programs. Per share amounts are based on the weighted average number of shares of the Company's Common Stock and Class A Stock outstanding. At March 31, 2000, Regeneron had $77.9 million in cash and marketable securities, compared to $93.6 million at December 31, 1999. On April 4, 2000, Regeneron completed a public offering of 2.6 million shares of Common Stock at a price of $29.75 per share for proceeds to the Company, before expenses, of $73.5 million. Regeneron is a biopharmaceutical company that discovers, develops, and intends to commercialize therapeutic drugs for the treatment of serious medical conditions. Regeneron's platform technologies include Targeted Genomics(TM), Functionomics(TM), and Designer Protein Therapeutics(TM). Regeneron has drugs in clinical and preclinical development for the potential treatment of obesity, rheumatoid arthritis, cancer, allergies, asthma, amyotrophic lateral sclerosis, constipating conditions, ischemia, and other diseases and disorders.