SCLN. Great report. Bought more and will hold it LT. Russ
Thursday April 27, 9:30 am Eastern Time
Company Press Release
SOURCE: SciClone Pharmaceuticals
SciClone's First Quarter ZADAXIN(R) Sales Increase 122%
SAN MATEO, Calif., April 27 /PRNewswire/ -- SciClone Pharmaceuticals (Nasdaq: SCLN - news) today announced that
first quarter 2000 sales of ZADAXIN, the Company's lead immunotherapy, were $3,499,000, an increase of 122% over first quarter 1999 ZADAXIN sales of $1,577,000.
For the first quarter of 2000, the net loss of $875,000 decreased 67% when compared to the net loss of $2,623,000 for the first quarter of 1999. Net loss per share for the first quarter decreased 77% to ($0.03) per share from ($0.13) per share in the first quarter of 1999.
``We are very pleased to report our tenth consecutive quarter of revenue increases,'' said Donald R. Sellers, SciClone's president and chief executive officer. ``The impact of record sales and strong internal cash management resulting in a loss of less than $1,000,000 for the quarter moves us even closer to our goal of achieving operating profitability by the end of this year. With cash and investments of over $18,700,000, a new European partnership, and profitable emerging market operations, we are continuing to execute on our U.S. and European phase 3 clinical programs and our long-term growth strategy for our major
target markets, the U.S., Europe and Japan.''
FIRST QUARTER 2000 HIGHLIGHTS
-- 122% ZADAXIN sales growth compared to the first quarter 1999.
-- Expanded capital base to over $18,700,000 through private equity sales, including private placements to Brown Simpson, The New York Life Insurance Company and Sigma-Tau, the leading research-based Italian pharmaceutical company.
-- FDA granted Orphan Drug Status to ZADAXIN for the treatment of liver cancer.
-- Started phase 2 study of ZADAXIN plus lamivudine for the treatment of hepatitis B in the United States.
-- Signed a new European partnership with Sigma-Tau focused on hepatitis C and cancer.
-- New study published in the European Journal of Immunology showing that ZADAXIN directly increases the immune system's ability to recognize and target cancerous and virally infected cells among healthy cells.
-- Awarded a $300,000 grant to study SCV-07 for drug-resistant tuberculosis.
-- Completed initial phase 2 study of CPX for cystic fibrosis and announced plans to move forward with the next stage of phase 2 development.
-- Received ZADAXIN marketing approvals in Thailand, Laos and Malta.
SciClone's lead drug, ZADAXIN, boosts the body's immune system, without any toxic side effects. ZADAXIN is approved in 20 countries, principally as a treatment for hepatitis B and hepatitis C, or as a vaccine adjuvant for individuals with weakened immune systems. ZADAXIN is also being studied as a key component in multiple drug treatments for a range of cancers, infectious diseases and immune system disorders. ZADAXIN marketing applications are pending in 17 additional countries. In Japan, pivotal Phase 3 hepatitis B studies and Phase 2 hepatitis C studies are underway by SciClone's partner, Schering-Plough K.K. SciClone plans to initiate late-stage U.S. clinical programs in hepatitis C, hepatitis B and cancer this year, as well as complementary European programs with partner Sigma-Tau.
SciClone Pharmaceuticals is a global specialty pharmaceutical company that develops and commercializes novel medicines for treating a broad range of the world's most serious diseases. The Company has focused its current product development and commercialization activities on cancer, hepatitis B, hepatitis C, drug-resistant tuberculosis and cystic fibrosis. Press releases and
corporate information from SciClone Pharmaceuticals are available on the Internet at www.sciclone.com or by calling the Company's Investor Relations Department at 800-724-2566. SciClone's Common Stock is listed on The Nasdaq National
Market© under the symbol SCLN.
The information in this press release includes certain forward-looking statements concerning the Company's current
expectations regarding future events. This includes the ongoing and prospective development and commercialization of
ZADAXIN immunotherapy for cancer, infectious diseases and immune system disorders, the continued growth in ZADAXIN
sales, the timelines for initiation of pivotal phase 3 ZADAXIN hepatitis C studies in the U.S. and Europe and its ability to achieve operating profitability by the end of the fourth quarter of the year 2000. Actual events could differ materially from those projected herein. Due to market factors and the nature of product development and the regulatory approval process, the forward-looking statements contained in this press release are subject to risks and uncertainties, including those reflected in the
Company's filings with the Securities and Exchange Commission, particularly the Company's Annual Report on Form 10-K for the year ended December 31, 1999.
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