Cytogen Reports First Quarter 2000 Results
ProstaScint and Quadramet Sales Rise
PRINCETON, N.J., May 8 /PRNewswire/ -- Cytogen Corporation
(Nasdaq: CYTO) today reported its financial results for
the first quarter ended March 31, 2000. The first quarter
net loss was $2.0 million or $0.03 per share, compared to
net income of $1.7 million, or $0.03 per share, for the
first quarter ended March 31, 1999. The first quarter of
1999 net income resulted from a $3.3 million or $0.05 per
share gain from the sale of the Company's laboratory and
manufacturing facilities. Cash, cash equivalents and short-
term investments as of March 31, 2000 were $12.2 million,
compared to $12.4 million at December 31, 1999.
"Revenues for our ProstaScint(R) prostate cancer imaging
agent rose $0.2 million in the first quarter of 2000
compared to the fourth quarter of 1999, which we believe
resulted from the continuing development of our in-house
sales force," said H. Joseph Reiser, Ph.D., Cytogen's Chief
Executive Officer. "Quadramet(R), marketed for the relief of
cancer-related bone pain, had gross sales exceeded $2
million for the quarter, a 35% increase over the last
quarter of 1999, thereby increasing our royalties by 41%. As
planned, we increased spending on proteomics research at our
wholly owned subsidiary, AxCell BioSciences Corporation, and
we anticipate that these expenditures will continue to rise
through commercialization."
For the first quarter of 2000, total revenues were $2.4
million compared to $2.3 million for the same period in
1999. Product-related revenues for the first quarter of 2000
were $2.4 million, an increase of 21% over the comparable
quarter. ProstaScint sales were $1.7 million and $1.6
million for the first quarters of 2000 and 1999,
respectively. Quadramet royalties increased 150% to $0.5
million during the first quarter of 2000 from $0.2 million
in the same period of the prior year. Licensing and contract
revenues decreased in 2000 due to the discontinuance of
contract manufacturing services.
For the first quarter of 2000, operating expenses were $4.5
million, compared to $4.0 million for the first quarter of
1999, reflecting the increased level of expenditures for
AxCell Biosciences, costs incurred for the transfer of
manufacturing operations to a third party, and increased
staffing levels in our sales force, partially offset by a
decline in cost of goods sold. The company anticipates that
the costs to transfer our manufacturing operations will
continue at their current level.
As of March 31, 2000, the Company had cash and cash
equivalents totaling $12.2 million versus $12.4 million at
December 31, 1999. Stockholders' equity was $12.3 million at
March 31, 2000 versus $10.5 million at December 31, 1999.
The increase in stockholders' equity of $1.8 million was
primarily due to the exercise of warrants and options,
partially offset by the first quarter loss. Information in
this press release which is not historical is forward
looking and involves risks and uncertainties. Actual results
may differ materially for various reasons, including the
Company's ability to carry out its business plan and
successful development and commercial acceptance of
Cytogen's products, ability to fund development necessary
for its goals, viability of technology under development,
the risk of whether products result, protection of its
intellectual property portfolio, ability to establish and
successfully complete clinical trials where required for
product approval, need for regulatory approvals,
dependence on our partners for development of certain
projects, the ability to obtain foreign regulatory approvals
for products and to establish marketing arrangements in
countries where approval is obtained, and other factors
discussed in the Company's filings with the Securities and
Exchange Commission.
CYTOGEN CORPORATION AND SUBSIDIARIES
(All amounts in thousands except per share data)
(Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, DECEMBER 31,
2000 1999
Assets
Cash, Cash Equivalents
and Short-Term Investments $12,187 $12,394
Accounts Receivable, net 2,407 2,150
Property and Equipment, net 1,842 1,997
Other Assets 2,368 2,064
Total Assets $18,804 $18,605
Liabilities & Stockholders'
Equity
Accounts Payable &
Accrued Liabilities $3,986 $5,478
Other Current Liabilities 153 162
Long Term Liabilities 2,415 2,416
Stockholders' Equity 12,250 10,549
Total Liabilities &
Stockholders' Equity $18,804 $18,605
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED
MARCH 31,
2000 1999
Revenues
Product Sales $1,872 $1,756
Royalty Revenue 498 199
License and Contract 58 369
Total Revenues 2,428 2,324
Operating Expenses 4,500 4,018
(Gain) on Sale of Manufacturing
and Laboratory Facilities -- (3,298)
Other Non-Operating Expense (Income), net (111) (53)
Net Income (Loss) $(1,961) $1,657
Basic and Diluted Net Income (Loss) $(0.03) $0.03
Basic Weighted Average
Common Shares Outstanding 71,630 64,192
Diluted Weighted Average
Common Shares Outstanding 71,630 64,496
SOURCE: CYTOGEN Corporation
CONTACT: Richard W. Krawiec, Ph.D., Vice President, Investor Relations and Corporate Communications of Cytogen,
609-750-8289, or publicrelations@cytogen.com |
