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Technology Stocks : SYNSORB (T.SYB)(SYBBF) CURE FOR CANCER? -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (107)	5/19/2000 8:13:00 AM
From: Jim Oravetz	Read Replies (1) \| Respond to of 164

May 19, 2000--SYNSORB Biotech Inc. ("SYNSORB") (TSE:SYB, NASDAQ:SYBB) today reported its results for the first quarter ended March 31, 2000. SYNSORB reported net income for the quarter ended March 31, 2000 of $137,000 or $0.004 per share compared to a loss of $3,801,000 or $0.189 per share for same quarter the previous year. This is due to the gain on dilution of the Company's investment in Oncolytics as well as the sale of SYNSORB's subsidiary company, INH Technologies Incorporated during the quarter. The $94,000 in revenue reported in the first quarter of 2000 (nil in first quarter 1999) is attributable to up-front payments received from a partnering agreement signed during the period. "The first quarter of 2000 was an exciting and successful period for SYNSORB," said David Cox, Ph.D., President and Chief Executive Officer of SYNSORB. "The achievements we made in this quarter underscore our renewed focus on our two lead products, SYNSORB Cd(R) and SYNSORB Pk ." During the first three months of this year, SYNSORB achieved the following: - Fast track designation was received from the US FDA for our Phase III product, SYNSORB Cd(R) and for the 'Prevention of HUS' indication for SYNSORB Pk(R), also in Phase III trials - A marketing and distribution agreement was signed with Tramedico International BV for SYNSORB Pk(R) in the Benelux countries - Over $22 million was successfully raised in a public offering - A transaction was completed for the sale of our drug screening subsidiary, INH, resulting in an up-front payment and future royalty payments to SYNSORB - Phase III clinical trials for SYNSORB Cd(R) began with the enrollment of the first patient - An interim analysis of the SYNSORB Pk(R) Phase III data was started, and SYNSORB expects to have information from the analysis by the end of the second quarter