Thursday February 1, 9:00 am Eastern Time
Press Release
SOURCE: ID Biomedical Corporation
ID Biomedical reports record
profits
TRADING SYMBOLS - NASDAQ - "IDBE", TSE - "IDB"
VANCOUVER, Feb. 1 /PRNewswire/ - ID Biomedical Corporation (TSE: IDB,
NASDAQ: IDBE) announced today its unaudited results for the year ending
December 31, 2000. The net income for the period was $4.6 million (US $3.1) or
$0.20 (US $0.13) per share, as compared to a net loss of $7 million or ($0.43) per
share for the same period last year.
2000 1999
---- ----
Total revenue $13,707,725 $327,081
Net income/loss $4,601,486 ($6,966,679)
Earning/loss per share $0.20 ($0.43)
As of February 1, 2001 the Company's cash balance was approximately $36.4
million (US $24.4 million).
``The fiscal year 2000 saw the Company produce impressive cash flow,
significant revenues and record profits,'' said Todd R. Patrick Chief Operating
Officer of ID Biomedical. ``We generated in excess of $22 million in cash flow
from our genomics business, which is well ahead of where we expected to be. As
a result and due to the financing we completed early in the fiscal year, our balance
sheet is very strong.''
``The Company is really running on all cylinders,'' said Dr. Anthony Holler,
President of ID Biomedical. ``With regard to our genomics platform, Cycling
Probe(TM) Technology, we have significantly increased value through business
development initiatives which resulted in our entering into five commercial
agreements (Applied Biosystems, Mitsubishi Chemical, Alexon-Trend, Third
Wave Technologies and DiscoveRx). We are now exploring a variety of
alternatives to further increase the value of Cycling Probe(TM) Technology for
our shareholders. We believe there are additional transactions as well as certain
strategies that we can implement this year to provide our genomics business the
capital and human resources to become autonomous from our vaccine business.''
``With regard to our vaccines,'' Dr. Holler said, ``by successfully advancing
StreptAvax(TM) and our therapeutic HIV vaccine into Phase II Clinical Trials, we
expect to build significant value in 2001. Additionally, given our cash position and
our vaccine development expertise, we will seek to broaden the number of
vaccines in our development pipeline, with emphasis on products in early stage
clinical development.''
``In all aspects of our business, we will build upon the success we experienced in
2000, to further advance the Company in the years ahead.''
ABOUT ID BIOMEDICAL
ID Biomedical Corporation is a North American based biotechnology company
focused on the development of proprietary vaccine and immunotherapeutic
products. ID Biomedical is also developing a proprietary gene identification
system, Cycling Probe(TM) Technology, for applications in genomics and
diagnostics. The Company's lead product, a vaccine for the prevention of group A
streptococcal diseases, StreptAvax(TM), is in a Phase I Clinical Trial sponsored
and funded by the National Institute of Allergy and Infectious Diseases. Other
vaccine products under development include: a vaccine for the prevention of
tuberculosis which has been licensed to Aventis Pasteur, the vaccine subsidiary of
Aventis S.A (formally Rhone-Poulanc/Hoechst), a therapeutic vaccine for the
prevention of AIDS and a vaccine for the prevention of disease caused by deadly
strains of the E. coli bacteria. Using Cycling Probe(TM) Technology, the
Company is developing rapid tests that identify antibiotic resistant bacteria from
culture. The Company is now licensing Cycling Probe(TM) Technology to the
genomics and diagnostic industry for further product and technology
development. Currently, Applied Biosystems (NYSE: ABI - news), Mitsubishi
Chemical Corporation, and Alexon-Trend, Inc., a subsidiary of Sybron
International (NYSE: SYB - news), Third Wave Technologies and DiscoveRx
have obtained nonexclusive rights to the technology.
The foregoing information contains so-called forward-looking statements. These
include statements about our expectations, beliefs, intentions or strategies for the
future, which we indicate by words or phrases such as ``anticipate'', ``expect'',
``intend'', ``plan'', ``will'', ``we believe'', ``the Company believes'', ``management
believes'' and similar language. All forward-looking statements are based on our
current expectations and are subject to risks uncertainties and to assumptions we
have made. Important factors that could cause our actual results to differ
materially from those expressed or implied by such forward-looking statements
include i) the Company's ability to successfully complete preclinical and clinical
development of its products; ii) our ability to obtain and enforce timely patent and
intellectual property protection for its technology and products; iii) our ability to
avoid, either by product design, licensing arrangement or otherwise, infringement
of third parties' intellectual property; iv) decisions ,and the timing of decisions,
made by the health regulatory agencies regarding approval of the Company's
products for human testing; v) the Company's ability to complete and maintain
corporate alliances relating to the development and commercialization of its
technology and products, vi) market acceptance of the Company's technology and
products, and (vii) the competitive environment and impact of technological
change. We base our forward-looking statements on information currently
available to us, and we assume no obligation to update them.
SOURCE: ID Biomedical Corporation |
