Results, call:
>>The Medicines Company Reports First Quarter 2001 Financial Results
CAMBRIDGE, Mass., Apr 25, 2001 (BW HealthWire) -- The Medicines Company (Nasdaq: MDCO chart, msgs) announced today its financial results for the first quarter ended March 31, 2001.
In January 2001 the Company began selling its first product, ANGIOMAX(R) (bivalirudin) in the United States. ANGIOMAX was approved by the U.S. Food and Drug Administration (FDA) in December 2000 for use as an anticoagulant in patients with unstable angina undergoing percutaneous transluminal coronary angioplasty (PTCA).
Financial highlights for the three months ended March 31, 2001 include:
- Revenues for the first time of $1.9 million for the three
months ended March 31, 2001.
- Net loss attributable to common stockholders of $19.1 million,
or $0.63 per share, for the three months ended March 31, 2001,
compared to a pro forma net loss attributable to common
stockholders of $11.7 million, or $0.55 per share, for the
three months ended March 31, 2000. The pro forma adjustments,
which impact the results for the three months ended March 31,
2000, reflect the conversion of the preferred stock, accrued
dividends, convertible notes and accrued interest effective
upon the closing of the Company's initial public offering and
exclude interest expense of $7.5 million for the three months
ended March 31, 2000, which is predominantly non-cash.
- Net loss attributable to common stockholders of $19.1 million,
or $0.63 per share, for the three months ending March 31, 2001
compared to a net loss attributable to common stockholders of
$20.8 million, or $32.91 per share, for the three months ended
March 31, 2000. The results for the three months ended March
31, 2000 include interest expense of $7.5 million, which is
predominantly non-cash.
- Increase in the loss from operations to $20.1 million for the
three months ended March 31, 2001 from $11.8 million for the
same period in 2000. The increase was due to an increase in
sales, general and administrative expenses primarily from the
Company's increased sales and marketing expenditures as a
result of the commercial launch in the United States of
ANGIOMAX(R) (bivalirudin) in January 2001, and due to an
increase in research and development expenses primarily due to
increased clinical trial activities related to ANGIOMAX. The
Company had for the first time a cost of revenue of $332,000
for the three months ended March 31, 2001. These increases in
expenses were partially offset by a $1.9 million increase in
revenue for the three months ended March 31, 2001 in
comparison to the same period in 2000.
- At March 31, 2001, The Medicines Company had cash, cash
equivalents, marketable securities and accrued interest
receivable of $60.2 million.
Business highlights for the three months ended March 31, 2001 include:
- The Company commercially launched ANGIOMAX in January 2001.
The FDA approved ANGIOMAX, the Company's lead product, for use
as an anticoagulant in patients with unstable angina
undergoing percutaneous transluminal coronary angioplasty.
- The Company completed enrollment of part one of the REPLACE
program. Over 1,000 patients were recruited at 75 sites into
the Phase 3b randomized trial examining ANGIOMAX in patients
undergoing angioplasty. The transition to a second part of the
REPLACE program is underway.
- By March 31, 2001, over 16,000 patients had been recruited
into a Phase 3 trial program studying the use of ANGIOMAX for
the treatment of patients who have suffered a heart attack.
"After 10 weeks of active sales programs for ANGIOMAX we are pleased with progress and particularly with feedback from hospitals where the product is being used commercially," commented Clive Meanwell, M.D., Ph.D., President and Chief Executive Officer. Dr. Meanwell continued, "Given the clinical, practical and economic limitations of using heparin in angioplasty patients, we believe that ANGIOMAX has the potential to replace heparin as the foundation anticoagulant in the cardiac catheterization laboratory." Dr. Meanwell added, "Beyond angioplasty our clinical trial programs are on track and we remain very excited about prospects for growth of ANGIOMAX(R) (bivalirudin)."
There will be a conference call later today at 10:30 am. To listen in please dial 1-888-890-6819 and request The Medicines Company First Quarter Earnings Release call. If you are calling from outside of the United States, please dial 1-847-619-6479. If you are unable to listen to the call live, you may dial 1-888-843-8996 from inside the United States and 1-630-652-3044 from outside the United States to replay the call. The pass code for the call is 3867262. The recording will be available from approximately one hour after the conclusion of the conference call until 12 a.m. on April 27, 2001.<<
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Cheers, Tuck |
