INGN reports and CCs:
>>AUSTIN, Texas, Aug. 7 /PRNewswire/ -- Introgen Therapeutics, Inc. (Nasdaq: INGN - news) today reported a net loss of $7.2 million, or $0.34 per share, for the quarter ended June 30, 2001, the fourth quarter of its fiscal year ended June 30, 2001, and a net loss of $16.4 million, or $1.02 per share, for the year ended June 30, 2001. These results compare to a net loss of $1.7 million, or $0.40 per share, for the quarter ended June 30, 2000, the fourth quarter of its fiscal year ended June 30, 2000, and a net loss of $7.7 million, or $1.89 per share, for the year ended June 30, 2000. The Company had nominal revenue for the quarters ended June 30, 2001 and 2000, and revenue of $5.2 million for the year ended June 30, 2001, compared to revenue of $8.4 million for the year ended June 30, 2000. Total cost of goods sold and operating expenses were $7.7 million for the quarter ended June 30, 2001, compared to $3.0 million for the quarter ended June 30, 2000, and were $22.4 million for the year ended June 30, 2001, compared to $16.3 million for the year ended June 30, 2000. At June 30, 2001, the Company had cash, cash equivalents, short-term investments and long-term investments of $34.9 million and a receivable of $25 million due from the sale of preferred stock, for which payment was received in cash in July 2001.
As a result of the Aventis collaboration restructuring, Introgen no longer receives collaborative research and development revenues from nor has product sales to Aventis. Therefore, revenues from these sources declined during the fiscal 2001 periods compared to the fiscal 2000 periods. Operating expenses increased between periods primarily due to increased R&D expenses arising from Introgen's assumption of Phase II and Phase III clinical trials responsibilities for INGN 201 as a result of the Aventis collaboration restructuring and continued development of the Company's other product candidates for the treatment of cancer and other diseases. Per share information for the fiscal 2001 periods reflects Introgen's issuance of additional shares in connection with the initial public offering and the concurrent conversion of its preferred stock to common stock in October 2000.
``The operating results for this quarter, which also signifies the end of Introgen's fiscal year, are in line with what we expected upon the close of the transaction with Aventis,'' said Jim Albrecht, Introgen's chief financial officer. ``Of note is our recording of a one-time charge of $2 million during the quarter ended June 30, 2001, related to the restructuring agreement and the recognition of the sale of $25 million of convertible preferred stock to Aventis for which we have since received payment.''
``We are pleased to have concluded the restructuring of our collaboration with Aventis which has given us the worldwide commercialization rights to INGN 201, our lead product candidate currently in Phase III clinical trials, in addition to an infusion of cash,'' said David G. Nance, Introgen's president and CEO. ``We are committed to concluding the clinical development of INGN 201 and are moving forward with our corporate goals.''
Quarterly Conference Call
Introgen has scheduled its quarterly conference call for 4:30 p.m. EDT today. Interested parties can access a live Internet broadcast at videonewswire.com . For those unable to listen to the broadcast the call will be archived at the same address or at www.introgen.com in the Investor Relations section.<<
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Cheers, Tuck |
