AGNT reports and announces a nice deal with Pfizer. No royalties, but these hardware & reagent companies don't generally have that in their business models.
>>FOSTER CITY, Calif.--(BW HealthWire)--Oct. 30, 2001--Argonaut Technologies, Inc. (Nasdaq:AGNT - news) today announced financial results for the third quarter and nine months ended September 30, 2001.
Net sales were $3.6 million for the third quarter of 2001 compared to net sales of $4.5 million for the third quarter of 2000. The net loss for the third quarter of 2001 was $3.7 million or $0.19 per share compared to a net loss of $1.6 million or $0.09 per share on a pro forma basis for the third quarter of 2000. These results are in line with guidance provided on the Company's second quarter 2001 conference call.
For the nine months ended September 30, 2001, Argonaut reported net sales of $11.4 million compared to net sales of $12.2 million for the nine months ended September 30, 2000. The net loss for the nine months of 2001 was $10.9 million or $0.57 per share compared to a net loss of $6.3 million or $0.45 per share on a pro forma basis for the nine months of 2000.
The pro forma per share numbers assume the conversion of preferred stock into common stock as of the initial date of issuance. All preferred stock converted into common stock at the closing of Argonaut's initial public offering in July 2000.
``During the third quarter of 2001, Argonaut made progress on several fronts including, strengthening our management team and planning future product initiatives,'' commented Lissa Goldenstein, Argonaut's president and chief executive officer. ``Over the last week, we have made two announcements that demonstrate Argonaut's long-term wherewithal to provide innovative solutions to chemists. We announced the addition of Michael Moore as senior vice president and chief operating officer, as well as, a significant collaboration with Pfizer to develop new technologies for both instruments and consumables.''
Argonaut Technologies will discuss these financial results, its collaboration with Pfizer Inc. announced earlier today and its outlook for 2001 during its third quarter 2001 financial results conference call scheduled for Tuesday October 30, 2001 at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time. Those wishing to listen to the call can access it from the Investor Relations section of our website at www.argotech.com; a replay will also be available until November 7, 2001. In addition, a 24-hour, telephone replay of the call will be available for seven days by calling 888/843-8996 and giving the following passcode: 4767928.
About Argonaut Technologies, Inc.
Argonaut Technologies, Inc. is a pioneer in the development of innovative products that speed and simplify how chemists discover and test new chemical entities. Our products enable chemists to increase their productivity, reduce their operating costs through automation and process simplification, achieve faster time-to-market for new products, and cost-effectively explore the increasing number of drug targets available for drug development. We provide solutions that are used in over 825 pharmaceutical, chemical and academic laboratories worldwide. Our instruments, software and consumables for parallel synthesis enable chemists to perform multiple experiments under a variety of conditions in a fraction of the time and cost of traditional methods.
Forward Looking Statements
Statements included in this press release that are not historical in nature may be ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of such forward-looking statements include, without limitation, statements regarding the ability of Argonaut's products to enhance chemical development. Any such forward-looking statements involve risks and uncertainties and reflect Argonaut's judgment as of the date of this release. These and other risk factors are discussed in Argonaut's Annual Report on Form 10-K for the year ended December 31, 2000 filed on April 2, 2001, as amended, in its most recent quarterly report on Form 10-Q for the quarter ended June 30, 2001 filed on August 13, 2001, and its other filings with the Securities and Exchange Commission. Argonaut disclaims any intent or obligation to update these forward-looking statements. The Company claims the protection of the Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Argonaut Technologies, Inc.
Condensed Consolidated Statement of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2001 2000 2001 2000
--------- --------- --------- ---------
Net sales $ 3,583 $ 4,532 $11,445 $12,159
Costs and Expenses:
Cost of sales 1,964 2,158 6,128 5,421
Research and
development (Note 1) 1,530 1,280 5,035 3,791
Selling, general and
administrative (Note 1) 4,178 3,462 12,552 10,012
Amortization of
purchased intangibles 216 - 504 -
In-process research
and development expense - - 270 -
--------- --------- --------- ---------
Total costs and expenses 7,888 6,900 24,489 19,224
--------- --------- --------- ---------
Loss from operations (4,305) (2,368) (13,044) (7,065)
Interest and other income 593 899 2,347 1,204
Interest and other expense (10) (126) (211) (466)
--------- --------- --------- ---------
Net loss $ (3,722) $ (1,595) $(10,908) $ (6,327)
========= ========= ========= =========
Net loss per share,
basic and diluted $ (0.19) $ (0.11) $ (0.57) $ (0.95)
========= ========= ========= =========
Weighted-average shares
used in computing net
loss per share,
basic and diluted 19,199 14,987 18,975 6,665
========= ========= ========= =========
Pro forma net loss per
share, basic and diluted $ (0.19) $ (0.09) $ (0.57) $ (0.45)
========= ========= ========= =========
Weighted-average shares
used in computing pro
forma net loss per share,
basic and diluted 19,199 16,960 18,975 13,975
========= ========= ========= =========
Note 1: Research and development expenses and selling, general and
administrative expenses include charges for stock-based
compensation as follows:
Research and development $ 112 $ 394 $ 531 $ 1,030
Selling, general
and administrative 285 570 1,032 1,704
--------- --------- --------- ---------
$ 397 $ 964 $ 1,563 $ 2,734
========= ========= ========= =========
Argonaut Technologies, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
September 30, December 31,
2001 2000
------------ -------------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 35,286 $ 39,147
Short-term investments 23,179 34,225
Accounts receivable, net 3,434 4,088
Inventories 4,621 2,782
Prepaid expenses & other current assets 1,474 1,021
--------- ---------
Total current assets 67,994 81,263
Property, plant, and equipment, net 2,462 1,743
Goodwill and other intangible assets, net 8,037 -
Other assets 141 26
--------- ---------
$ 78,634 $ 83,032
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,232 $ 1,004
Accrued compensation 1,142 1,097
Other accrued liabilities 1,313 1,209
Deferred revenue 1,070 1,534
Current portion of
capital lease obligations 149 288
--------- ---------
Total current liabilities 4,906 5,132
Non-current portion of
capital lease obligations 71 180
Other long term liabilities 112 -
Stockholders' equity:
Common stock 2 2
Additional paid-in capital 120,391 115,283
Deferred stock compensation (1,579) (3,055)
Accumulated other comprehensive loss 78 (71)
Accumulated deficit (45,347) (34,439)
--------- ---------
Total stockholders' equity 73,545 77,720
--------- ---------
$ 78,634 $ 83,032
========= =========<<
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>>FOSTER CITY, Calif., Oct 30, 2001 (BW HealthWire) -- Argonaut Technologies, Inc. (Nasdaq: AGNT chart, msgs) today announced that it has entered into a multi-year collaborative research agreement with Pfizer Inc. where Argonaut will assess and develop new technologies and instrument systems relevant to Pfizer Global Research & Development programs.
Under the terms of the agreement, Pfizer will fund Argonaut's assessment and development efforts related to the new tools. Argonaut will have exclusive rights to commercialize technologies developed within the collaboration.
"We are excited about partnering with Pfizer to develop innovative and strategic systems that improve and expand the productivity of chemists," said Lissa Goldenstein, president and CEO of Argonaut. "Pfizer has a global reputation for cutting-edge science and implementing innovative technologies to help meet corporate objectives. Argonaut is honored to work with their scientists to help speed research and development of new medicines."
"The collaboration with Pfizer allows us to extend our tradition of developing customer driven solutions and expand our technology platforms for chemistry development," stated Jan Hughes, chief technical officer of Argonaut. "Working with Pfizer will provide Argonaut with additional resources to fully assess new technologies that provide cost-effective and simplified methodologies."
Financial terms of the collaboration were not disclosed and involve several payments during the term of the agreement.
Argonaut will be hosting a conference call at 2:00 p.m. Pacific/ 5:00 p.m. Eastern, today, October 30, 2001, to discuss this agreement and Argonaut's financial results for the third quarter ended September 30, 2001. Interested parties may listen to the conference call via live audio broadcast over the Internet available at www.argotech.com. For those unable to participate on the live call, a 24-hour replay will be available for seven days after the call at www.argotech.com or by calling 888-843-8996 and giving the following passcode: 4767928.<<
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Cheers, Tuck |
