heres some news
Cypros Pharmaceutical Reports First Quarter
Results
CARLSBAD, Calif.--(BUSINESS WIRE)--Dec. 9, 1997--Cypros Pharmaceutical Corp.
(NASDAQ:CYPR - news) reported results for its first quarter ended Oct. 31, 1997.
Sales for the quarter were $771,417, a 110 percent increase over the $367,131 in sales
reported for the prior-year period. The gross profit on sales for the quarter increased
130 percent to $603,473 from the $262,009 reported in the prior-year period. The
company reported a net loss of $1,392,329 or 10 cents per share for the quarter,
compared to a net loss of $1,608,999 or 14 cents per share for the prior-year period.
Commenting on the results, David W. Nassif, the company's chief financial officer, said:
''We are especially pleased with the continued growth in sales, gross profit and gross
profit margin. Additionally, the cash flow from sales served to lower the company's burn
rate on a quarter to quarter basis, except for the installment payment to Schwarz
Pharma to complete the acquisition of Ethamolin.''
At quarter-end, the company had cash, cash equivalents and short-term investments of
more than $12.4 million and working capital of more than $12.2 million, and subsequent
to quarter-end, the company raised in excess of $4.7 million from the exercise of
856,026 of its Redeemable Class B Warrants, which expired on Nov. 3.
Cypros Pharmaceutical is engaged in the development and marketing of drug products
for the hospital market. The company is pursuing a diversified strategy of marketing
approved drugs and developing small molecule therapeutics that protect cells from
ischemic injury. The company currently has three products on the market, Glofil, Inulin
and Ethamolin and expects to launch a new burn and wound care product in 1998
based on its recent acquisition of the DIMAC System. The company is developing
CPC-111 and Ceresine in various cardiovascular and cerebrovascular indications.
This news release contains forward-looking statements that involve risks and
uncertainties. Such statements are subject to certain factors that may cause the
company's plans to differ. Factors that may cause such differences include, but are not
limited to, the risks discussed in the company's Form 10-K for the fiscal year ended July
31, 1997 and the Risk Factors section of the company's Registration Statement No.
333-25661.
Cypros Pharmaceutical Corp.
Statements of Operations
(Unaudited)
Three Months Ended Oct. 31,
1997 1996
Net sales $ 771,417 $ 367,131
Cost of sales 167,944 105,122
Gross profit 603,473 262,009
Operating expenses:
Sales and marketing 356,696 162,456
General and administrative 701,740 621,510
Clinical testing and regulatory 456,902 339,135
Research and development 252,973 215,401
Depreciation and amortization 300,431 187,887
Total operating expenses 2,068,742 1,526,389
Loss from operations (1,465,269) (1,264,380)
Research grant income 25,037 47,400
Interest and other income, net 234,592 284,496
Amortization of discount and costs on
mandatorily convertible notes (186,689) (676,515)
Net loss $ (1,392,329) $ (1,608,999)
Net loss per share $ (0.10) $ (0.14)
Shares used in
computing net loss per share 14,024,710 11,613,748 |
