REDWOOD CITY, Calif., Feb. 9 /PRNewswire/ -- Anergen, Inc.
(NASDAQ:ANRG) today reported a net loss of $8,430,000, or $0.45 per share,
for the year ended December 31, 1997, as compared to a net loss of $5,797,000,
or $0.35 per share, for the year ended December 31, 1996. For the fourth
quarter 1997, the company reported a net loss of $2,389,000, or $0.13 per
share, compared with a net loss of $2,368,000, or $0.13 per share, during the
same quarter in the previous year.
"1997 was a year of major achievements for Anergen, with the year
highlighted by positive clinical data from our Phase IIa study for AnervaX(TM)
in rheumatoid arthritis. Other notable events included the strengthening of
our management team, preclinical work in AnergiX(TM) for rheumatoid arthritis,
and excellent progress in our preclinical program in diabetes with
DiavaX(TM)," noted David V. Smith, Vice President, Finance and Chief Financial
Officer of Anergen. "Contract revenues were only slightly higher than the
prior year, as the prior year included a one time license fee from our partner
N.V. Organon. Total spending for the year was higher than the previous year
primarily due to expenses associated with our Phase I AnergiX(TM) study in
multiple sclerosis, our Phase IIa AnervaX study in rheumatoid arthritis and
administrative expenses related to business development and corporate
activities. Total spending in the fourth quarter was comparable to the same
quarter in the prior year."
In June, 1997 Anergen reported that preclinical studies of DiavaX, a
cyclic peptide vaccine show a potential to delay or suppress Type I diabetes.
Also in June, the company reported that its corporate partner, N.V. Organon
had identified a key antigen in rheumatoid arthritis, further validating the
company's collaboration in this area. In November, 1997 Anergen reported that
its interim results in AnervaX for rheumatoid arthritis indicated that the
pharmaceutical was safe, well tolerated and showed persistent clinical benefit
for symptoms of advanced rheumatoid arthritis.
Anergen, Inc. is a biotechnology company focused on advancing the
treatment of autoimmune diseases. It is developing proprietary
biopharmaceutical compounds designed to selectively interrupt antigen
presentation or inactivate T cells in the immune system that mediate the
disease process.
NOTE: Certain statements in this press release about the Company's
utilization of resources, product development activities, clinical trials, and
product pipelines, other than statements of historical fact, are forward
looking statements, and are made pursuant to the Safe Harbor Provisions of the
Private Securities Litigation Reform Act of 1995. Such statements involve
risks and uncertainties. The Company's actual results could differ materially
from the results discussed in these forward looking statements. Factors that
could cause or contribute to such differences are discussed in the Company's
Form 10-K filed for fiscal year 1996 and the reports filed on Form 10-Q.
Anergen, Inc.
Selected Financial Data
(In thousands except per share data)
Operations data
Three months ended Year ended
December 31, December 31,
1997 1996 1997 1996
Revenues:
Contract Revenues $ 1,299 $ 1,233 5,763 $ 3,519
License fee -- -- -- 2,000
Interest income 105 227 565 653
1,404 1,460 6,328 6,172
Expenses:
Research and
development 2,947 3,049 11,558 9,278
General and
administrative 817 746 2,997 2,521
Interest expense 29 33 203 170
Net loss $2,389 $2,368 $ 8,430 $ 5,797
Net loss per share $0.13 $0.13 $0.45 $0.35
Shares used in
calculating per
share data 18,839 18,771 18,815 16,482
Balance sheet data
December 31, December 31,
1997 1996
Cash & ST investments $ 8,403 $ 16,400
Accounts Receivable 333 320
Working capital 6,980 14,874
Total assets 10,554 18,423
Total liabilities 2,767 2,420
Shareholders' equity 7,787 16,003
SOURCE Anergen, Inc.
-0- 02/09/98
/CONTACT: Lori Clerkin, Investor Relations Coordinator, or David V.
Smith, Vice President, Finance and Chief Financial Officer, of Anergen, Inc.,
650-361-8901; or media, Peter Steinerman of SBC, 516-374 -3031, for Anergen;
or analyst, Jonathan Fassberg of The Trout Group, 212-477-9007, ext. 16, for
Anergen/ |
