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Biotech / Medical : Stressgen (VSE: SSB) -- Ignore unavailable to you. Want to Upgrade?

To: Heat Shock who wrote (38)	2/19/1998 10:10:00 PM
From: Luke	Read Replies (1) \| Respond to of 236

StressGen Reports Fourth Quarter Results; Biochemical Division sales up 22% over last year VICTORIA, British Colombia., Feb. 19 /PRNewswire/ -- StressGen Biotechnologies Corp. (TSE: SSB.) today released its financial results for the quarter ended December 31, 1997. The Company reported fourth quarter revenues of approximately $1.05 million compared to $836,000 reported in the fourth quarter of 1996. This increase is the result of improved biochemical sales, which more than doubled for the quarter compared with the same period last year. Sales were positively impacted due, in part, to a stocking order from Calbiochem-Novabiochem Corporation, the principal operating subsidiary of CN Biosciences, Inc. Overall, the year's product sales increased 22% over 1996. Total revenues were $3.48 million compared with $2.71 million for the prior year. Cash on hand at December 31st was $21.6 million compared to $22 million at December 1996. The Company incurred a net loss of $2.07 million ($0.09 per share) for the quarter compared with $1.23 million ($0.06 per share) for the corresponding period last year. The net loss for 1997 was $5.33 million ($0.24 per share) compared with $3 million ($0.16 per share) for the 12 months ended 1996. The Company's R&D investment for the quarter increased to $2.03 million from $1.10 million for the prior year. This is attributed to the preclinical development costs related to HspE7, StressGen's therapeutic vaccine for cervical cancer. For the 12 months ended December 31st, the Company's R&D expenditures rose to $5.06 million from $2.6 in 1996. Richard M. Glickman, StressGen's president and chief executive officer, said he was pleased with the Company's performance in the fourth quarter. "We have made considerable progress over this last quarter. In our Biochemical Division, we are starting to see the impact of our expanded product line and the value of our distribution agreement with Calbiochem," he said. "The Therapeutic Division has also taken important steps and is moving two product candidates into clinical development. HspE7, a fusion protein targeting cervical cancer, is being developed with the assistance of two US contractors, Covance and PPD Pharmaco. Our second product, a gene therapy approach for ovarian cancer, is being developed through our joint venture with Genzyme Molecular Oncology." StressGen is a biopharmaceutical company developing innovative treatments for cancer and vaccines to prevent infectious disease. The Company's core technology capitalizes on the ability of stress proteins to stimulate the immune system to recognize and fight disease. Through its Biochemical Division, StressGen is also an internationally recognized supplier of stress protein, protein trafficking and signal transduction research reagents. Selected Financial Highlights (Unaudited) (In thousands of Canadian Dollars except loss per share) Statement of Loss Three months ended 12 months ended Dec. 31 Dec. 31 1997 1996 1997 1996 Revenue Product Sales $ 719 $ 355 $ 2,139 $ 1,749 Interest and Other Income 335 481 1,344 962 Total Revenue $ 1,054 $ 836 $ 3,483 $ 2,711 Less Expenses: Cost of Sales 92 64 273 251 Research and development 2,034 1,105 5,062 2,602 Selling, general and administrative 887 851 3,075 2,651 Depreciation & amortization 92 49 369 196 Interest on long-term debt 25 4 43 17 Net Loss $(2,076) $(1,237) $(5,339) $(3,006) Weighted average of common shares 22,646 22,391 22,624 18,288 Loss per common share $ 0.09 $ 0.06 $ 0.24 $ 0.16 Cash Position at December 31 $21,661 $22,043 SOURCE StressGen Biotechnologies Corporation CONTACT: Michelle Lurch-Shaw of StressGen, 250-744-2811