Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : NexStar Pharm(NXTR) -- Ignore unavailable to you. Want to Upgrade?

To: Miljenko Zuanic who wrote (316)	2/23/1999 10:17:00 PM
From: Miljenko Zuanic	Read Replies (1) \| Respond to of 328

NXTR accountant needs quick math tuition course (to complete 4Q and 98 results), or he is to busy with calculating NXTR/ITRX stock price for spin off and acquisition? At least they have good AmBisome revenue for 4Q. Miljenko SOURCE: NeXstar Pharmaceuticals, Inc. NeXstar Announces Record Sales for Fourth Quarter and Fiscal Year 1998 Restructured Company Financial Results to be Reported in March BOULDER, Colo., Feb. 23 /PRNewswire/ -- NeXstar Pharmaceuticals, Inc. (Nasdaq: NXTR - news) today announced that product revenues exceeded both company and analyst expectations for the fourth quarter of 1998, totaling $31.0 million, up 29 percent from $24.0 million in the fourth quarter of 1997. Product revenues for fiscal year 1998 were $107.9 million, a 21 percent increase from $89.2 million reported in 1997. The increase in product revenues is primarily due to better than expected sales of the company's lead product AmBisome, a liposomal formulation of the antifungal drug amphotericin B. NeXstar Pharmaceuticals will report fourth quarter and year-end 1998 financial results in their entirety on or prior to March 31, 1999. Those results are expected to include the financial results of NeXstar Pharmaceuticals without the impact of Iterex Technologies in its income from continuing operations. The Iterex results are expected to be classified as discontinued operations and would include a charge of approximately $10 million related to the estimated net operating losses of the division for the first half of 1999. The company also expects to recognize expenses of approximately $6 million in the fourth quarter and fiscal year 1998 resulting from Iterex transaction-related costs, reorganization expenses and severance packages for employees discharged in the fourth quarter of 1998. The spin-off of Iterex Technologies is expected to occur in June 1999. NeXstar Pharmaceuticals announced in October 1998 the intent to proceed to separate its existing businesses. One company, which will continue to operate under the NeXstar Pharmaceuticals name, will become a specialty pharmaceutical company focused on oncology and infectious diseases, leveraging its core liposomal technology and the in-licensing of late stage compounds. The other company, Iterex Technologies, will further commercialize its proprietary compound discovery technologies. NeXstar Pharmaceuticals is expected to realize savings of approximately $21 million per year, resulting from a reduction in research expenses associated with Iterex Technologies and the benefit of the previously-announced restructuring. In January, the company filed a formal request with the Internal Revenue Service for a favorable tax ruling on the Iterex Technologies spin-off. The requested ruling, if received by the company, would confirm the tax-free nature of the spin-off for NeXstar and its stockholders. This press release contains forward-looking statements that involve risks and uncertainties, and actual events or results may differ materially. These statements concern, among other things, predictions about cost savings to, and potential profitability of, NeXstar Pharmaceuticals and a potential spin-off of the company's research and discovery group, as well as the future prospects, including the timing of clinical studies, for the company's current and potential products. While these statements reflect our best current judgment, they are subject to risks and uncertainties that could cause actual results to vary from current projections. These risk factors, which include actions by the U.S. Food and Drug Administration and market forces in each of our markets, are identified in our reports to the Securities and Exchange Commission filed on Forms 10-K and 10-Q, and in other SEC filings. NeXstar Pharmaceuticals, Inc. is a biopharmaceutical company engaged in the discovery, development, manufacturing and marketing of products to treat serious and life-threatening illnesses. The company currently markets two drugs in the United States and around the world, AmBisome and DaunoXome. Based in Boulder, Colo., NeXstar Pharmaceuticals maintains additional research, development and manufacturing facilities in San Dimas, Calif., and marketing subsidiaries worldwide. Note: This release can be obtained from our Internet homepage at nexstar.com SOURCE: NeXstar Pharmaceuticals, Inc.