(Applies to: RIBI BIOM)
RIBI REPORTS FIRST QUARTER FINANCIAL RESULTS
Breadth of Development Progress Discussed During Annual Meeting
HAMILTON, Mont., April 27 /PRNewswire/ -- Ribi ImmunoChem Research,
Inc. (Nasdaq: RIBI) reported first quarter financial results for the
period ending March 31, 1999. Revenues from licenses and contracts for
the quarter increased 24%, achieving $844,000 compared to $679,000 for
the same period in 1998. Sales for the quarter were $611,000 compared
to $799,000 for the same period last year. Total revenues for the
quarter were $1,613,000 versus total revenues of $1,632,000 in the
first quarter of 1998. The net loss for the first quarter was
$1,593,000 or $0.08 per share versus $1,728,000 or $0.09 per share for
the comparable 1998 period.
"Financial results for the first quarter of 1999 are within our
expectations," said Robert E. Ivy, Chief Executive Officer, President
and Chairman. "Our conservative cash management strategy has stood us
well as commercialization of our products and those of our partners is
driven through the regulatory process."
During the Annual Meeting of Shareholders held on April 26, 1999, the
breadth of Ribi's product development progress was discussed by Mr.
Ivy. "The New Drug Submission for Melacine melanoma theraccine in
Canada is pending regulatory action by the Health Protection Branch and
there are currently no outstanding issues regarding our application.
Preparation of a Biologics License Application for the U.S.Food and
Drug Administration (FDA) is underway, following guidance provided by
the FDA during a meeting last year. Our long-time partner, Biomira,
Inc., recently announced that results of clinical trials of Theratope
vaccine in patients with breast and ovarian cancers will be presented
at the 35th Annual Meeting of the American Society of Clinical Oncology
in Atlanta, May 15-18. Ribi's Detox-B adjuvant is included in the
regimen for Theratope," said Mr. Ivy. "In the infectious disease and
allergy areas, Ribi adjuvants are being studied in clinical trials of
nine vaccines, including vaccines against hepatitis B, genital herpes,
malaria and respiratory syncytial virus. Preclinical trials are ongoing
in 12 different vaccines containing Ribi adjuvants. To date, Ribi
products have been tested in over 10,000 patients. Over 1,500 patients
have been studied in trials of Melacine. We are very proud of the
progress Ribi ImmunoChem has made in advancing our products toward
commercialization as we pursue our mission to improve the quality of
health care."
During the formal business session of the Annual Meeting, shareholders
elected seven directors: John L. Cantrell, PhD; Philipp Gerhardt, PhD;
Paul Goddard, PhD; Mark I. Greene, MD, PhD, FRCP; Robert E. Ivy; Thomas
N. McGowen Jr., JD; and Frederick B. Tossberg, MBA. Following the
Annual Meeting, the Board of Directors elected the following officers:
Robert E. Ivy, Chief Executive Officer, President and Chairman; John L.
Cantrell, PhD, Executive Vice President; Vern D. Child, CPA, Vice
President-Finance and Treasurer; Gary T. Elliott, PharmD, PhD, Vice
President-Pharmaceutical Development; Ronald H. Kullick, RPh, JD, Vice
President-Legal Counsel and Secretary; Charles Richardson, PhD, Vice
President-Pharmaceutical Discovery; and Kenneth B. Von Eschen, PhD,
Vice President-Clinical and Regulatory Affairs.
Forward Looking Information Statements in this news release are based
on current expectations. Actual results may differ materially based
upon various risk factors. Additional information regarding risk
factors is contained in the Company's Form 10-K for the year ended
1998, as filed with the U.S. Securities and Exchange Commission.
Ribi ImmunoChem Research Inc. press releases are available through
Company News On-Call by fax, 800-758-5804, ext. 752250, or at
prnewswire.com and the Corporate web site at
ribi.com.
SUMMARY OF OPERATIONS
(Unaudited, in thousands except per share data)
Three months ended March 31,
1999 1998
Revenues:
Sales $611 799
Licenses and contracts 844 679
Investment and other 158 154
1,613 1,632
Costs and expenses 3,206 3,360
Net loss $(1,593) (1,728)
Net loss per common share $(.08) (.09)
Average number of shares outstanding 20,323 20,312
CONDENSED BALANCE SHEETS
(In thousands)
March 31, Dec. 31,
1999 1998
(Unaudited)
Current assets, principally cash
and short-term investments $14,045 15,925
Property, plant
and equipment, net 11,805 11,738
Other assets, net 2,169 2,165
$28,019 29,828
Current liabilities $4,021 4,228
Long-term debt -- --
Shareholders' equity 23,998 25,600
$28,019 29,828
SOURCE Ribi ImmunoChem Research, Inc.
-0- 04/27/99 /CONTACT: Robert E. Ivy,
Chief Executive Officer, President and Chairman, or Kris Dyszynski,
Director, Licensing Activities of Ribi ImmunoChem Research, Inc.,
406-363-6214/
/Company News On-Call: prnewswire.com or
fax, 800-758-5804, ext. 752250/
/Web site: ribi.com (RIBI)
CO: Ribi ImmunoChem Research, Inc. ST: Montana IN: MTC SU: ERN |
