SuperGen Announces a 21 Percent Increase in Revenue
First-Quarter Financial Results Reported at Annual Meeting
SAN RAMON, Calif., May 5 /PRNewswire/ -- SuperGen Inc.
(Nasdaq: SUPG; SUPGW), a pharmaceutical company, reported financial results
for the first quarter ended March 31, 1999. Results were announced at the
company's annual shareholder meeting, which began after the close of the stock
market.
Revenues for the 1999 first quarter were $916,000, compared with revenues
of $758,000 for the comparable period in 1998. The net loss for the 1999
first quarter was $4,867,000, or $0.23 per share, compared with a net loss of
$3,829,000, or $0.19 per share, for the 1998 first quarter. This was mainly
attributable to building a stronger marketing and sales organization and to
accelerated investment in our Phase III program for RFS 2000.
"The majority of our first quarter revenue was generated by sales of
Nipent(TM), currently approved for the treatment of hairy cell leukemia," said
Dr. Joseph Rubinfeld, chief executive officer and chairman of SuperGen.
"However, our strategy is to establish Nipent as the basic drug for treating a
wide variety of lymphomas and chronic leukemias. This was supported by a
Johns Hopkins sponsored symposium where physicians from all over the world
presented data concluding that Nipent is effective, especially when used with
other agents."
"During the first quarter, we made significant progress in the development
of RFS 2000(R), our proprietary drug for the treatment of advanced pancreatic
cancer," continued Dr. Rubinfeld. "Our licensor, the renowned Stehlin
Foundation for Cancer Research, recently published dramatic results from a
Phase II study of RFS 2000 in the May issue of the International Journal of
Oncology. In addition, we just announced the beginning of European clinical
trials for RFS 2000. These clinical trials will complement an expanding U.S.
clinical studies program in a broad range of tumor types, including the Phase
III program under way in pancreatic cancer, which is increasing to about 200
centers.
"In addition, we announced in the first-quarter the acquisition of the
oncology portfolio of Sparta Pharmaceuticals, a company with several promising
anti-cancer compounds in various stages of clinical development. The
acquisition of Sparta is still subject to SEC and Sparta shareholder approval.
We hope to conclude this transaction in July 1999," added Dr. Rubinfeld. "The
acquisition fits with SuperGen's mission is to become the leading cancer-
fighting company."
Based in San Ramon, California, SuperGen is a pharmaceutical company
dedicated to the development and commercialization of products intended to
treat life-threatening diseases, particularly cancer. SuperGen has an
evolving portfolio of anti-cancer drugs. The company is currently marketing
Nipent (for the treatment of lymphocytic malignancies) and is currently
conducting Phase III clinical trials with its proprietary drug RFS 2000 for
the treatment of pancreatic cancer. The company is also conducting additional
studies using RFS 2000, as it has shown anti-tumor and hematological
activities in a variety of other human cancers.
This press release contains forward looking statements within the meaning
of Section 21A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, and are subject to the safe
harbors created thereby. Such statements, including those regarding the
clinical development of RFS 2000, involve certain risks and uncertainties
associated with an emerging pharmaceutical company. Actual results could
differ materially from those projected in the forward-looking statements as a
result of failure to obtain the clinical data necessary to support marketing
approval for RFS 2000 in the U.S., failure to receive marketing approval of
Nipent for additional indications, failure to obtain adequate financing, as
well as other risk factors discussed in SuperGen's reports on file with the
U.S. Securities and Exchange Commission (including but not limited to the
report on Form 10-K for the year ended December 31, 1998.
SuperGen Inc.
Consolidated Statements of Operations
(in thousands, except for per share amounts)
Three months ended
March 31,
(unaudited)
1999 1998
Net Sales $916 $758
Operating Expenses
Cost of sales 708 325
Research & development 3,120 2,777
Sales & marketing 1,232 642
General & administrative 863 1,135
Total operating expenses 5,923 4,879
Loss from operations (5,007) (4,121)
Interest income 140 292
Net loss $(4,867) $(3,829)
Basic loss per share $(0.23) $(0.19)
Weighted average shares used
in basic loss per share calculation 21,063 20,235
SOURCE SuperGen Inc.
CO: SuperGen Inc.
ST: California
IN: MTC
SU: ERN
05/05/99 17:01 EDT prnewswire.com |
