CONCORD, Calif., April 24 /PRNewswire/ -- Cerus Corporation (Nasdaq: CERS), a leading developer of systems to inactivate viruses and bacteria in transfused blood components, today announced results for the quarter ended March 31, 1997.

Net revenues from development agreements and government grants for the quarter were $1.0 million, compared to $1.6 million for the first quarter of 1996. The net loss for the first quarter was $4.1 million, or $0.57 per share, compared to a net loss of $1.5 million, or $0.56 per share, for the first quarter of 1996. The current quarter's loss reflects increased expenses associated with planned expansion of the Company's development programs, and a contractual payment for development costs of approximately $1.4 million to Baxter Healthcare Corporation, the Company's development and marketing collaborator, in exchange for an increased product revenue share of the platelet pathogen inactivation program.

"This has been a busy and rewarding few months for Cerus," said Cerus President and Chief Executive Officer, Stephen Isaacs. "We successfully completed our initial public offering, raising almost $30 million to move our three major blood component decontamination programs toward commercialization. In addition to the ongoing Phase II trials of our platelet pathogen inactivation system, we commenced a Phase I clinical trial of our pathogen inactivation system for fresh frozen plasma just a few weeks ago."

Cerus Corporation is developing systems designed to improve the safety of blood transfusions by inactivating infectious pathogens in blood components used for transfusion (platelets, fresh frozen plasma and red blood cells) and by inhibiting the white blood cell activity that is responsible for certain adverse reactions to transfusions. The Company's platform technology, which inhibits replication of nucleic acid, has additional potential applications in the health care field beyond pathogen inactivation in blood components.

Cerus Corporation is collaborating with the Fenwal Division of Baxter Healthcare Corporation's Biotech Group to develop, manufacture and market pathogen inactivation systems for blood components used for transfusion. Baxter, a global medical products company, is a leader in technologies related to blood and the circulatory system. The Fenwal Division develops, manufactures and markets products and services for the collection, separation, storage and transfusion of blood and its components. Any forward-looking statements in this news release are based on current expectations and beliefs, which are subject to numerous risks and uncertainties. Actual results could differ materially from any such forward- looking statements as a result of factors discussed in the Company's Prospectus dated January 30, 1997.

 
  CERUS CORPORATION 
SELECTED FINANCIAL INFORMATION 
  Condensed Statements of Operations 
 (in thousands, except per share information) 
  Three Months Ended 
   March 31, 
  1997  1996 
   (unaudited)   (unaudited) 
   Revenue  $1,032$1,601 

Operating expenses:

 
   Research and development  4,588 2,779 
   General and administrative  750   480 
   Total operating expenses  5,338 3,259 
   Loss from operations (4,306)   (1,658) 
   Interest income, net245   120 
   Net loss($4,061)  ($1,538) 
   Net loss per share   ($0.57)   ($0.56) 

Shares used in computing

 
net loss per share   7,163 2,729 
Condensed Balance Sheets 
 (in thousands) 
  March 31, December 31, 
19971996 
 (unaudited) 
   Cash and cash equivalents   $28,981$6,002 
   Other current assets  1,406   532 

Furniture and Equipment,

 
net of depreciation  1,359 1,184 
   Other assets120 1,094 
   Total assets$31,866$8,812 
   Current liabilities   4,148 3,881 

Capital lease obligation,

 
less current portion8192 
   Stockholders' equity$27,637$4,839 

Total liabilities &

 
stockholders' equity   $31,866$8,812 

SOURCE Cerus Corporation

 
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