Cerus Corporation (Nasdaq: CERS), a leading developer of systems to improve the safety of transfusion blood products through inactivation of viruses, bacteria and other pathogens, today announced results for the third quarter ended September 30, 1999.
Net revenue from development agreements and government grants for the quarter was $1.0 million, compared to $0.3 million for the third quarter of 1998. The net loss for the third quarter was $5.5 million, or $0.47 per share, compared to a net loss of $6.1 million, or $0.65 per share, for the third quarter of 1998. At September 30, 1999, the company had cash, cash equivalents and short-term investments totaling $48.4 million.
Recent Cerus Corporation highlights include:
- Platelet pathogen inactivation system: Initiation of platelet transfusions at three sites in a U.S. Phase 3 clinical trial;
- Fresh frozen plasma pathogen inactivation system: Initiation of transfusions in patients in a U.S. Phase 3 clinical trial patient group;
- Red blood cell pathogen inactivation system: Completion of a U.S. Phase 1b clinical trial;
- Allogeneic cellular immune therapy (ACIT): Receipt of an $800,000 NIH research grant award for pre-clinical studies, and initiation of patient treatment in a U.S. Phase 1 clinical trial for patients undergoing bone marrow transplantation.
In addition to systems to treat platelets, plasma and red blood cells intended for transfusion, Cerus is developing a system to treat source plasma used for fractionation into plasma products. The company's platform technologies, which prevent viral, bacterial and other cellular replication, have potential applications in the health care field beyond pathogen inactivation in blood components. Cerus has collaboration agreements with Baxter Healthcare and the Consortium for Plasma Science.Cerus Corporation
Selected Unaudited Financial Information Condensed Statements of Operations
(in thousands, except per share information) | | Three Months Ended | Nine Months Ended | | | Sept.30 | Sept.30 | | | 1999 | 1998 | 1999 | 1998 | | Revenue | $ 992 | $274 | $ 2,170 | $2,631 | | Operating expenses: | | | | | | Research and development | 6,009 | 5,725 | 15,885 | 23,779 | | General and administrative | 1,185 | 968 | 3,553 | 3,062 | | Total operating expenses | 7,194 | 6,693 | 19,438 | 26,841 | | Loss from operations | (6,202) | (6,419) | (17,268) | (24,210) | | Interest income, net | 675 | 326 | 1,722 | 889 | | Net loss | $ (5,527) | $ (6,093) | $ (15,546) | $ (23,321) | | Net loss per share - basic and diluted | $ (0.47) | $ (0.65) | $ (1.43) | $ (2.51) | Shares used in computing
net loss per share - basic and diluted | 11,721 | 9,413 | 10,908 | 9,298 |
Condensed Balanced Sheets
(in thousands) | | Sept. 30, 1999 | Dec. 31, 1998 | | | | | | Cash, cash equivalents and short-term investments | $ 48,374 | $19,802 | | Other current assets | 162 | 312 | | Furniture and equipment, net of depreciation | 923 | 725 | | Other assets | 96 | 95 | | Total assets | $49,555 | $20,934 | | | | | | Accounts payable to a related party | $ 822 | $12,719 | | Other current liabilities | 8,448 | 6,859 | | Capital lease obligation, less current portion | 123 | 12 | | Redeemable convertible preferred stock | 5,000 | 5,000 | | Stockholders' equity (deficit) | 35,162 | (3,656) | | Total liabilities and stockholders' equity (deficit) | $ 49,555 | $ 20,934 |
Statements in this news release regarding product development and clinical development are forward-looking statements that involve risks and uncertainties. Actual results could differ materially from the above forward-looking statements as a result of certain factors, including the uncertainty of the timing and results of any clinical trials, regulation by the FDA, the uncertainty of replication of animal data in humans, the uncertainty of market acceptance of any products, competitive conditions, the uncertainty of future financing and other factors discussed in the company's 1998 Annual Report on Form 10-K.
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