Business Editors
CONCORD, Calif.--(BW HealthWire)--Jan. 24, 2002
Cerus Corporation (Nasdaq:CERS) today announced results for the fourth quarter and year ended December 31, 2001.
The net loss for the fourth quarter was $13.5 million, or $0.86 per share, compared to a net loss of $10.9 million, or $0.77 per share, for the fourth quarter of 2000. For the year ended December 31, 2001, the company reported a net loss of $49.4 million, or $3.27 per share, compared to a net loss of $36.0 million, or $2.75 per share, for 2000. The increased net losses for the fourth quarter and year 2001 were primarily due to expanded research and development activities in support of the INTERCEPT Blood Systems. For the year ended December 31, 2001, revenue from development agreements and government grants was $4.5 million, compared to $1.9 million for 2000. At December 31, 2001, the company had cash, cash equivalents and short-term investments of $123.5 million.
"In 2001, Cerus made substantial progress in the clinical, regulatory and pre-commercial advancement of the INTERCEPT Blood Systems," said Stephen Isaacs, Cerus president and chief executive officer. "We look forward to multiple INTERCEPT product introductions over the next few years, beginning with the European approval of the INTERCEPT Platelet System, which is expected in the first half of this year."
Recent Cerus Corporation highlights include:
-- INTERCEPT Platelet System: Announced agreement with Haemonetics Corporation
(NYSE:HAE) to integrate its automated platelet collection devices with the
INTERCEPT Platelet System;
-- INTERCEPT Plasma System: Continued enrollment in the Phase IIIc clinical
trial;
-- INTERCEPT Red Blood Cell System: Initiated first clinical site for a pivotal
Phase III trial.
Cerus and its development and commercialization partner, Baxter Healthcare Corporation, are collaborating on the development of the INTERCEPT Blood Systems to enhance the safety of blood transfusions. A CE Mark application seeking European approval of the INTERCEPT Platelet System has been submitted, regulatory submissions have been completed in Australia and Canada, and the companies have begun the regulatory submission process in the United States. Separately, the companies are preparing the U.S. submission for the INTERCEPT Plasma System, which will be followed by a CE Mark application for this product. Cerus and Baxter are initiating clinical trial sites for their pivotal Phase III clinical trial of the INTERCEPT Red Blood Cell System.
QUARTERLY CONFERENCE CALL
The company has scheduled its quarterly conference call for 4:30 p.m. EST today. Interested parties can access a live Internet broadcast at http://www.videonewswire.com/event.asp?id=2727. For those unable to listen to the live broadcast, the call will be archived for 72 hours at www.cerus.com.
ABOUT CERUS
Cerus Corporation is developing medical systems and therapeutics based on its proprietary Helinx(TM) technology for controlling biological replication. Cerus' most advanced programs are focused on systems to enhance the safety of blood products used for transfusion. The INTERCEPT Blood Systems, based on the company's Helinx technology, are designed to inactivate viruses, bacteria, other pathogens and white blood cells. The Concord, California-based company also is pursuing therapeutic applications of Helinx technology to treat and prevent serious diseases.
Helinx is a trademark of Cerus Corporation.
INTERCEPT Blood System, INTERCEPT Platelet System, INTERCEPT Plasma System and INTERCEPT Red Blood Cell System are trademarks of Baxter International, Inc. (NYSE:BAX). Statements in this news release regarding clinical trials, regulatory filings, product development and product potential 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 risks and uncertainty of the timing and results of clinical trials and other development and commercialization activities, actions by regulatory authorities at any stage of the development process, additional financing activities, manufacturing, market acceptance of any products, competitive conditions and other factors discussed in the company's most recent filings with the Securities and Exchange Commission. Cerus does not undertake any obligation to update forward-looking statements.
CERUS CORPORATION
SELECTED UNAUDITED FINANCIAL INFORMATION
Condensed Statements of Operations
(in thousands, except per share information)
Three Months Ended Year Ended
December 31, December 31,
2001 2000 2001 2000
-------- -------- -------- --------
Revenue $1,015 $ 195 $4,535 $1,851
Operating expenses:
Research and development 12,649 10,623 48,247 34,823
General and administrative 2,782 2,003 10,166 7,160
-------- -------- -------- --------
Total operating expenses 15,431 12,626 58,413 41,983
-------- -------- -------- --------
Loss from operations (14,416) (12,431) (53,878) (40,132)
Interest income, net 915 1,551 4,611 4,099
-------- -------- -------- --------
Loss before income taxes (13,501) (10,880) (49,267) (36,033)
Provision for income taxes - - (100) -
-------- -------- -------- --------
Net loss ($13,501)($10,880) ($49,367)($36,033)
======== ======== ======== ========
Net loss per share -
basic and diluted ($0.86) ($0.77) ($3.27) ($2.75)
======== ======== ======== ========
Shares used in computing
net loss per share -
basic and diluted 15,725 14,042 15,105 13,086
======== ======== ======== ========
Condensed Balance Sheets Dec. 31, Dec. 31,
(in thousands) 2001 2000
-------- --------
Cash, cash equivalents and
short-term investments $123,461 $ 90,260
Accounts receivable from
a related party 26 267
Other current assets 1,573 512
Furniture and equipment, net 3,012 2,994
Other assets 188 128
-------- --------
Total assets $128,260 $ 94,161
======== ========
Accounts payable to a related
party $ 5,029 $ 1,791
Other current liabilities 11,425 10,365
Capital lease obligation, less
current portion 51 84
Redeemable convertible preferred stock 5,000 5,000
Stockholders' equity 106,755 76,921
-------- --------
Total liabilities and
stockholders' equity $128,260 $ 94,161
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