CONCORD, Calif.--(BUSINESS WIRE)--May 1, 2007--Cerus Corporation
(NASDAQ:CERS) today announced financial results for the first quarter
ended March 31, 2007. Total revenue for the first quarter of 2007 was $4.7 million, down
from $7.0 million for the first quarter of 2006. The decrease in
revenue is attributable to no milestone payments or development
funding recognized in the current quarter from our agreements with
Baxter, BioOne and MedImmune as compared with $3.4 million in the
first quarter of 2006. Product revenue was $1.2 million in the first
quarter of 2007, up from $0.5 million in the first quarter of 2006.
Total operating expenses for the first quarter of 2007 were $12.6
million, up from $10.0 million for the same period in 2006, primarily
due to costs associated with our INTERCEPT commercialization efforts
in Europe. Net loss for the first quarter of 2007 was $6.8 million, or $0.21
per share, compared to a net loss of $0.9 million, or $0.04 per share,
for the first quarter of 2006. At March 31, 2007, the Company had cash, cash equivalents and
short-term investments of $79.6 million. "I am pleased to announce that product revenue for the first
quarter of 2007 for our INTERCEPT Blood System was over one million
dollars," said Claes Glassell, president and CEO of Cerus Corporation.
"We believe that the interest in pathogen inactivation is increasing.
By marketing the INTERCEPT system as a single system that treats both
platelet and plasma donated blood components intended for transfusion,
we believe that we can offer customers a solution that is
operationally, economically and clinically superior to conventional
screening and blood testing practices."
RECENT HIGHLIGHTS
-- Cerus to explore strategic alternatives for its immunotherapy
business; and
-- Cerus awarded grants for its Listeria-based infectious disease
programs.
QUARTERLY CONFERENCE CALL
The company has scheduled its quarterly conference call for 4:30
p.m. Eastern time today. Interested parties can access a live Internet
broadcast at www.cerus.com. For those unable to listen to the live
broadcast, the call will be temporarily archived. ABOUT CERUS Cerus Corporation is developing and commercializing novel,
proprietary products and technologies within the fields of blood
safety and immunotherapy that are intended to provide safer, more
effective medical options to patients in areas of substantial unmet
medical needs. In the field of blood safety, the company is developing
and commercializing the INTERCEPT Blood System, which is based on the
company's proprietary Helinx technology and is designed to enhance the
safety of donated blood components by inactivating viruses, bacteria,
parasites and other pathogens, as well as potentially harmful white
blood cells. In the field of immunotherapy, the company is employing
its proprietary attenuated Listeria vaccine platform to develop a
series of novel therapies to treat cancer, and it is applying its
proprietary Killed But Metabolically Active technology platform in
research and development of prophylactic and therapeutic vaccines for
infectious diseases. INTERCEPT, INTERCEPT Blood System and Helinx are trademarks of
Cerus Corporation. This press release contains forward-looking statements, including
statements related to the potential efficacy the Company's products
and technologies. For this purpose, any statements contained in this
press release that are not statements of historical fact may be deemed
forward-looking statements. Words such as "intends," "believes,"
"estimates," "expects," "plans" and similar words or expressions or
the negative of these words or expressions are intended to identify
forward-looking statements. Actual results could differ materially
from these forward-looking statements as a result of certain factors,
including, without limitation, the risks identified in the company's
filings with the Securities and Exchange Commission, including the
company's Annual Report on Form 10-K for the year ended December 31,
2006. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The company does not undertake any obligation to update
any forward-looking statements as a result of new information, future
events, changed assumptions or otherwise.
CERUS CORPORATION
CONDENSED CONSOLIDATED UNAUDITED
STATEMENTS OF OPERATIONS
(In thousands except per share information)
Three Months Ended
March 31,
--------------------------------
2007 2006
--------------- ----------------
Revenue
Government grant and cooperative
agreements $ 3,511 $ 2,701
Product revenue 1,187 479
Milestone and development funding -- 3,817
--------------- ----------------
Total Revenue 4,698 6,997
--------------- ----------------
Operating expenses
Cost of product revenue 824 182
Research and development 6,448 6,638
Selling, general and administrative 5,322 3,160
--------------- ----------------
Total operating expenses 12,594 9,980
--------------- ----------------
Loss from operations (7,896) (2,983)
Interest income and other, net 1,088 2,053
--------------- ----------------
Net loss $ (6,808) $ (930)
=============== ================
Net loss per share:
Basic $ (0.21) $ (0.04)
Diluted $ (0.21) $ (0.04)
Weighted average common shares
outstanding used for basic and
diluted income (loss) per share
Basic 31,760 23,040
Diluted 31,760 23,040
CERUS CORPORATION
CONDENSED CONSOLIDATED UNAUDITED
BALANCE SHEETS
(In thousands)
March 31, December 31,
2007 2006
------------ -------------
Cash, cash equivalents, and short-term
investments $ 79,614 $ 93,416
Accounts receivable and other current
assets 10,880 7,494
Inventories 2,577 1,833
Furniture and equipment, net 1,550 1,627
Other assets 11,543 11,447
------------ -------------
Total Assets $ 106,164 $ 115,817
============ =============
Accounts payable and accrued liabilities $ 10,849 $ 14,144
Deferred revenue 126 --
Deferred gain 91 586
Other current liabilities 72 84
Other long-term liabilities 27 32
------------ -------------
Total liabilities 11,165 14,846
------------ -------------
Stockholders' equity 94,999 100,971
------------ -------------
Total liabilities and stockholders'
equity $ 106,164 $ 115,817
============ =============
CONTACT: Cerus Corporation
Myesha Edwards, 925-288-6017
Corporate Communications SOURCE: Cerus Corporation
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