Applied Molecular Evolution, Inc. Reports Financial Results for Third Quarter 2003
November 04 2003 - 3:15PM
PR Newswire (US)
Applied Molecular Evolution, Inc. Reports Financial Results for
Third Quarter 2003 SAN DIEGO, Nov. 4 /PRNewswire-FirstCall/ --
Applied Molecular Evolution, Inc. (AME) today reported financial
results for the third quarter of 2003. For the quarter ended
September 30, 2003, the Company reported a net loss of $5.7 million
or ($0.27) per share, compared to a net loss of $5.1 million or
($0.24) per share for the quarter ended September 30, 2002. For the
nine months ended September 30, 2003, the Company reported a net
loss of $14.0 million or ($0.68) per share, compared to a net loss
of $13.5 million or ($0.62) per share for the same nine-month
period in 2002. Revenues for the third quarter of 2003 were $1.5
million, reflecting revenue recognized under the Company's
strategic alliances, licensing agreements and National Institutes
of Health grants, which were also $1.5 million for the third
quarter of 2002. Total operating expenses were $7.5 million for the
third quarter of 2003, as compared to $7.0 million for the third
quarter of 2002. For the nine months ended September 30, 2003, the
Company reported revenues of $6.1 million and operating expenses of
$22.1 million, compared to revenues of $5.7 million and operating
expenses of $21.2 million for the nine months ended September 30,
2002. On September 30, 2003, unrestricted cash, cash equivalents
and short-term investments were $43.7 million, compared to
unrestricted cash, cash equivalents and short-term investments of
$51.1 million on December 31, 2002. As of September 30, 2003, the
Company had no restricted cash, reflecting full repayment of the
Merrill Lynch Business Financial Services credit facility, which
had a $10.5 million restricted cash balance on December 31, 2002.
"During the third quarter of 2003, AME demonstrated product
candidate development progress on both aspects of our
biotherapeutic business model," said Lawrence E. Bloch, M.D., J.D.,
Chief Financial Officer of AME. "On the corporate collaboration
side of our business model, MedImmune announced the initiation of
two large-scale Phase II trials for Vitaxin(R) in rheumatoid
arthritis and melanoma and announced the filing of an IND for
Numax(TM). In addition, MedImmune recently announced that they
expect to initiate clinical trials in the remainder of 2003 for all
three of their product candidates that AME has optimized: * a
large-scale Phase II clinical trial for Vitaxin in prostate cancer
* a large-scale Phase II clinical trial for Vitaxin in psoriasis *
a Phase I clinical trial for Numax, the next-generation of their
flagship product, Synagis(R), in respiratory syncytial virus (RSV)
infection, and * a Phase I trial for Anti-IL9 in asthma. On the
internal product development side of our business model, we
announced the successful production of clinical-grade AME-527,
next-generation Remicade(R), in our Phase I/II GMP bioprocessing
facility, a major milestone on the path to filing our first IND
this year on a next-generation biotherapeutic to which AME has
retained full commercial rights. We also strengthened our balance
sheet with collateralized equipment financing facilities of $6.0
million from Silicon Valley Bank and $4.0 million from GE Capital
to contribute to the continued execution of our business model. We
have drawn $6.6 million from these financing facilities, and have
$3.4 million available for future equipment purchases. Finally, our
subsidiary, Novasite Pharmaceuticals, Inc., announced multiple
grants from the NIH to implement its technology platform for
discovering and optimizing next-generation small-molecule drugs."
Remicade(R) is a registered trademark of Centocor; Synagis(R) and
Vitaxin(R) are registered trademarks of MedImmune; and Numax(TM) is
a trademark of MedImmune. Applied Molecular Evolution, Inc., (AME)
is a leader in applying directed molecular evolution to improve
healthcare by optimizing and developing human biotherapeutics.
Directed molecular evolution is a process for optimizing genes and
proteins for specific commercial purposes. Since its inception,
AME's principal focus has been on applying its proprietary
AMEsystem(TM) technology platform to human biotherapeutics, the
largest market for directed molecular evolution. Biotherapeutics,
or biopharmaceuticals, are protein pharmaceuticals such as
antibodies, cytokines, hormones and enzymes. AME uses its
proprietary technology to develop improved versions of currently
marketed, FDA-approved biopharmaceuticals as well as novel human
biotherapeutics. For more information, please visit
http://www.ame.biz/ . This press release contains forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those set forth in
the forward-looking statements, including uncertainties related to
product development, uncertainties related to the need for
regulatory or other government approvals, dependence on proprietary
technology, uncertainty of market acceptance of the Company's
products, uncertainties related to business opportunities, the
receipt of future payments, including royalties, the continuation
of customer relationships and other risks cited in the Company's
Annual Report on Form 10-K for the year ended December 31, 2002,
and other SEC Filings. These forward-looking statements speak only
as of the date hereof. The Company disclaims any intent or
obligation to update these forward-looking statements. For further
information, please contact Christopher Erdman of Applied Molecular
Evolution, Inc., +1-858-638-8635. - Financial Charts Follow -
Applied Molecular Evolution, Inc. Selected Financial Data (In
thousands, except per share data) For the Three Months For the Nine
Months Ended September 30, Ended September 30, 2003 2002 2003 2002
(unaudited) (unaudited) (unaudited) (unaudited) Statements of
Operations Data Revenues $1,464 $1,457 $6,121 $5,652 Expenses
Research and development 5,919 3,315 15,446 10,406 General and
administrative 1,361 2,972 5,582 8,173 Non-cash, stock based
compensation 237 711 1,023 2,615 Total operating expenses 7,517
6,998 22,051 21,194 Loss from operations (6,053) (5,541) (15,930)
(15,542) Minority interest 106 402 709 402 Net interest income 240
638 1,190 2,281 Other financing charges -- (604) -- (604) Net loss
$(5,707) $(5,105) $(14,031) $(13,463) Basic and diluted net loss
per common share $(0.27) $(0.24) $(0.68) $(0.62) Weighted average
shares used in computing basic and diluted loss per common share
20,921 21,227 20,760 21,672 Balance Sheet Data September 30,
December 31, 2003 2002 (unaudited) Cash, cash equivalents and
short-term investments $43,658 $51,119 Other current assets 3,090
1,370 Total current assets 46,748 52,489 Restricted cash, cash
equivalents and short-term investments -- 10,500 Other noncurrent
assets 19,117 16,982 Total Assets $65,865 $79,971 Current
liabilities $6,045 $3,785 Noncurrent liabilities 6,357 10,244
Stockholders' equity 53,463 65,942 Total Liabilities and
Stockholders' Equity $65,865 $79,971 DATASOURCE: Applied Molecular
Evolution, Inc. CONTACT: Christopher Erdman of Applied Molecular
Evolution, Inc., +1-858-638-8635 Web site: http://www.ame.biz/
Copyright
Applied Molecular Evolution (NASDAQ:AMEV)
Historical Stock Chart
From Aug 2024 to Sep 2024
Applied Molecular Evolution (NASDAQ:AMEV)
Historical Stock Chart
From Sep 2023 to Sep 2024