Vicuron Pharmaceuticals Announces Second Quarter 2004 Financial
Results KING OF PRUSSIA, Pa., Aug. 5 /PRNewswire-FirstCall/ --
Vicuron Pharmaceuticals Inc. (Nasdaq: MICU; Nuovo Mercato) today
reported financial results for the three and six month periods
ended June 30, 2004. Total revenues for the second quarter of 2004
were $1.9 million compared with $2.3 million for 2003. Total
operating expenses were $26.5 million in the second quarter of 2004
compared to $28.8 million during the same period last year. For the
second quarter of 2004, Vicuron reported a net loss of $24.1
million or a net loss per share of $0.44 on 54.6 million weighted
average shares outstanding. This compares to a net loss of $25.9
million, or $0.54 per share on 47.7 million weighted average shares
outstanding, for the second quarter of 2003. Total revenues for the
first half of 2004 were $3.8 million compared with $4.0 million for
the same period in 2003. Total operating expenses during the first
six months of 2004 were $52.7 million compared to $138.1 million
during the same period last year. For the six months ended June 30,
2004, Vicuron reported a net loss of $47.6 million or a net loss
per share of $0.88 on 54.3 million weighted average shares
outstanding. This compares to a net loss for the same period of
2003 of $133.1 million or a net loss per share of $3.25 on 40.9
million weighted average shares outstanding. At June 30, 2004, cash
and cash equivalents and unrestricted marketable securities totaled
approximately $117.4 million. "Vicuron continues to implement its
operational expense reductions and conduct discussions with the FDA
regarding anidulafungin," said George F. Horner III, Vicuron's
president and chief executive officer. "This year, we are looking
forward to Phase III dalbavancin data and continuing our tradition
of a strong presence at ICAAC." About Vicuron Vicuron
Pharmaceuticals is a biopharmaceutical company focused on
discovering, developing, manufacturing and commercializing vital
medicine for seriously ill patients in North America and major
countries in Europe. In May 2004, Vicuron received an approvable
letter from the FDA for anidulafungin for the treatment of
esophageal candidiasis. A Phase III study of anidulafungin in
invasive candidiasis is ongoing. The company's other lead product,
dalbavancin, a novel intravenous antibiotic for the treatment of
serious Gram-positive infections, is in Phase III clinical trials.
The company's versatile research engine integrates industry-leading
expertise in functional genomics, natural products discovery,
mechanism-based drug design and combinatorial and medicinal
chemistry. These approaches are yielding promising novel and
next-generation compounds, many of which are in the later stages of
preclinical development. In addition, the company has research and
development collaborations with leading pharmaceutical companies,
such as Pfizer and Novartis. Forward-Looking Statements This news
release contains forward-looking statements that predict or
describe future events or trends. The matters described in these
forward-looking statements are subject to known and unknown risks,
uncertainties and other unpredictable factors, many of which are
beyond Vicuron's control. Vicuron faces many risks that could cause
its actual performance to differ materially from the results
predicted by its forward-looking statements, including the
possibilities that clinical trials and the results thereof might be
delayed, that the timing of the filing of any new drug application
might be delayed, that subsequent clinical trials might indicate
that a product candidate is unsafe or ineffective, that any filed
new drug application may not be approved, that ongoing proprietary
and collaborative research might not occur or yield useful results,
that a third party may not be willing to license our product
candidates on terms acceptable to us or at all, that competitors
might develop superior substitutes for their products or market
them more effectively, that a sales force may not be developed as
contemplated and that one or more of its product candidates may not
be commercialized successfully. The reports that Vicuron files with
the U.S. Securities and Exchange Commission contain a fuller
description of these and many other risks to which Vicuron is
subject. Because of those risks, Vicuron's actual results,
performance or achievements may differ materially from the results,
performance or achievements contemplated by its forward-looking
statement. The information set forth in this news release
represents management's current expectations and intentions.
Vicuron assumes no responsibility to issue updates to the
forward-looking matters discussed in this news release. VICURON
PHARMACEUTICALS INC. CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited) (in thousands, except per share amounts) Three Months
Ended Six Months Ended June 30, June 30, June 30, June 30, 2004
2003 2004 2003 Revenues: Collaborative research and development and
contract services $1,778 $ 2,148 $3,570 $ 3,865 License fees and
milestones 139 130 275 171 Total revenues 1,917 2,278 3,845 4,036
Operating expenses: Research and development 19,355 25,158 41,390
37,883 General and administrative 7,192 3,643 11,263 5,724 Acquired
in-process research and development -- -- -- 94,532 Total operating
expenses 26,547 28,801 52,653 138,139 Loss from operations (24,630)
(26,523) (48,808) (134,103) Other income (expense): Investment
income 545 718 1,231 1,168 Interest expense (25) (47) (53) (117)
Net loss $(24,110) $ (25,852) $(47,630) $(133,052) Net loss per
share: Basic and diluted $(0.44) $(0.54) $ (0.88) $(3.25) Weighted
average shares 54,616 47,709 54,323 40,890 VICURON PHARMACEUTICALS
INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in
thousands) June 30, December 31, 2004 2003 ASSETS Current assets:
Cash and cash equivalents $81,436 $113,361 Marketable securities
36,003 52,796 Accounts receivable, net 4,837 5,533 Prepaid expenses
and other current assets 6,656 6,329 Total current assets 128,932
178,019 Property, plant and equipment 48,776 43,757 Intangible
assets, net 21,455 23,373 Long-term receivables 10,928 9,787
Long-term marketable securities-restricted 2,925 3,232 Other assets
330 330 Total assets $213,346 $258,498 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $14,582
$13,986 Accrued liabilities 17,920 15,085 Current portion of long
term debt 1,136 2,360 Current portion of deferred revenue 79 1,068
Total current liabilities 33,717 32,499 Long-term debt, less
current portion 7,243 7,493 Deferred revenue, less current portion
2,437 1,750 Other long-term liabilities 2,933 2,973 Total
liabilities 46,330 44,715 Stockholders' equity: Common stock 55 54
Additional paid-in capital 524,457 518,275 Deferred stock
compensation (283) (454) Accumulated other comprehensive income
17,141 22,632 Accumulated deficit (374,354) (326,724) Total
stockholders' equity 167,016 213,783 Total liabilities and
stockholders' equity $213,346 $258,498 DATASOURCE: Vicuron
Pharmaceuticals Inc. CONTACT: Dov A. Goldstein, M.D. of Vicuron
Pharmaceuticals Inc., +1-610-205-2312, or ; or Hala Mirza of
WeissCom Partners, +1-212-204-2080, or , or Aline Schimmel of Burns
McClellan, +1-212-213-0006, or , both for Vicuron Pharmaceuticals
Inc. Web site: http://www.vicuron.com/
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