SAN DIEGO, Calif., Jan. 13 /PRNewswire/ -- Trega Biosciences, Inc.
(Nasdaq: TRGA), today announced revenues in the fourth quarter of 1999 are
expected to be in excess of $4.5 million compared with third quarter 1999
revenues of $4.0 million. Compared to the prior year, these revenues would
represent an increase of 25% over revenues of $3.6 million in the fourth
quarter of 1998.
Additionally, Trega has continued its trend of reducing cash usage on a
quarterly basis for the third consecutive quarter. Trega's net cash usage for
the fourth quarter is expected to be less than $100,000 as compared to net
cash usage of approximately $4.5 million in the first quarter of 1999.
"1999 was a very successful year for Trega as we focused our business on
our iDiscovery(TM) technology, which includes our information rich
combinatorial chemistry libraries, Chem.Folio(TM), and our ADME (absorption,
distribution, metabolism and excretion) predictive model, IDEA(TM)," said
Michael G. Grey, president and chief executive officer. "We achieved our
objective of significantly increasing our revenues and reducing our cash
usage."
Trega also announced the completion of two recent Chem.Folio deals with
Elitra Pharmaceuticals, and Cytokinetics, Inc. Each company has purchased
compounds from the Chem.Folio information-rich combinatorial chemistry
libraries. "We are pleased to add these two outstanding biotechnology
companies to our growing list of Chem.Folio customers, which include
pharmaceutical, biotechnology and agrochemical companies, demonstrating the
broad application of our product," added Mr. Grey.
Mr. Grey will discuss these developments today at the 18th Annual Chase
Hambrecht & Quist Healthcare Conference held in San Francisco.
Trega Biosciences is focused on accelerating the process of drug discovery
from disease targets to clinical candidates by using small molecule
combinatorial chemistry, high throughput screening and predictive Discovery
Informatics to rapidly create novel drug candidates having greater chances of
clinical success. In combination with its wholly owned subsidiary, NaviCyte,
Trega offers integrated products and services spanning the drug discovery
process -- beginning with synthesizing novel compounds to providing uniquely
qualified drug leads -- to the pharmaceutical and biopharmaceutical
industries. Trega also uses its drug discovery technologies in its internal
development programs, which are focused on discovering small molecules acting
on melanocortin receptors, which may be important in the treatment of
inflammatory and metabolic diseases.
Except for the historical information contained herein, the matters
discussed in this news release are forward-looking statements that involve
risks and uncertainties, including whether the results reported are indicative
of actual or future results, whether the Company's resources are sufficient to
enable it to reach its business objectives, whether any research to be
conducted as described will be successful, whether any additional
collaborations or alliances will be agreed to, formed or expanded, whether any
other corporate collaborations or alliances will be successful, and other
risks detailed from time to time in Trega's Securities and Exchange Commission
filings. These forward-looking statements represent Trega's judgment as of
the date of this release. Actual results may differ materially from those
projected. Trega disclaims, however, any intent or obligation to update these
forward-looking statements.
Trega's releases are on the World Wide Web at http://www.trega.com and PR
Newswire's fax-on-demand service at 800-758-5804, extension 374050.
SOURCE Trega Biosciences, Inc.
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Related links:
http://www.trega.com
Company News On-Call:
http://www.prnewswire.com/comp/374050.html or fax,
800-758-5804, ext. 374050
CONTACT:
Gerard A. Wills, Vice President, Finance &
CFO, 858-410-6695, or Cynthia Reindal, Corp. Communications &
Investor Relations, 858-410-6601, both of Trega Biosciences, Inc.
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