Conference Call on Friday February 4th at 8:30 a.m. EST
WALTHAM, Mass., Feb. 4 /PRNewswire-FirstCall/ -- Repligen Corporation
(Nasdaq: RGEN) today reported results for the third quarter of fiscal year
2005 ended December 31, 2004. Total revenue for the quarter was $2,260,000
compared to total revenue of $1,321,000 for the third quarter of fiscal year
2004, an increase of $939,000 or 71%. Gross profit for the third quarter of
fiscal year 2005 was $1,231,000 (54%) compared to $539,000 (41%) for the third
quarter of fiscal year 2004. During the quarter we received $750,000 in
proceeds from a legal settlement which was recorded as other income.
Operating expenses for the third quarter of fiscal year 2005 were
$2,281,000 compared to $2,766,000 for the third quarter of fiscal year 2004.
The net loss for the third quarter of fiscal year 2005 was $193,000 or $.01
per share, compared to $2,127,000 or $.07 per share for the third quarter of
fiscal year 2004. Cash and investments as of December 31, 2004 were
$23,832,000.
For the nine-month period ended December 31, 2004 total revenue was
$6,366,000 compared to $4,801,000 for the same period in fiscal 2004, an
increase of $1,565,000 or 33%. Gross profit for the nine-month period was
$3,501,000 (55%) compared to $2,423,000 (50%) for the same period in fiscal
year 2004. Operating expenses for the nine-month period of fiscal year 2005
were $7,113,000 compared to $9,011,000 for the same period in fiscal year
2004. The net loss for the nine-month period of fiscal year 2005 ended
December 31, 2004 was $2,557,000 or $.09 per share, compared to $6,295,000 or
$.21 per share for the same period of fiscal year 2004.
"Our record product sales of $6.4 million for the year to date have
allowed us to maintain a solid financial position with minimal cash burn,"
stated Walter C. Herlihy, President and Chief Executive Officer of Repligen.
"We expect strong demand for our Protein A products in 2005 which will enable
us to continue to invest in our proprietary product candidates and seek
licensing opportunities to bolster our product development pipeline."
About Repligen Corporation
Repligen Corporation is a biopharmaceutical company committed to being the
leader in the development of novel therapeutics for profound neuropsychiatric
disorders and autoimmune disease with particular emphasis on applications for
children. Repligen has a Specialty Pharmaceuticals business comprised of
rProtein A(TM) and SecreFlo(TM), the profits from which will be used to
partially support the development of our proprietary products. Repligen's
corporate headquarters are located at 41 Seyon Street, Building #1, Suite 100,
Waltham, MA 02453. Additional information may be obtained from
http://www.repligen.com.
SELECTED FINANCIAL DATA
Operating Statement Data:
Three-months ended Nine-months ended
December 31, December 31,
2004 2003 2004 2003
Revenue:
Product revenue $2,260,000 $1,304,000 $6,366,000 $4,730,000
Research revenue -- 17,000 -- 71,000
Total revenue 2,260,000 1,321,000 6,366,000 4,801,000
Cost of revenue 1,029,000 782,000 2,865,000 2,378,000
Gross profit 1,231,000 539,000 3,501,000 2,423,000
Operating expenses:
Research and
development 1,039,000 1,850,000 3,703,000 5,181,000
Selling, general
and administrative 1,242,000 916,000 3,410,000 3,830,000
Total operating
expenses 2,281,000 2,766,000 7,113,000 9,011,000
Loss from
operations (1,050,000) (2,227,000) (3,612,000) (6,588,000)
Investment income 107,000 100,000 305,000 293,000
Other Income 750,000 -- 750,000 --
Net loss $(193,000) $(2,127,000) $(2,557,000) $(6,295,000)
Basic and diluted
net loss per share $(.01) $(.07) $(.09) $(.21)
Basic and diluted
weighted average
shares outstanding 30,065,000 29,878,000 30,056,000 29,575,000
Balance Sheet Data:
December 31, March 31,
2004 2004
Cash and investments $23,832,000 $24,863,000
Total assets 27,413,000 29,615,000
Stockholders' equity 24,690,000 27,164,000
This press release contains forward-looking statements which are made
pursuant to the safe harbor provisions of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The forward-looking statements in this release do not constitute
guarantees of future performance. Investors are cautioned that statements in
this press release which are not strictly historical statements, including,
without limitation, statements regarding current or future financial
performance and position, management's strategy, plans and objectives for
future operations, plans and objectives for product development, plans and
objectives for present and future clinical trials and results of such trials,
plans and objectives for regulatory approval, litigation, intellectual
property, product development, manufacturing plans and performance such as the
anticipated growth in the monoclonal antibody market and our other target
markets and projected growth in product sales, constitute forward-looking
statements. Such forward-looking statements are subject to a number of risks
and uncertainties that could cause actual results to differ materially from
those anticipated, including, without limitation, risks associated with: the
success of current and future collaborative relationships, the market
acceptance of our products, our ability to compete with larger, better
financed pharmaceutical and biotechnology companies, new approaches to the
treatment of our targeted diseases, our expectation of incurring continued
losses, our uncertainty of product revenues and profits, our ability to
generate future revenues, our ability to raise additional capital to continue
our drug development programs, the success of our clinical trials, our ability
to develop and commercialize products, our ability to obtain required
regulatory approvals, our compliance with all Food and Drug Administration
regulations, our ability to obtain, maintain and protect intellectual property
rights for our products, the risk of litigation regarding our intellectual
property rights, our limited sales and manufacturing capabilities, our
dependence on third-party manufacturers and value added resellers, our ability
to hire and retain skilled personnel, our volatile stock price, and other
risks detailed in Repligen's filings with the Securities and Exchange
Commission. Repligen assumes no obligation to update any forward-looking
information contained in this press release or with respect to the
announcements described herein.
CONTACT:
Walter C. Herlihy, Ph.D.
President and Chief Executive Officer
(781) 250-0111, ext. 2000
Laura Whitehouse
Vice President, Market Development
(781) 250-0111, ext. 2306
SOURCE Repligen Corporation
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Related links:
http://www.repligen.com
CONTACT:
Walter C. Herlihy, Ph.D., President and Chief
Executive Officer, +1-781-250-0111, ext. 2000, or Laura
Whitehouse, Vice President, Market Development, +1-781-250-0111,
ext. 2306 both of Repligen
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