WALTHAM, Mass., Feb. 17 /PRNewswire/ -- ImmuLogic Pharmaceutical
Corporation ("Company") (Nasdaq: IMUL) reported today financial results for
the fourth quarter and year ended December 31, 1998. Revenues for the fourth
quarter were $3,164,000 compared to $666,000 for the fourth quarter of 1997.
The net income for the quarter ended December 31, 1998 was $2,661,000
[$0.13 per share] compared to a net loss in the same quarter last year of
$3,711,000 [($0.18) per share]. For the twelve months ended December 31,
1998, revenues were $4,345,000 compared to $2,048,000 in 1997. The Company
reported a net loss of $310,000 [($0.02) per share] in 1998 compared to a net
loss of $18,119,000 [($0.89) per share] in 1997. The Company's cash and
investment balance at December 31, 1998 and February 17, 1999 was
$48,627,000 and approximately $42,488,000 respectively.
The net income of $2,661,000 in the fourth quarter of 1998 compared to a
loss in the fourth quarter of 1997 of $3,711,000 resulted in a net change of
$6,372,000 due primarily to the Company's restructuring and revenue of
$3,000,000 from Cantab Pharmaceuticals plc ("Cantab") for the purchase of the
Company's Cocaine and Nicotine programs. Reduced headcount and reduced
expenditures for the Company's discontinued ALLERVAX(R) CAT and RAGWEED
programs contributed significantly to the savings. In addition, the Company
entered into a staged sublease agreement effective February 28, 1998 for its
Waltham, Massachusetts facility.
Under the terms of the Cantab agreement for the purchase of the Company's
Cocaine and Nicotine programs, Cantab paid an initial consideration of
$9.0 million by issuing 2,566,845 new Cantab Ordinary Shares in the form of
American Depository Shares (ADS's). One ADS is equal to approximately three
ordinary shares. In return, the Company transferred the two vaccine programs
and $6.0 million in cash to help finance their development.
On February 8, 1999 the Company announced that its Board of Directors has
decided to conclude the business activities of the Company as soon as
practicable with the intent to distribute assets to stockholders. The
distribution of assets is subject to stockholder approval. The 1998 year end
financial information included herein is based on generally accepted
accounting principles on a going concern basis and does not reflect
adjustments to the accounting method that might be required to reflect the
expected distribution of assets to stockholders.
ImmuLogic Pharmaceutical Corporation is a biopharmaceutical company,
located in Waltham, Massachusetts. The Company's press releases are available
through Company News on Call by fax at 800-758-5804, ext. 114501, and on the
Internet at http://www.prnewswire.com.
This press release contains forward-looking statements that involve a
number of risks and uncertainties, including risks and uncertainties that
relate to restructuring of the Company's business, assets or liabilities and
other risk factors detailed in the Company's Annual Report on form 10-K for
the year ended December 31, 1997.
IMMULOGIC PHARMACEUTICAL CORPORATION
SELECTED FINANCIAL INFORMATION
Statement of Operations
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
1998 1997 1998 1997
(Unaudited) (Unaudited)
License research
and other revenues $3,164 $666 $4,345 $2,048
Operating Expenses:
Research & development 955 3,986 5,198 17,103
General & administration 226 1,140 2,162 6,389
Total operating expenses1,181 5,126 7,360 23,492
Operating income/(loss) 1,983 (4,460) (3,015) (21,444)
Interest income 678 749 2,705 3,325
Net income/(loss) $2,661 $(3,711) $(310) $(18,119)
Basic and Diluted Income/
(Loss) Per Share $0.13 $(0.18) $(0.02) $(0.89)
Weighted average
shares outstanding 20,368 20,341 20,362 20,273
Balance Sheet
(in thousands)
December 31,
1998 1997
Cash and cash
equivalents and
short-term investments $27,074 $27,505
Other current assets 3,351 561
Property and equipment, net 4,167 6,685
Long-term investments 21,553 24,788
Other assets 49 49
Total assets $56,194 $59,588
Current liabilities $2,161 $5,244
Non-current liabilities 275 325
Stockholders' equity 53,758 54,019
Total liabilities and
stockholders' equity $56,194 $59,588
SOURCE ImmuLogic Pharmaceutical Corporation
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800-758-5804, ext. 114501
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CONTACT:
Investor Relations of ImmuLogic
Pharmaceutical Corporation, 781-466-6000
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