DURHAM, N.C., April 30, 2002 /PRNewswire-FirstCall/ --
Triangle Pharmaceuticals, Inc. (Nasdaq: VIRS) today reported financial
results for the quarter ended March 31, 2002.
For the quarter ended March 31, 2002, the Company reported a net loss of
$1,787,000, or ($0.02) per share, compared to a net loss of $22,858,000, or
($0.55) per share for the first quarter of 2001.
In the first quarter of 2002, the Company recorded $1,035,000 of revenue,
which is an amortization of non-contingent research payments made in 1999 to
Triangle from its collaborative partner, Abbott Laboratories. Comparable
revenue of $1,744,000 was recorded for the same period in 2001. Total
operating expenses were $13,475,000 for the first quarter of 2002, as compared
to $25,642,000 for the first quarter of 2001. The significant decrease in
operating expenses was primarily the result of reduced spending for
manufacturing and drug synthesis, pre-clinical and clinical trials, employee
salaries and sales, general and administration costs. The Company's net loss
was reduced by the receipt of a $10,000,000 key-man life insurance payment
received during the quarter.
Cash, cash equivalents and investments totaled $96,741,000 at the end of
the first quarter of 2002 compared to $108,155,000 at December 31, 2001. The
net cash usage of $11,414,000 during the quarter reflected a higher than
normal use of working capital due to the timing of payments on several
development contracts offset by the receipt of the $10,000,000 key-man life
insurance payment.
The Company also confirmed that it is continuing to work toward an NDA
submission in the fall of 2002 for Coviracil(R) (emtricitabine), its lead
compound for the treatment of HIV. This submission is expected to include six
months of data from its third Phase III study, FTC-301. Along with its
collaborative partner, Abbott Laboratories, the Company is also planning to
make a European submission in the second half of this year.
Chris A. Rallis, President of Triangle, commented, "The restructuring of
our operations begun last year continues to pay financial dividends as we were
able to reduce our operating expenses for the fifth straight quarter while
continuing to advance the development programs for our four compounds. We are
also pleased that we have remained on track for the regulatory submissions for
Coviracil(R) in the U.S. and Europe later this year."
A conference call to discuss the information contained in this press
release and to provide an update on the Company's operational and regulatory
activities will be held Thursday, May 2, 2002 at 11:00 a.m. EDT. Interested
parties in the U.S. may join the call toll free by dialing 877-679-9045.
International callers may join the call by dialing 952-556-2802. The
confirmation number is 5965732. Slides to accompany the presentation will be
accessible on the Company's website at http://www.tripharm.com.
Triangle Pharmaceuticals, Inc. is a specialty pharmaceutical company
engaged in the development of new antiviral drug candidates, with a particular
focus on therapies for the human immunodeficiency virus (HIV) and the
hepatitis B virus. Triangle's proprietary drug candidates under development
for HIV and/or hepatitis include Coviracil(R) (emtricitabine), amdoxovir
(formerly DAPD), and clevudine (formerly L-FMAU). Triangle is also developing
immunotherapies for hepatitis B in collaboration with Dynavax Technologies
Corporation (Dynavax) utilizing Dynavax' immunostimulatory sequence (ISS)
technology. More information about Triangle's portfolio, management and
product development strategy is available on Triangle's website.
Statements in this press release that are not historical facts are
forward-looking statements and are subject to numerous risks and
uncertainties, including the risk that future events or changes in our drug
development strategies may impact the timing and degree of actual spending.
Additionally, other risks include the fact that clinical trials for our drug
candidates may not proceed as planned and regulatory submissions for those
drug candidates may be delayed, the Company may be unable to successfully
complete pivotal clinical trials or that its trials could be halted or
terminated by regulatory authorities, regulatory submissions may be delayed,
its inability to commercialize Coviracil, amdoxovir and ISS-based therapies
due to patent rights held by third parties, the Company's ability to obtain
additional funding (including contingent contractual milestone payments),
patent protection and required regulatory approvals for its drug candidates,
the development of competitive products by others, the cost of coactive
therapy and the extent to which coactive therapy achieves market acceptance,
the Company's success in identifying new drug candidates, acquiring rights to
the candidates on favorable terms and developing any candidates to which the
Company acquires any rights, and that the Company's collaborations with third
parties may not prove successful. These and other risks are discussed in
detail from time to time in the Company's filings with the Securities and
Exchange Commission. As a result of these and other risks and uncertainties,
actual results may differ materially from those predicted in this press
release. The Company disclaims any obligations to update any forward-looking
statements in this press release.
-Financial chart follows-
Triangle Pharmaceuticals, Inc.
(A Development Stage Company)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended March 31,
2002 2001
Total revenue $ 1,035 $ 1,744
Operating expenses:
License fees 109 1,095
Development 11,963 21,839
Selling, general and administrative 1,403 2,708
Total operating expenses 13,475 25,642
Loss from operations (12,440) (23,898)
Gain on investments, net 3 80
Interest income, net 650 960
Other income 10,000 --
Net loss $ (1,787) $ (22,858)
Basic and diluted net loss per common share $ (0.02) $ (0.55)
Shares used in computing basic and diluted
net loss per common share 76,837 41,288
SELECTED CONSOLIDATED BALANCE SHEET INFORMATION
(In Thousands)
March 31, December 31,
2002 2001
(Unaudited)
Cash, cash equivalents and investments $ 96,741 $ 108,155
Working capital 58,539 54,148
Total assets 102,042 114,165
Total stockholders' equity 62,122 63,953
Shares of common stock outstanding 76,851 76,829
SOURCE Triangle Pharmaceuticals, Inc.
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Related links:
http://www.tripharm.com
CONTACT:
Chris A. Rallis, President and Chief
Operating Officer, or Robert Amundsen, Jr., Chief Financial
Officer, of Triangle Pharmaceuticals, Inc., +1-919-493-5980
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