SAN DIEGO, May 10 /PRNewswire/ -- Trega Biosciences, Inc. (Nasdaq: TRGA)
today reported that revenues for its first quarter ending March 31, 2000
increased approximately 24% to $2.6 million compared to $2.1 million for the
same period in 1999. Increased revenues in the first quarter resulted from a
$1.0 million increase in the sales of the Company's Chem.Folio(R)
combinatorial chemistry libraries. Revenues were offset in part by a decrease
in collaborative drug discovery program revenues.
The net loss for the first quarter was $4.3 million, or $0.22 per share,
compared with a net loss of $2.7 million, or $0.15 per share, for the
comparable period in 1999. The results in the prior year included a one-time
gain of approximately $1.5 million, or $0.08 per share, from the sale of
assets held by its wholly owned subsidiary, ChromaXome Corp. Trega ended the
quarter with $3.0 million in cash, cash equivalents and short-term
investments.
Subsequent to the close of the quarter, Trega announced the private
placement of 3.7 million shares to a group of institutional investors with
gross proceeds totaling approximately $11.0 million. Investors included,
among others, T. Rowe Price, BayStar Capital and Emerging Growth Management.
"We continue to sharpen focus on expanding our customer base and on
providing our partners and customers with a broader array of iDiscovery(TM)
solutions to enable them to identify more drug-like pharmaceutical compounds
for pre-clinical and clinical development," said Michael G. Grey, president
and chief executive officer. "We have entered into a strategic alliance to
develop high throughput screening ADME assays and provide data for building
further IDEA(TM) predictive models. Also, we have added three new
Chem.Folio(R) customers and formed two strategic alliances for the
distribution of Chem.Folio(R) compounds. Additionally, we began a
collaboration involving custom synthesis of exclusive solution phase compound
libraries."
Trega Biosciences is an information-driven company focused on accelerating
drug discovery from disease targets to clinical candidates through its
iDiscovery(TM) technologies. These technologies, comprised of information-
rich small molecule combinatorial chemistry and in vitro assays coupled with
predictive models and proprietary databases, are designed to rapidly create
novel drug candidates having greater chances of clinical success. Trega's
iDiscovery(TM) technologies span the drug discovery process, beginning with
the creation of novel compounds to the delivery of uniquely qualified drug
leads to the pharmaceutical and life science industries.
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 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 regulatory approvals
can be obtained for products discovered and developed, if any, whether any
such products can be successfully marketed, the impact of competitive products
and pricing in marketing success, 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 1-800-758-5804, extension 374050.
TREGA BIOSCIENCES, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
2000 1999
Revenues:
Compound revenues $1,449 $365
Contract research and licenses fees 1,102 1,665
Net sales 39 105
Total revenues 2,590 2,135
Operating expenses:
Cost of sales 35 59
Research and development 4,448 4,587
Selling, general and administrative 2,166 1,796
Total operating expenses 6,649 6,442
Loss from operations before equity in losses
of affiliate (4,059) $(4,307)
Equity in losses of affiliate (186) --
Loss from operations (4,245) (4,307)
Interest and other income (expense), net (55) 1,627
Net loss $(4,300) $(2,680)
Basic and diluted net loss per share $(0.22) $(0.15)
Shares used in computing basic and diluted
net loss per share 19,414 17,853
TREGA BIOSCIENCES, INC.
Condensed Consolidated Balance Sheets
(in thousands)
March 31, December 31,
2000 1999
(unaudited)
Cash, cash equivalents and
short-term investments $3,013 $6,434
Accounts receivable and other current assets 1,671 2,541
Property and equipment, net 4,389 4,179
Other assets 9,188 9,507
Total assets $18,261 $22,661
Current liabilities $7,036 $8,155
Long-term liabilities 3,210 2,996
Stockholders' equity 8,015 11,510
Total liabilities and stockholders' equity $18,261 $22,661
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, Chief Financial Officer,
858-410-6695, or Cynthia Reindal, Corporate Communications &
Investor Relations, 858-410-6601, both of Trega Biosciences, Inc.
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