CHICAGO, May 12 /PRNewswire/ -- Endorex Corporation (AMEX: DOR) held its
Annual Meeting of Stockholders today in Lake Forest, IL near the company's
headquarters. In addition to 1998 results and 1999 goals, management
presented the results for the first quarter of 1999.
First Quarter 1999 Results
The Company reported a net loss of $1.8 million, or ($.21) per share for
the three months ended March 31, 1999, compared with a loss of $9.2 million,
or ($.93) per share, for the corresponding period in 1998. The first quarter
of 1998 included an $8 million loss from the Company's Innovax joint venture
for acquired technology. Research and development expenditures for the three
months ended March 31, 1999 increased $0.3 million, or 55%, as compared to the
corresponding period ended March 31, 1998. The increase was primarily due to
increased research and development activities to support the clinical trials
of the Company's anticancer drug Perillyl alcohol ("POH"). The Company
recently announced the initiation of two additional Phase II trials sponsored
by the National Cancer Institute to evaluate the efficacy of POH in colorectal
cancer and pancreatic cancer, increasing the number of ongoing Phase II
clinical trials for POH to five. Additionally R&D expenses increased due to
preclinical work on the Orasome(TM) technology, the Innovax joint venture with
Elan, and a research agreement with the University of Wisconsin-Madison to
develop and evaluate other monoterpene analogs as cancer drug candidates.
As of March 31, 1999 the Company had $11.5 million in cash and securities in
addition to $5.7 million of unused lines of credit and restricted cash. The
Company's cash burn rate for the first quarter was $1.7 million consistent
with the Company's expectations.
During the meeting, Endorex management presented the results of a study
published in the April 15, 1999 edition of Cancer Research, the official
journal of the American Association for Cancer Research, by a group of
investigators at the McArdle Laboratory for Cancer Research at the University
of Wisconsin, and the Lombardi Cancer Center at Georgetown University. This
study is entitled: "Activation of the Transforming Growth Factor Signaling
Pathway and Induction of Cytostasis and Apoptosis in Mammary Carcinomas
Treated with the Anticancer Agent Perillyl Alcohol." The study reviews some
of the novel mechanisms of action of POH on breast and other types of cancer.
Endorex Corporation is a drug delivery and cancer products Company. The
Company licensed its Orasome(TM) technology from the Massachusetts Institute
of Technology that is being developed to orally deliver vaccines, proteins and
peptides. In 1998, Endorex formed two drug delivery joint ventures with Elan
Corporation, plc. Endorex is also focusing on two innovative directions in
cancer therapy: immunotherapy and natural chemotherapy. Two Endorex drugs
have entered into multiple Phase II clinical trials: ImmTher(R), an
immunomodulator, and Perillyl alcohol, a new monoterpene.
The statements made in this press release contain certain forward-looking
statements, within the meaning of Section 21E of the Securities Exchange Act
of 1934, as amended, that involve a number of known and unknown risks and
uncertainties. Such statements are only predictions and actual events or
results in future periods may differ materially from what is currently
anticipated. In particular, no assurance can be given that the company will
become profitable, that either of the joint ventures with Elan will
successfully develop products or become profitable, that the Orasome(TM)
delivery system will lead to successful products or become profitable, that
any of the company's cancer drug candidates will receive regulatory approval
or become commercially successful or that the amendment to the private
placement will have any effect on the stock price. In addition to the matters
described in this press release, risk factors as described from time to time
in Endorex's filing with the Securities and Exchange Commission, including,
but not limited to, its most recent reports on Form 10-QSB and Form 10-KSB,
may affect the results achieved by Endorex. The Company assumes no obligation
to update the information in this release.
SOURCE Endorex Corporation
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Related links:
http://www.endorex.com
CONTACT:
Dave Franckowiak, CFO, 847-573-8990, or
e-mail, dfrancko@endorex.com; or Investor, Kathy Brunson,
312-640-6696, General, Bill Murphy, 312-640-6764, or Media, Darcy
Bretz, 312-640-6756, all of The Financial Relations Board
NOTE TO EDITORS: To receive the latest information about Endorex
Corporation via fax, at no cost, dial 1-800-PRO-INFO, code 'DOR'
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