WALTHAM, Mass., July 15 /PRNewswire/ -- ImmuLogic Pharmaceutical
Corporation (Nasdaq: IMUL) reported today financial results for the second
quarter ended June 30, 1999. Revenues for the second quarter were $349,000
compared to $432,000 for the second quarter of 1998. Operating expenses for
the second quarter of 1999 were $1,947,000 compared to $1,834,000 in the
second quarter of 1998. The net loss for the quarter ended June 30, 1999 was
$1,072,000 [($0.05) per share] compared to a net loss in the same quarter last
year of $772,000 [($0.04) per share]. The Company's cash and investment
balance at June 30, 1999 was $42,289,000. In addition, the Company has an
investment of $8,128,000 representing 855,615 American Depository Receipts of
Cantab Pharmaceuticals plc ("Cantab") stock as of June 30, 1999.
In 1998, the Company entered into a staged sublease agreement for its
Waltham facility. The sublease agreement provides that in addition to the
lease payments to be made by the subtenant under the lease the Company would
receive reimbursement from the subtenant over the remaining term of the lease
for certain leasehold improvements. As a result of modifications anticipated
to this sublease agreement in light of the Company's plans to liquidate and
dissolve the Company in the second quarter of 1999 the Company recorded a net
non-cash charge of $966,000 primarily to reflect the leasehold improvements at
net realizable value.
For the six months ended June 30, 1999, revenues, which were entirely
generated from research and development services performed at the request of
Cantab, were $1,088,000 compared to $962,000 in the same six month period of
1998. Research and development expenses for the six months ended June 30,
1999, decreased by approximately $1,700,000 compared to 1998 due to the
reduced headcount and expenditures as a result of the discontinuation of the
Company's development programs.
General and administrative expenses were $2,178,000 and $1,380,000 for the
six months ended June 30, 1999 and 1998, respectively. The increase was
primarily due to severance of approximately $1,000,000 which was incurred in
the first quarter of 1999 relating to the termination or resignation of
15 employees, including the President and Chief Executive Officer of the
Company. Offsetting these increases in expenses were reduced headcount and
facility related expenses as a result of the downsizing of the Company which
occurred during 1998.
The Company's net loss for the first six months of 1999 was $2,059,000
[$(0.10) per share] versus $1,893,000 [$(0.09)] per share in the same period
last year.
On February 5, 1999, the Company announced that its Board of Directors had
decided to conclude the business activities of the Company as soon as
practicable. On March 23, 1999, the Board of Directors approved a plan to
liquidate and dissolve the Company. Implementation of this plan will require
the approval of the stockholders of the Company, which approval the Company
intends to seek at its 1999 Annual Meeting of Stockholders to be held on
August 18, 1999.
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 the conclusion of the Company's business and the assessment of the
assets or liabilities of the Company, and the other risk factors detailed in
the Company's Annual Report on From 10-K for the year ended December 31, 1998
and Quarterly Report on Form 10-Q for the quarter ended March 31, 1999.
IMMULOGIC PHARMACEUTICAL CORPORATION
SELECTED FINANCIAL INFORMATION
Statement of Operations (Unaudited) (Unaudited)
(in thousands, except
per share data) Three Months Ended Six Months Ended
June 30, June 30,
1999 1998 1999 1998
License research and
other revenues $349 $432 $1,088 $962
Operating expenses:
Research & development 349 1,321 1,088 2,808
General & administration 632 513 2,178 1,380
Loss on leasehold
improvements, net 966 - 966 -
Total operating expenses 1,947 1,834 4,232 4,188
Operating loss (1,598) (1,402) (3,144) (3,226)
Interest income 526 630 1,085 1,333
Net loss $(1,072) $(772) $(2,059) $(1,893)
Basic and diluted
loss per share $(0.05) $(0.04) $(0.10) $(0.09)
Weighted average
shares outstanding 20,376 20,359 20,376 20,357
Balance Sheet
(in thousands)
(Unaudited)
June 30, December 31,
1999 1998
Cash and investments $42,289 $48,628
Cantab stock 8,128 -
Other current assets 181 3,351
Property and equipment, net 2,067 4,167
Other assets - 49
Total assets $52,665 $56,195
Current liabilities $1,826 $2,162
Non-current liabilities - 275
Stockholders' equity 50,839 53,758
Total liabilities and stockholders' equity $52,665 $56,195
SOURCE ImmuLogic Pharmaceutical Corporation
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Company News On-Call:
http://www.prnewswire.com/comp/114501.html or fax,
800-758-5804, ext. 114501
CONTACT:
Investor Relations of ImmuLogic
Pharmaceutical Corporation, 781-466-6000
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