WALTHAM, Mass., July 23 /PRNewswire/ -- ImmuLogic Pharmaceutical
Corporation (Nasdaq: IMUL) reported today financial results for the second
quarter ended June 30, 1998. Revenues for the second quarter were $432,000
compared to $368,000 for the second quarter of 1997. Expenses for the second
quarter of 1998 were $1,834,000 compared to $6,509,000 in the second quarter
of 1997. The net loss for the quarter ended June 30, 1998 was $772,000
[($0.04) per share] compared to a net loss in the same quarter last year of
$5,290,000 [($0.26) per share]. The Company's cash and investment balance at
June 30, 1998 was $48,974,000.
The net loss in the second quarter of 1998 decreased by $4,518,000 as
compared to 1997 due primarily to the Company's restructuring. 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. This sublease
agreement will further reduce operating costs and related cash expenditures in
future quarters. The Company will obtain new space to accommodate its
operations.
For the six months ended June 30, 1998, revenues were $962,000 compared to
$920,000 in the same six month period of 1997. The net loss for the first six
months of 1998 was $1,893,000 [$(0.09) per share] versus $11,626,000 [$(0.57)]
per share in the same period last year.
During the second quarter of 1998, the Company began a Phase I clinical
trial for it's cocaine vaccine. In addition, the Company signed an exclusive
license agreement with Heska Corporation. ImmuLogic licensed the worldwide
exclusive rights to develop and commercialize its recombinant allergen
technology for diagnosis, immunotherapy, and gene therapy for both companion
animals and humans. ImmuLogic will receive license fees, milestone payments,
and royalties for both veterinary and human applications. The license is non-
exclusive in Japan, where ImmuLogic licensed its recombinant allergen
technology for Japanese cedar on a non-exclusive basis to Sankyo Co., Ltd in
April 1998. ImmuLogic is in discussions with other companies with respect to
possible licensing arrangements for several of its product candidates.
ImmuLogic Pharmaceutical Corporation is a biopharmaceutical company,
located in Waltham, Massachusetts, focused on the development of vaccines for
substance abuse. 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 its operations and licensing of its product
candidates. Among the most important factors that could cause actual results
to differ materially from those indicated by such forward-looking statements
are delays in product development, failure to obtain required regulatory
approvals, and the risk factors detailed in the Company's 10-K for the year
ended December 31, 1997.
IMMULOGIC PHARMACEUTICAL CORPORATION
SELECTED FINANCIAL INFORMATION
Statement of Operations
(in thousands, except per share data)
(Unaudited) (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1998 1997 1998 1997
License research and
other revenues $432 $368 $962 $920
Operating expenses:
Research & development 1,321 5,113 2,808 10,004
General & administration 513 1,396 1,380 4,284
Total operating expenses 1,834 6,509 4,188 14,288
Operating loss (1,402) (6,141) (3,226) (13,368)
Interest income 630 851 1,333 1,742
Net loss $(772) $(5,290) $(1,893) $(11,626)
Basic and diluted
loss per share $(0.04) $(0.26) $(0.09) $(0.57)
Weighted average
shares outstanding 20,359 20,242 20,357 20,241
Balance Sheet
(in thousands)
(Unaudited)
June 30, 1998 December 31, 1997
Cash and investments $48,974 $52,293
Other current assets 601 561
Property and equipment, net 5,709 6,685
Other assets 49 49
Total assets $55,333 $59,588
Current liabilities $2,897 $5,244
Non-current liabilities 275 325
Stockholders' equity 52,161 54,019
Total liabilities and
stockholders' equity $55,333 $59,588
SOURCE ImmuLogic Pharmaceutical Corporation
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CONTACT:
Investor Relations of ImmuLogic
Pharmaceutical Corporation, 781-466-6000
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