SAN DIEGO, Aug. 3 /PRNewswire/ -- Trega Biosciences, Inc. (Nasdaq: TRGA),
focused on commercializing technologies and products for accelerating drug
discovery and development, today reported that revenues for its second quarter
ending June 30, 2000 were $2.0 million, compared to $2.6 million for the same
period last year. The net loss for the second quarter was $3.1 million, or
$0.14 per share, compared with a net loss of $3.5 million, or $0.19 per share,
for the comparable period in 1999. Trega ended the quarter with approximately
$9.7 million in cash, cash equivalents and short-term investments.
Revenues for the six months ended June 30, 2000 were $4.6 million,
compared to $4.8 million for the same period last year. Among the revenues
for the first six months of 1999 was $1.1 million recognized for funded drug
discovery activities completed during the period. On February 11, 2000, the
company announced its intention to shift its focus to the development and
commercialization of its iDiscovery(TM) technologies and away from drug
discovery activities. The net loss for the six months was $7.4 million, or
$0.35 per share, compared to $6.2 million, or $0.34 per share for the six
months ended June 30, 1999.
"We were pleased to recently announce that following a successful
validation study of our IDEA(TM) predictive model for drug absorption, F.
Hoffmann-LaRoche Ltd. took an initial license to the model for use in its drug
discovery efforts. The results of the study represents a validation of the
ability of our absorption model to efficiently and accurately predict how drug
compounds are absorbed in the body. We will continue to pursue additional
pharmaceutical relationships," said Michael G. Grey, Trega's president and
chief executive officer. "As an increasing number of targets and compounds
become available, researchers will need to find ways to more rapidly and
accurately select the best drug candidates for development. Trega's
iDiscovery(TM) technologies, consisting of IDEA(TM) predictive models and
Chem.Folio(R) libraries, are designed to enable researchers to accelerate this
process."
Mr. Grey continued, "During the second quarter we developed a prototype of
a predictive model for metabolism and in the coming months we plan to carry
out the necessary development work to enable the release of a commercial
version of this important model. This will represent a significant step
towards achieving our goal of an integrated model designed to predict
bioavailability in humans."
Management also noted that it entered into an additional agreement in the
second quarter with Boehringer Ingelheim International GmbH using Trega's
Chem.Folio(R) program for the custom synthesis of exclusive compound
libraries.
Trega Biosciences, Inc. is a premier provider of products that accelerate
and improve drug discovery through its iDiscovery(TM) technologies linking
biology and chemistry with information technologies. Trega's IDEA(TM) family
of information-based models simulate, in silico, how drug candidates will be
processed in the body, thereby enabling selection of those with optimal
characteristics for clinical development. Together with its IDEA(TM)
products, Trega's ChemFolio(R) libraries of information-enhanced small
molecules are designed to facilitate the identification and optimization of
drug candidates. For additional information on Trega, please visit our Web
site at http://www.trega.com.
Except for the historical information contained herein, the matters
discussed in this news release are forward-looking statements that involve
risks and uncertainties. The Company's quarterly and annual financial
performance may be subject to fluctuations depending on factors such as the
receipt and timing of revenue recognized from sales, licenses and
collaborations, timing of the delivery of products and technologies, the
completion of contracted service commitments to Trega's customers and
partners, and potential future acquisitions or disposition of complementary
assets or technologies. Accordingly, revenue and operating results for prior
periods may not be indicative of Trega's future financial results. Other
forward-looking statements could include whether the Company's resources are
sufficient to enable it to reach its business objectives, whether any research
or development activities to be conducted as described will be successful,
whether any additional collaborations or alliances will be formed or expanded,
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 BIOSCIENCES, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
Revenues:
Compound revenues $861 $1,196 $2,310 $1,561
Contract research
and licenses fees 1,180 1,365 2,283 3,031
Net sales 6 84 44 189
Total revenues 2,047 2,645 4,637 4,781
Costs and expenses:
Cost of sales 72 99 107 158
Research and development 4,151 4,353 8,599 8,941
Selling, general
and administrative 2,131 1,709 4,297 3,505
Total costs and expenses 6,354 6,161 13,003 12,604
Loss from operations
before equity in
losses of affiliate $(4,307) $(3,516) $(8,366) $(7,823)
Equity in losses
of affiliate (154) -- (340) --
Loss from operations (4,461) (3,516) (8,706) (7,823)
Interest and other
income (expense), net 1,313 27 1,258 1,654
Net loss $(3,148) $(3,489) $(7,448) $(6,169)
Basic and diluted
net loss per share $(0.14) $(0.19) $(0.35) $(0.34)
Shares used in computing
basic and diluted
net loss per share 23,191 18,053 21,302 17,953
TREGA BIOSCIENCES, INC.
Condensed Consolidated Balance Sheets
(in thousands)
June 30, December 31,
2000 1999
(unaudited)
Cash, cash equivalents and
short-term investments $9,718 $6,434
Accounts receivable and other current assets 2,612 2,541
Property and equipment, net 4,245 4,179
Other assets 8,864 9,507
Total assets $25,439 $22,661
Current liabilities $7,347 $8,155
Long-term liabilities 2,908 2,996
Stockholders' equity 15,184 11,510
Total liabilities and stockholders' equity $25,439 $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, Associate, Corporate
Communications & Investor Relations, 858-410-6601, both of Trega
Biosciences, Inc.
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