NEWTOWN, Pa., Oct. 21 /PRNewswire/ -- CollaGenex Pharmaceuticals, Inc.
(Nasdaq: CGPI) announced a net loss of $3.0 million, or $0.35 per share, for
the third quarter of 1997 compared to a net loss of $1.4 million, or $0.19 per
share, for the third quarter of 1996. For the nine months ended September 30,
1997, the Company reported a net loss of $6.5 million, or $0.79 per share,
compared to a net loss of $4.5 million, or $0.71 per share, for the
corresponding period in 1996. Revenues for the nine months ended September
30, 1997, and 1996 included $300,000 and $400,000, respectively, in licensing
fees from Boehringer Mannheim Italia, pursuant to the Company's license
agreement executed in July 1996.
Total operating expenses were $3.4 million for the third quarter of 1997,
compared to $2.1 million for the corresponding quarter in 1996. For the nine
months ended September 30, 1997, total operating expenses were $7.8 million
compared to $5.3 million for the corresponding period in 1996. The increase
in operating expenses was due primarily to higher general and administrative
expenses related to the development of a commercial infrastructure, including
sales and marketing activities.
Cash and short-term investments at September 30, 1997, were $24.7 million
compared to $18.2 million at December 31, 1996. This increase was mainly a
result of the 1,000,000 share follow-on common stock offering completed on
April 8, 1997, which generated net proceeds to the Company of $11.6 million,
less the normal operating expenses incurred during the nine month period.
CollaGenex Pharmaceuticals, Inc. is engaged in the development and
commercialization of innovative proprietary medical therapies for the
treatment of periodontal disease and other dental pathologies. The Company's
lead drug, Periostat(R), is pending FDA approval for the treatment of
periodontal disease. The Company's core technology involves inhibiting the
activity of certain enzymes that destroy the connective tissues of the body.
In addition to periodontal disease, the Company and its collaborators are
researching and developing other potential applications of the core
technology, including cancer metastasis, wound healing, osteoarthritis,
osteoporosis, rheumatoid arthritis and diabetic complications.
COLLAGENEX PHARMACEUTICALS, INC.
AND SUBSIDIARY
SUMMARY FINANCIAL DATA
Three Months Ended Nine months Ended
September 30, September 30,
1997 1996 1997 1996
(in thousands, except share amounts)
Statement of Operations Data: (Unaudited)
Revenues:
Licensing Fees $--- $400 $300 $400
Operating expenses:
Research and Development 1,554 1,287 3,626 3,564
Selling, General
and Administrative 1,802 788 4,156 1,741
Total operating expenses 3,356 2,075 7,782 5,305
Other income
Interest income 358 227 976 386
Net Loss $(2,998) $(1,398) $(6,506) $(4,519)
Accretion of
undeclared dividends $--- $--- $--- $720
Net loss allocable to
common stockholders $(2,998) $(1,398) $(6,506) $(5,239)
Proforma net loss per share $(0.35) $(0.19) $(0.79) $(0.71)
Shares used in
computing proforma
net loss per share 8,543,579 7,515,560 8,201,251 6,376,056
Balance Sheet Data: September 30, 1997 December 31, 1996
(Unaudited)
Cash and short-term investments $24,747 $18,215
Total assets $25,152 $18,437
Total stockholders' equity $22,746 $17,592
SOURCE CollaGenex Pharmaceuticals, Inc.
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CONTACT:
Nancy C. Broadbent, Vice President and Chief
Financial Officer of CollaGenex Pharmaceuticals, 215-579-7388
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