WALTHAM, Mass., Oct. 26 /PRNewswire/ -- ImmuLogic Pharmaceutical
Corporation (Nasdaq: IMUL) reported today financial results for the third
quarter ended September 30, 1998. Revenues for the third quarter were
$219,000 compared to $462,000 for the third quarter of 1997. Expenses for the
third quarter of 1998 were $1,990,000 compared to $4,078,000 in the third
quarter of 1997. The net loss for the quarter ended September 30, 1998 was
$1,077,000 [($0.05) per share] compared to a net loss in the same quarter last
year of $2,782,000 [($0.14) per share]. The Company's cash and investment
balance at September 30, 1998 was $48,818,000.
The net loss in the third quarter of 1998 decreased by $1,705,000 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 intends to obtain new space for its operations.
For the nine months ended September 30, 1998, revenues were $1,181,000
compared to $1,382,000 in the same nine month period of 1997. The net loss
for the first nine months of 1998 was $2,970,000 [$(0.15) per share] versus
$14,408,000 [$(0.71)] per share in the same period last year.
"The benefits of the cost control measures that ImmuLogic has implemented
over the past months are clearly demonstrated in our third quarterly financial
statement," said J. Joseph Marr, M.D., President and C.E.O. "Our year-to-
date operating expenses decreased by two-thirds relative to the equivalent
period in the previous year, our operating loss decreased by 71%, and the net
loss per share by 79%. The Phase I trial of our cocaine vaccine is
progressing well and the nicotine vaccine research program has entered its
final preclinical stage."
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 (Unaudited) (Unaudited)
(in thousands, except Three Months Ended Nine Months Ended
per share data) September 30, September 30,
1998 1997 1998 1997
License research and
other revenues $219 $462 $1,181 $1,382
Operating expenses:
Research & development 1,434 3,113 4,242 13,117
General & administration 556 965 1,936 5,249
Total operating
expenses 1,990 4,078 6,178 18,366
Operating loss (1,771) (3,616) (4,997) (16,984)
Interest income 694 834 2,027 2,576
Net loss $(1,077) $(2,782) $(2,970) $(14,408)
Basic and diluted
loss per share $(0.05) $(0.14) $(0.15) $(0.71)
Weighted average
shares outstanding 20,366 20,270 20,360 20,251
Balance Sheet
(in thousands)
(Unaudited)
Sept 30, December 31,
1998 1997
Cash and investments $48,818 $52,293
Other current assets 474 561
Property and equipment, net 4,435 6,685
Other assets 49 49
Total assets $53,776 $59,588
Current liabilities $2,404 $5,244
Non-current liabilities 275 325
Stockholders' equity 51,097 54,019
Total liabilities and
stockholders' equity $53,776 $59,588
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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