DURHAM, N.C., Nov. 6, 2002 /PRNewswire-FirstCall/ --
Triangle Pharmaceuticals, Inc. (Nasdaq: VIRS) today reported financial
results for the third quarter ended September 30, 2002.
For the quarter ended September 30, 2002, the Company reported a net loss
of $1,055,000, or ($0.01) per share, compared to a net loss of $18,197,000, or
($0.35) per share in the third quarter of 2001. For the nine months ended
September 30, 2002, the Company reported a net loss of $17,775,000, or ($0.23)
per share, compared to a net loss of $62,218,000, or ($1.32) per share for the
same nine-month period in 2001. The third quarter results were impacted by a
one-time event as described below. Cash, cash equivalents and total
investments were $68,270,000 on September 30, 2002, compared to $108,155,000
on December 31, 2001.
Revenues for the third quarter of 2002 were $14,556,000, reflecting
recognition of substantially all remaining deferred revenue under the
Company's strategic alliance with Abbott Laboratories which was terminated in
July 2002, compared to $1,271,000 of revenue for the third quarter of 2001.
Termination of the alliance resulted in the one-time, non-cash recognition of
approximately $14,200,000 of collaborative revenue. Total operating expenses
were $16,078,000 for the third quarter of 2002 as compared to $20,241,000 for
the third quarter of 2001. For the nine months ended September 30, 2002, the
Company reported revenues of $16,625,000, operating expenses of $46,081,000,
and a net loss of $17,775,000 compared to revenues of $4,760,000, operating
expenses of $69,791,000, and a net loss of $62,218,000 for the nine months
ended September 30, 2001.
Daniel Welch, Chairman and Chief Executive Officer of Triangle stated,
"Triangle's strong progress toward commercialization continues with the
acceptance by the Food and Drug Administration (FDA) of our New Drug
Application (NDA) for Coviracil on November 1, 2002. The next steps in this
progression are to complete two important tasks by year end. First, to submit
a Marketing Authorisation Application (MAA) to commercialize Coviracil in the
European Union and second, to complete our evaluation of alternative
strategies for the commercialization of Coviracil."
Robert Amundsen, Executive Vice President and Chief Financial Officer,
commented on the results, "Our operating losses for the third quarter and for
the nine months ending September 30, 2002 were significantly lower than in the
corresponding 2001 periods due to substantially increased revenue associated
with our termination of the Abbott Alliance and significantly curtailing our
operating expenses. With our recent news regarding the FDA's acceptance of
our Coviracil NDA, we expect our operating expenses to increase in 2003. We
will be in a position to give guidance on our projected 2003 results in the
first quarter of 2003 when we announce our Coviracil commercialization plans."
A conference call to discuss the information contained in this press
release and to provide a brief update on our operations will be held on
Tuesday, November 12, 2002 at 11:00 a.m. EST. Interested parties in the U.S.
may join the call toll free by dialing 1-877-679-9055. International callers
may join the call by dialing 1-952-556-2808. The call will be Webcast on the
Triangle Pharmaceuticals website and archived for replay on our site for one
week after the call.
Triangle Pharmaceuticals, Inc. is a specialty pharmaceutical company
engaged in the development of new antiviral drug candidates, with a particular
focus on therapies for the human immunodeficiency virus (HIV) and the
hepatitis B virus. Triangle's proprietary drug candidates under development
for HIV and/or hepatitis B include Coviracil(R) (emtricitabine), amdoxovir
(formerly DAPD), and clevudine (formerly L-FMAU). Triangle is also developing
immunotherapies for hepatitis B in collaboration with Dynavax Technologies
Corporation (Dynavax) utilizing Dynavax' immunostimulatory sequence (ISS)
technology. More information about Triangle's portfolio, management and
product development strategy is available on Triangle's website.
Statements in this press release that are not historical facts are
forward-looking statements and are subject to numerous risks and
uncertainties, including the risk that we may not submit our Coviracil MAA as
planned and our Coviracil NDA or MAA may not receive regulatory approval, or
if approved, Coviracil may not achieve market acceptance or the medical
results we expect. These and other risks are discussed in detail from time to
time in our filings with the Securities and Exchange Commission. As a result
of these and other risks and uncertainties, actual results may differ
materially from those predicted in this press release. Triangle disclaims any
obligations to update any forward-looking statements in this press release.
TRIANGLE PHARMACEUTICALS, INC.
(A Development Stage Company)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
Total revenues $14,556 $1,271 $16,625 $4,760
Operating expenses:
License fees 1,582 500 1,800 2,453
Development 12,168 15,477 38,939 58,115
Purchased research and
development -- 320 -- 320
Selling, general and
administrative 2,328 1,602 5,342 6,561
Restructuring -- 2,342 -- 2,342
Total operating
expenses 16,078 20,241 46,081 69,791
Loss from operations (1,522) (18,970) (29,456) (65,031)
Gain (loss) on
investments, net 11 9 16 76
Interest income, net 456 764 1,665 2,737
Other Income -- -- 10,000 --
Net loss $(1,055) $(18,197) $(17,775) $(62,218)
Basic and diluted net
loss before restructuring
charge per common
share $(0.01) $(0.30) $(0.23) $(1.27)
Basic and diluted net
loss per common
share $(0.01) $(0.35) $(0.23) $(1.32)
Shares used in computing
basic and diluted net
loss per common
share 76,876 52,366 76,856 47,036
SELECTED CONSOLIDATED BALANCE SHEET INFORMATION
(In Thousands)
September 30, 2002 December 31, 2001
(Unaudited)
Cash, cash equivalents and investments $68,270 $108,155
Working capital 40,019 54,148
Total assets 72,335 114,165
Total stockholders' equity 46,340 63,953
Shares of common stock 76,904 76,829
SOURCE Triangle Pharmaceuticals, Inc.
 back to top
Related links:
http://www.tripharm.com
CONTACT:
Mr. Daniel G. Welch, Chairman and Chief
Executive Officer, 1-919-493-5980, or http://www.tripharm.com, or Mr.
Robert F. Amundsen, Jr., Executive Vice President, Chief
Financial Officer, +1-919-493-5980, or http://www.tripharm.com, both of
Triangle Pharmaceuticals, Inc.
|
