RESEARCH TRIANGLE PARK, N.C., Dec. 17 /PRNewswire-FirstCall/ -- Aeolus
Pharmaceuticals, Inc. (OTC Bulletin Board: AOLS)
( http://www.aeoluspharma.com ) announced today the financial results for its
fiscal year ended September 30, 2004. The Company reported a net loss
attributable to common stockholders of $17,302,000, or $2.06 per share. For
the previous fiscal year ended September 30, 2003, the Company had a net loss
attributable to common stockholders of $3,925,000, or $2.88 per share. For
the quarter ended September 30, 2004, Aeolus had a net loss attributable to
common stockholders of $2,048,000 or $.15 per share. For the quarter ended
September 30, 2003, Aeolus had a net loss attributable to common stockholders
of $1,315,000, or $.96 per share.
Aeolus Pharmaceuticals, Inc. is developing a series of catalytic
antioxidant molecules to protect against the damaging effects of reactive
oxygen derived molecules, commonly referred to as free radicals. Free
radicals cause damage in a broad group of diseases and conditions. Aeolus'
initial target applications will be the use of its catalytic antioxidants for
amyotrophic lateral sclerosis, also known as ALS or Lou Gehrig's disease, and
cancer radiation therapy. Aeolus began a Phase 1 clinical trial in patients
with ALS in October 2004.
Expenses for fiscal 2004 were significantly higher than fiscal 2003, as
the Company conducted and completed the preclinical activities necessary to
begin human clinical trials. Expenses for fiscal 2004 also include a
$5,000,000 noncash interest charge related to the conversion of a convertible
debenture to common stock and $2,423,000 of noncash charges due to accelerated
vesting of employee stock options.
"During the past year Aeolus restructured its operations and entered
clinical trials for its lead compound," stated James D. Crapo, M.D., Chief
Executive Officer of Aeolus. "During the next year, we intend to continue our
ALS clinical trials and initiate additional clinical trials for the treatment
of cancer patients undergoing radiation therapy."
The statements in this press release that are not purely statements of
historical fact are forward-looking statements, and actual results might
differ materially from those anticipated. These statements and other
statements made elsewhere by Aeolus or its representatives, which are
identified or qualified by words such as "intends," "likely," "will,"
"suggests," "expects," "might," "may," "believe," "could," "should," "would,"
"anticipates," "plans," or the negative of those terms or similar expressions,
are based on a number of assumptions that are subject to risks and
uncertainties. Important factors that could cause results to differ include
risks associated with the need for additional funds and uncertainties relating
to clinical trials, regulatory reviews, scientific research and product
development activities. These and other important risks are described in
Aeolus' reports on Form 10-K, Form 10-Q and Form 8-K and its registration
statements filed with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. Aeolus assumes no obligation to
update the information in this release.
Aeolus Pharmaceuticals, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended Fiscal Year Ended
September 30, September 30,
2004 2003 2004 2003
(Unaudited)
Grant income $ 131 $ - $ 305 $ -
Costs and expenses:
Research & development 1,551 515 8,295 2,780
General & administrative 549 421 3,987 2,025
Total costs and
expenses 2,100 936 12,282 4,805
Loss from operations (1,969) (936) (11,977) (4,805)
Equity in loss of
Incara Development - (2) - (76)
Interest expense, net (101) (136) (5,213) (192)
Other income 22 2 23 223
Loss from continuing
operations (2,048) (1,072) (17,167) (4,850)
Discontinued operations - - - (38)
Gain on sale of
discontinued operations - - - 1,912
Net loss (2,048) (1,072) (17,167) (2,976)
Preferred stock dividend
and accretion - (243) (135) (949)
Net loss attributable to
common stockholders $(2,048) $(1,315) $(17,302) $(3,925)
Net income (loss) per
common share (basic and
diluted):
Loss from continuing
operations available
to common stockholders $ (0.15) $ (0.96) $ (2.06) $ (4.25)
Discontinued operations $ - $ - $ - $ (0.03)
Gain on sale of
discontinued
operations $ - $ - $ - $ 1.40
Net loss attributable
to common stockholders $ (0.15) $ (0.96) $ (2.06) $ (2.88)
Weighted average common
shares outstanding: 13,944 1,372 8,388 1,365
Selected Balance Sheet Items:
(In thousands)
September 30,
2004 2003
Cash and cash equivalents $ 7,381 $ 586
Total assets $ 7,856 $ 1,080
Series C preferred stock $ - $ 14,503
Total stockholders' equity (deficit) $ 5,532 $(17,079)
SOURCE Aeolus Pharmaceuticals, Inc.
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Related links:
http://www.aeoluspharma.com
CONTACT:
James D. Crapo, M.D., of Aeolus
Pharmaceuticals, Inc., +1-303-804-5655
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