WALTHAM, Mass, Feb. 23 /PRNewswire/ -- ImmuLogic Pharmaceutical
Corporation (Nasdaq: IMUL) reported today financial results for the fourth
quarter and year ended December 31, 1997. Revenues for the fourth quarter
were $666,000 compared to $7,227,000 for the fourth quarter of 1996. The net
loss for the quarter ended December 31, 1997 was $3,711,000 [($0.18) per
share] compared to a net loss in the same quarter last year of $102,000
[($0.01) per share]. For the twelve months ended December 31, 1997, revenues
were $2,048,000 compared to $9,239,000 in 1996. The Company reported a net
loss of $18,119,000 [($0.89) per share] in 1997 compared to a net loss of
$18,870,000 [($0.93) per share] in 1996. The Company's cash and investment
balance at December 31, 1997 was $52,293,000.
The net loss in the fourth quarter of 1997 compared to 1996 increased by
$3,609,000 as a result of a one-time $7,000,000 payment from Hoechst Marion
Roussel Inc. received during the fourth quarter of 1996. Offsetting this
decrease in revenues were lower operating expenses resulting primarily from
reduced headcount and related activities due to the staff reduction which
occurred in June 1997 and reduced clinical trial expenditures as compared to
prior year due to expenses related to the 1996 ALLERVAX(R) RAGWEED trial.
ImmuLogic Pharmaceutical Corporation is a biopharmaceutical company,
located in Waltham, Massachusetts, focused on developing treatments for
allergies and 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. 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, 1996.
IMMULOGIC PHARMACEUTICAL CORPORATION
SELECTED FINANCIAL INFORMATION
Statement of Operations
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
1997 1996 1997 1996
(Unaudited) (Unaudited)
License research and
other revenues $666 $7,227 $2,048 $9,239
Operating expenses:
Research & development 3,986 6,351 17,103 25,882
General & administration1,140 2,058 6,389 6,830
Total operating expenses5,126 8,409 23,492 32,712
Operating loss (4,460) (1,182) (21,444) (23,473)
Interest income 749 1,080 3,325 4,603
Net loss $(3,711) $(102) $(18,119) $(18,870)
Basic loss per share $(0.18) $(0.01) $(0.89) $(0.93)
Diluted loss per share $(0.18) $(0.01) $(0.89) $(0.93)
Weighted average
shares outstanding 20,341 20,224 20,273 20,206
Balance Sheet
(in thousands)
December 31,
1997 1996
Cash and cash equivalents and
short-term investments $27,505 $54,623
Other current assets 561 625
Property and equipment, net 6,685 8,933
Long-term investments 24,788 15,424
Other assets 49 49
Total assets $59,588 $79,654
Current liabilities $5,244 $7,353
Non-current liabilities 325 375
Stockholders' equity 54,019 71,926
Total liabilities and
stockholders' equity $59,588 $79,654
SOURCE ImmuLogic Pharmaceutical
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CONTACT:
Investor Relations of ImmuLogic
Pharmaceutical Corporation, 781-466-6000
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
114501
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