WALTHAM, Mass., July 22 /PRNewswire/ -- ImmuLogic Pharmaceutical
Corporation (Nasdaq: IMUL) reported today financial results for the second
quarter of 1996 ended June 30, 1996. Revenues for the second quarter were
$625,000 compared to $745,000 for the same quarter last year. The net loss
for the quarter was reduced to $ 5,593,000 [$(.28) per share] versus
$6,315,000 [$(0.39) per share] in the second quarter of 1995. Manufacturing
and clinical development costs related to the continued advancement of the
Company's ALLERVAX(R) products increased during the second quarter of 1996,
but were more than offset by the cost savings resulting from the closing of
the Company's Palo Alto research facility in May 1995. In addition, higher
interest income was earned on the Company's investments in the first quarter
of 1996.
For the six months ended June 30, 1996 revenues were $1,250,000 compared
to $6,406,000 in the same six month period in 1995. The net loss for the
first six months of 1996 was $11,272,000 [$(0.56) per share] versus
$7,715,000 [$(0.49) per share] in the same period last year. Revenues in the
first half of last year included the last of three scheduled
$5,000,000 license payments from Hoechst Marion Roussel related to ImmuLogic's
ALLERVAX(R) program.
"In the first six months of 1996 our two lead products advanced in the
clinic, according to schedule, bringing us within a year of filing two Product
License Applications with the FDA," said Robert J. Gerety, President and Chief
Executive Officer of ImmuLogic. "Discussions have progressed with several
pharmaceutical companies to commercialize our ALLERVAX(R) product line. In
addition, we continue to have the necessary financial resources to move these
products to commercialization."
ImmuLogic Pharmaceutical Corporation is a biopharmaceutical company,
located in Waltham, Massachusetts, developing peptide therapeutics to treat
allergies and autoimmune diseases. ALLERVAX(R) products to treat cat and
ragweed allergies are in late stage clinical development. ImmuLogic's lead
autoimmune candidate for the treatment of multiple sclerosis is scheduled to
enter clinical trials later in 1996. In addition to treatments for allergies
and autoimmune diseases, the Company is developing a poison ivy/poison oak
therapeutic and a vaccine to treat cocaine abuse.
This press release contains certain forward-looking statements that
involve a number of risks and uncertainties. Important factors that could
cause actual results to differ materially from those indicated by such
forward-looking statements are set forth in the Company's Annual Report on
Form 10-K for the year ended December 31, 1995 filed with the Securities and
Exchange Commission.
IMMULOGIC PHARMACEUTICAL CORPORATION
SELECTED FINANCIAL INFORMATION
Statements of Operations
(in thousands, except per share data)
(Unaudited) (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
License and research revenues $625 $745 $1,250 $6,406
Operating expenses:
Research & development 5,978 6,400 12,085 12,705
General & administrative 1,517 1,595 2,985 3,141
Total operating expenses 7,495 7,995 15,070 15,846
Operating loss (6,870) (7,250) $(13,820) (9,440)
Interest income, net 1,277 935 2,548 1,725
Net loss $(5,593) $(6,315) $(11,272) $(7,715)
Net loss per common share $(0.28) $(0.39) $(0.56) $(0.49)
Weighted average number
of common shares 20,217 16,083 20,194 15,647
Condensed Balance Sheets
(in thousands)
(Unaudited)
June 30, December 31,
1996 1995
Cash and cash equivalents and
short-term investments $47,218 $60,988
Other current assets 1,198 732
Property and equipment, net 9,959 10,834
Long-term investments 29,172 24,972
Other assets 49 53
Total assets $87,596 $97,579
Current liabilities $7,947 $7,619
Non-current liabilities 375 425
Stockholders' equity 79,274 89,535
Total liabilities and stockholders' equity $87,596 $97,579
SOURCE ImmuLogic Pharmaceutical Corp.
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CONTACT:
Susan Primrose, Director of Investor
Relations of ImmuLogic Pharmaceutical Corp., 617-466-6000
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