LA JOLLA, Calif., Jan. 27 /PRNewswire/ -- Agouron Pharmaceuticals, Inc.
(Nasdaq-NNM: AGPH) today announced a net loss for the three and six months
ended December 31, 1996 of $12,556,000 or $.93 per common share, and
$27,003,000 or $2.07 per share, respectively. The net loss recorded in each
comparable period of the prior fiscal year was $4,132,000 or $.40 per share,
and $6,655,000 or $.73 per share.
Agouron's operating results for the three and six months ending December
31, 1996 and its financial condition at December 31, 1996 reflect the
Company's ongoing support of significant clinical and commercial development
activities in support of its anti-HIV drug VIRACEPT(R) (nelfinavir mesylate),
increased revenues from its ongoing VIRACEPT development collaboration with
Japan Tobacco Inc., revenues from its new (June 1996) development
collaboration with Hoffmann-La Roche Inc. and F. Hoffmann-La Roche Ltd, and
the net proceeds from a secondary offering of 2,735,000 shares of common stock
in July 1996.
Agouron Pharmaceuticals, Inc. is a pioneer and leader in technologies
permitting the rational design of novel, small molecule drugs based upon the
molecular structures of proteins which play key roles in human disease.
Agouron is currently applying these technologies to the design and development
of novel drugs for treatment of cancer, AIDS and other serious diseases.
FINANCIAL INFORMATION
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
December 31, December 31,
Statement of Operations 1996 1995 1996 1995
(unaudited)
Revenues:
Contracts and licenses $15,109 $9,592 $32,623 $20,555
Operating expenses:
Research and development 23,302 14,188 52,936 26,716
Selling, general
and administrative 5,786 977 9,522 2,083
29,088 15,165 62,458 28,799
Operating loss (13,979) (5,573) (29,835) (8,244)
Other income
and expense, net 1,423 1,441 2,832 1,589
Net loss $(12,556) $(4,132) $(27,003) $(6,655)
Net loss per common share $(.93) $(.40) $(2.07) $(.73)
Shares used in computing
net loss per common share 13,524 10,432 13,050 9,076
Balance Sheet December 31, June 30,
1996 1996
(unaudited)
Assets:
Cash, cash equivalents and
short term investments $108,898 $90,875
Property and equipment, net 9,405 6,936
Inventory 21,400 0
Other assets 7,521 4,766
$147,224 $102,577
Liabilities and stockholders' equity:
Current liabilities $9,194 $11,472
Deferred contract revenue 9,085 13,788
Other liabilities 1,624 1,734
Stockholders' equity 127,321 75,583
$147,224 $102,577
Shares outstanding 13,559 10,732
SOURCE Agouron Pharmaceuticals, Inc.
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CONTACT:
Steven S. Cowell, Vice President & CFO, or
Donna Nichols, Senior Director, Corporate Communications, both of
Agouron Pharmaceuticals, Inc., 619-622-3009
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