WALTHAM, Mass., July 30 /PRNewswire/ -- ImmuLogic Pharmaceutical
Corporation (Nasdaq: IMUL) reported today financial results for the second
quarter of 1997 ended June 30, 1997. Revenues for the second quarter were
$368,000 compared to $625,000 for the same quarter last year. The net loss
for the quarter was reduced to $5,290,000 ($(.26) per share) versus $5,593,000
($(0.28) per share) in the second quarter of 1996. The decrease in the net
loss for the second quarter of 1997 compared to the same period in the prior
year resulted primarily from reduced clinical trial and related development
activity. These expense reductions were offset in part by severance payments
to former executive officers, severance paid to former employees whose
positions were eliminated in June 1997, and lower interest income. The
Company's cash and investment balance at June 30, 1997 was approximately
$57.6 million.
For the six months ended June 30, 1997 revenues were $920,000 compared to
$1,250,000 in the same six month period of 1996. The net loss for the first
six months of 1997 was $11,626,000 ($(0.57) per share) versus $11,272,000
($(0.56) per share)) in the same period last year.
ImmuLogic Pharmaceutical Corporation is a biopharmaceutical company,
located in Waltham, Massachusetts, which creates, develops, and intends to
market products to treat diseases of the immune system. The Company is
developing treatments for allergies, autoimmune diseases and substance abuse.
The Company's press releases are available on the Internet at
http://www.prnewswire.com or by fax through Company News on Call at 800-758-5804,
ext. 114501.
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 Annual Report on Form 10-K for the year ended December 31, 1996.
IMMULOGIC PHARMACEUTICAL CORPORATION
SELECTED FINANCIAL INFORMATION
Statements of Operations (Unaudited) (Unaudited)
Three Months Ended Six Months Ended
(in thousands, except per share data) June 30, June 30,
1997 1996 1997 1996
License and research revenues $368 $625 $920 $1,250
Operating expenses:
Research & development 5,113 5,978 10,004 12,085
General & administrative 1,396 1,517 4,284 2,985
Total operating expenses 6,509 7,495 14,288 15,070
Operating loss (6,141) (6,870) (13,368) (13,820)
Interest income 851 1,277 1,742 2,548
Net loss $(5,290) $(5,593) $(11,626) $(11,272)
Net loss per common share $(0.26) $(0.28) $(0.57) $(0.56)
Weighted average number of
common shares 20,242 20,217 20,241 20,194
Condensed Balance Sheets (Unaudited)
June 30, December 31,
(in thousands) 1997 1996
Cash and cash equivalents and
short-term investments $50,460 $54,623
Other current assets 885 625
Property and equipment, net 8,203 8,933
Long-term investments 7,186 15,424
Other assets 49 49
Total assets $66,783 $79,654
Current liabilities $6,067 $7,353
Non-current liabilities 325 375
Stockholders' equity 60,391 71,926
Total liabilities and stockholders'
equity $66,783 $79,654
SOURCE ImmuLogic Pharmaceuticals Corporation
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CONTACT:
Susan Primrose, Director of Investor
Relations of ImmuLogic Pharmaceutical Corp., 617-466-6000
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