Resubmission of Amoxicillin PULSYS NDA Complete; Company Pursuing
Additional Financing and Identifies Cost-cutting Initiatives to
Preserve Cash; Company Retains Investment Bank to Explore Strategic
Alternatives GERMANTOWN, Md., March 27 /PRNewswire-FirstCall/ --
Advancis Pharmaceutical Corporation (NASDAQ:AVNC), a pharmaceutical
company focused on developing and commercializing novel
anti-infective products, today announced financial and operational
results for the quarter and fiscal year ended December 31, 2006,
and other corporate initiatives designed to fund its operations,
preserve cash, and increase shareholder value. Advancis reported
fourth quarter 2006 revenue of $1.2 million, compared to revenue of
$2.4 million in the third quarter of 2006 and $1.6 million in the
fourth quarter of 2005. Full year 2006 revenue totaled $4.8
million, compared to full year 2005 revenue of $16.8 million.
Product sales from the Company's Keflex(R) antibiotic made up all
of the Company's revenue in 2006 and were $4.8 million for the
year, essentially level with $4.8 million of product sales for the
full year of 2005. Total expenses for the fourth quarter of 2006
were $14.9 million, up from $12.2 million in the third quarter of
2006 and $8.3 million in the fourth quarter of 2005. For the full
year of 2006, total expenses were $48.2 million, compared to $50.8
million during the full year of 2005. Net loss was $13.8 million
for the fourth quarter, compared to a net loss of $9.9 million in
the third quarter of 2006 and a net loss of $6.4 million in the
fourth quarter of 2005. Net loss per share applicable to common
stockholders during the fourth quarter of 2006 was ($0.44),
compared to a net loss per share of ($0.33) in the prior quarter,
and a net loss per share of ($0.22) in the comparable quarter of
last year. Net loss per share applicable to common stockholders for
2006 was ($1.38) compared to a net loss per share of ($1.20) in
2005. As of December 31, 2006, cash, cash equivalents and
marketable securities totaled $15.4 million. Following year-end,
Advancis received a "refusal to file" letter from the U.S. Food and
Drug Administration (FDA) for its once-daily Amoxicillin PULSYS New
Drug Application (NDA), requesting additional information on the
Company's planned commercial manufacturing processes. Advancis
subsequently participated in a meeting with the Agency and obtained
clarification on what additional information would be required by
the FDA for the filing to be accepted. The Company resubmitted its
NDA via the 505(b)(2) regulatory pathway on March 23, 2007. "We
achieved clinical and operational progress during 2006, and we look
forward to continuing the advancement of our Amoxicillin PULSYS
product following our NDA resubmission last week," stated Edward M.
Rudnic, Ph.D., president and CEO of Advancis. "However, as we look
forward into 2007, completing a financing and providing necessary
capital to fund our business is a primary focus. Additionally, we
have begun working with an investment bank to explore strategic
alternatives." OPERATIONAL HIGHLIGHTS Amoxicillin PULSYS -- NDA
Filing Update On December 14, 2006, Advancis submitted a NDA with
the FDA for its once- daily Amoxicillin PULSYS product for the
treatment of adults and adolescents with acute pharyngitis and/or
tonsillitis (commonly referred to as strep throat). On February 12,
2007, Advancis received a "refusal to file" letter from the FDA for
its once-daily Amoxicillin PULSYS NDA, requesting additional
information on the Company's planned commercial manufacturing
processes. In its letter, the FDA indicated that Advancis'
application was not sufficiently complete in that it did not
include a proposed commercial batch record or a detailed commercial
process description with process parameters and in-process
controls. Advancis participated in a meeting with the FDA regarding
the Company's NDA for its Amoxicillin PULSYS product on February
26, 2007. In that meeting, Advancis obtained clarity from the FDA
on the additional information that was required for its NDA filing
to be accepted. Advancis agreed to provide the additional
information on its commercial manufacturing processes requested by
the FDA for the filing to be accepted, and resubmitted its NDA via
the 505(b)(2) regulatory pathway on March 23, 2007. If the filing
is accepted and the product approved, Advancis anticipates it could
be ready for commercial launch of Amoxicillin PULSYS by as early as
the first quarter of 2008, assuming the Company has sufficient
capital resources to do so. Amoxicillin is currently not approved
for once-daily dosing to treat pharyngitis. If approved for
marketing, physicians prescribing Amoxicillin PULSYS would have
available the first once-daily product in the aminopenicillin class
for the treatment of pharyngitis while utilizing approximately
one-half the amount of amoxicillin currently used. About 15 million
patients annually seek relief of sore throat symptoms in the United
States. Additional Capital Raising Initiatives and Cost Reductions
for 2007 Advancis is currently pursuing the raise of additional
capital and believes it has several available financing options.
The Company expects to complete a financing within the next several
weeks, with the goal of providing sufficient cash to fund the
Company's operations into 2008. However, there can be no assurance
that the Company will be able to do so. In addition, the Company
cautions that its cash requirements in 2007 will be impacted by the
continued market acceptance of Keflex 750 capsules and its level of
spending for the remainder of the year. In order to minimize the
Company's financing requirements, it has initiated cost reductions
including personnel reductions, postponement of PULSYS clinical
development programs other than Amoxicillin PULSYS for adults and
adolescents, and elimination of other discretionary spending.
Advancis' future development efforts for its PULSYS product
candidates and its ability to continue its business operations will
be dependent upon its ability to secure additional capital.
Keflex(R) Capsules (Cephalexin, USP) -- Commercialization Update
During the fourth quarter, Advancis continued the commercialization
of its new 750mg strength Keflex capsules through a targeted and
dedicated national contract sales force of approximately 75 sales
representatives and eight Advancis district sales managers (now
seven district sales managers). Advancis contract sales
representatives began directly promoting Keflex 750mg capsules to
targeted physicians as well as providing patient starter samples in
late July 2006. In late September, Advancis commenced specific
initiatives to significantly increase the number of pharmacies
stocking Keflex 750. Based on these initiatives, the Company
believes approximately 25,000 pharmacies carried Keflex 750 at the
end of 2006, including several major retail pharmacy chains that
stocked Keflex 750 in a majority of their stores. Since its
introduction, the number of prescriptions filled with Keflex 750mg
capsules has continued to grow. Based on prescription data from IMS
Health, approximately 6,000 prescriptions were filled for Keflex
750mg capsules for the week ended March 16, 2007. Advancis cautions
against annualizing this weekly information. Keflex PULSYS Product
Development During the fourth quarter of 2006, Advancis completed
two additional Phase I studies for the development of a once-a-day
Keflex product utilizing the Company's proprietary PULSYS(TM)
technology. Based on the results from its Phase I studies, the
Company believes it has completed its formulation development Phase
I program for its Keflex PULSYS product candidate. Further
development for Keflex PULSYS and/or Advancis' other product
candidates, however, will be dependent upon the Company's ability
to secure additional financial resources. Advancis' once-daily
Keflex PULSYS product candidate is designed to increase the
convenience of cephalexin therapy, which is currently dosed two to
four times daily for a period of seven to 14 days. There is
currently no once-daily cephalexin product approved for marketing
in the United States. Investment Bank Retained to Explore Strategic
Alternatives Advancis announced that its board of directors has
authorized the Company to evaluate various strategic alternatives
to further enhance shareholder value. Advancis has retained an
investment bank focused on the life sciences industry to assist in
the evaluation of a full range of strategic alternatives available
to the Company. Strategic alternatives the Company may pursue could
include, but are not limited to, continued execution of the
Company's operating plan, the sale of some or all of the Company's
assets, partnering or other collaboration agreements, or a merger
or other strategic transaction. There can be no assurance that the
exploration of strategic alternatives will result in any agreements
or transactions, or that, if completed, any agreements or
transactions will be successful or on attractive terms. The Company
does not intend to disclose developments with respect to this
process unless and until the evaluation of strategic alternatives
has been completed. FINANCIAL DETAILS -- Total revenue, resulting
entirely from net Keflex product sales, was $1.2 million in the
fourth quarter of 2006, compared to net product sales of $2.4
million in the prior quarter and $1.6 million in the fourth quarter
of 2005. Revenue for the full year of 2006 was $4.8 million,
resulting from net Keflex product sales. Revenue totaled $16.8
million for the full year of 2005, consisting of Keflex product
sales and revenue recognized under the Company's prior
collaboration with Par Pharmaceutical Companies for Amoxicillin
PULSYS. -- Operating expenses. Fourth quarter research and
development expenses, primarily consisting of salaries, stock-based
compensation, and related expenses for personnel and the costs of
the Company's clinical trials and research initiatives, were $6.3
million, compared to $5.7 million in the previous quarter and $6.3
million in the fourth quarter of 2005. Increased sequential R&D
expenses in the fourth quarter of 2006 primarily were due to an
increase in clinical trial expenses. For the full year of 2006,
total R&D expenses were $26.0 million, down from $39.7 million
in the full year of 2005. Lower R&D expenses in 2006 resulted
from the Company conducting only one Phase III clinical trial in
2006 versus two Phase III trials in 2005, as well as decreased
salaries and related costs resulting from its workforce reduction
in July 2005. Selling, general and administrative (SG&A)
expenses totaled $8.3 million in the fourth quarter of 2006, up
from $6.1 million in the third quarter of 2006, and $1.8 million in
the fourth quarter of 2005. For the full year of 2006, total
SG&A expenses were $21.3 million, up from $10.5 million in the
prior year. Increased SG&A expenses were primarily due to
selling and marketing costs associated with the launch of the
Company's new Keflex 750mg product in the third quarter of 2006.
Stock-based compensation recorded in the fourth quarter 2006 was a
total of $0.5 million, of which $0.1 million was recorded in
R&D expense and $0.4 million was recorded in SG&A expense.
In the third quarter 2006 and fourth quarter 2005, total
stock-based compensation expense was $1.1 million and ($0.1)
million, respectively. -- Net loss for the fourth quarter of 2006
was $13.8 million. This compares to a net loss of $9.9 million in
the third quarter of 2006, and $6.4 million in the fourth quarter
of 2005. For the full year of 2006, net loss was $42.0 million, up
from a net loss of $33.0 million over the full year of 2005. -- Net
loss per share applicable to common stockholders for the fourth
quarter of 2006 was ($0.44), compared to a loss per common share of
($0.33) in the prior quarter and ($0.22) in the fourth quarter of
2005. For the full year of 2006, net loss per share applicable to
common stockholders was ($1.38), compared to ($1.20) in the full
year of 2005. Higher net loss per share in 2006 compared to 2005
was mainly attributable to a decrease in total revenue in 2006 from
the prior year and costs associated with the launch of the
Company's new Keflex 750mg product in 2006. Per share figures were
computed on the basis of a weighted average of 31.5 million shares
outstanding in the fourth quarter of 2006, 30.3 million in the
third quarter of 2006, and 29.7 million shares outstanding in the
fourth quarter of 2005. Per share figures for the full year of 2006
were computed based on an average of 30.5 million shares
outstanding, and 27.4 million shares outstanding for the full year
of 2005. -- Cash and marketable securities increased by $2.8
million during the fourth quarter. Changes were composed of $16.7
million of net proceeds from the private placement of common stock,
and $1.5 million for non- cash expenses; offset by $13.7 million of
operating losses, and $0.7 million in loan payments, and $1.0
million for working capital changes and other items. -- The Balance
Sheet at the end of the fourth quarter of 2006 reflected $15.4
million of unrestricted cash, cash equivalents and marketable
securities, compared to $12.6 million as of September 30, 2006, and
$29.4 million as of December 31, 2005. -- The Company's Form 10-K
was filed on March 26, 2007 and included an unqualified integrated
audit report with a going concern explanatory paragraph
modification from the Company's independent registered public
accounting firm, PricewaterhouseCoopers LLP. The integrated audit
report states that the Company has suffered recurring losses and
has insufficient liquidity to fund its ongoing operations that
raise substantial doubt about the Company's ability to continue as
a going concern. The Company believes that it has several available
financing alternatives, and anticipates completing a financing
transaction providing additional capital within the next several
weeks. However, no assurance can be given that the Company will be
able to successfully complete a financing. FINANCIAL GUIDANCE AND
FUTURE CASH REQUIREMENTS The Company provides the following
estimates for its 2007 financial results. These estimates assume
the Company completes a financing of approximately $20 million net
proceeds in the near term. The Company needs to raise capital in
order to fund its future operations. In order to minimize financing
requirements in 2007, the Company has initiated cost reductions
including personnel reductions, postponement of PULSYS clinical
development programs other than Amoxicillin PULSYS for adults, and
elimination of other discretionary spending. Total revenue for 2007
is expected to be approximately $10 million to $14 million,
resulting from Keflex product sales. Net loss for the year is
expected to be between $36 million and $40 million, or
approximately $0.99 to $1.10 per diluted common share, based on
approximately 36.4 million outstanding shares. Non-cash charges for
2007, consisting primarily of stock- based compensation expenses
and depreciation and amortization, are expected to be approximately
$7 million. Total cash used in 2007 is estimated to be between $25
and $33 million. In order to provide existing and prospective
investors with additional information on our expected financial
results and future cash requirements, we are providing the
following additional forward-looking information and comments.
These forward-looking statements are based on management's current
expectations, and actual results could differ materially.
Assumptions made by management for these estimates include, but are
not limited to, the following: a. Revenue -- The estimate of $10 to
$14 million assumes that prescriptions filled for Keflex 750 will
continue to increase by approximately 2,000 to 3,000 per month
through 2007, which is consistent with the monthly trend to date
for the product. Growth in prescriptions filled is expected to
generate pharmacy orders to wholesalers, which in turn will
generate orders to the Company. No assurance can be given, however,
that Keflex 750 sales will increase from current levels, or that
sales of Keflex 750 will not decline. The forecast also assumes
that sales and marketing efforts for Keflex 750 continue at a
significant level. The Company will continue to closely monitor the
progress of Keflex 750 product sales and the related product,
sales, and marketing expenses during the year with the objective of
a level of cash receipts at least equal to cash expenditures. b.
Research and development expense -- Estimated research and
development expense of approximately $20 to $22 million includes
approximately $7 to $8 million for costs being paid by the Company
to its third party contract manufacturer for Amoxicillin PULSYS, to
allow them to complete the build-out of its contract manufacturing
facility in Clonmel, Ireland and prepare for the potential FDA
pre-approval inspection related to the Amoxicillin PULSYS New Drug
Application. The forecast also assumes approximately $1 million is
paid by the Company for equipment being installed at the Clonmel
facility, which will be owned by the Company. Potential
expenditures on research projects other than Amoxicillin PULSYS,
such as Keflex PULSYS and the pediatric PULSYS program, have been
postponed until additional financial resources are available. c.
Selling, general and administrative expense (SG&A) -- Estimated
SG&A expense of approximately $23 to $26 million includes
approximately $12 to $14 million for sales and marketing. These
expenses include the sales force (field representatives provided by
Innovex, a contract sales organization for the promotion of Keflex
750) and marketing and samples costs related to Keflex 750.
Marketing costs have been reduced from levels incurred earlier in
the Keflex 750 launch, reflecting a more focused approach and less
general advertising. Sales force costs are under review, with a
restructuring of the sales force being considered to increase its
effectiveness and potentially decrease costs. General and
administrative expenses in 2007 are expected to decrease compared
to 2006 due to planned reductions in personnel costs and in
discretionary spending. d. Debt service -- Approximately $0.3
million is paid monthly to Merrill Lynch Capital for principal and
interest on a term loan. The loan agreement requires that we
maintain a minimum liquidity level (unrestricted cash and
marketable securities) of $5 million. e. Cash -- Cash used in 2007
is expected to total $25 million to $33 million. The rate of net
cash used in the second half of the year is expected to be
significantly lower than the first half due to lower research and
development costs, lower general and administrative expenses, and
higher cash receipts from product sales. These 2007 estimates are
forward-looking statements that involve risks and uncertainties,
and actual results could vary materially. ABOUT ADVANCIS
PHARMACEUTICAL CORPORATION: Advancis Pharmaceutical Corporation
(NASDAQ:AVNC) is a pharmaceutical company focused on the
development and commercialization of anti-infective drug products
that fulfill substantial unmet medical needs in the treatment of
infectious disease. The Company is developing a portfolio of
anti-infective drugs based on its novel biological finding that
bacteria exposed to antibiotics in front-loaded staccato bursts, or
"pulses," are killed more efficiently and effectively than those
under standard treatment regimens. Based on this finding, Advancis
has developed a proprietary, once-a-day pulsatile delivery
technology called PULSYS(TM). By examining the resistance patterns
of bacteria and applying its delivery technologies, Advancis has
the potential to redefine infectious disease therapy and
significantly improve drug efficacy, shorten length of therapy, and
reduce drug resistance versus currently available antibacterial
products. For more on Advancis, please visit
http://www.advancispharm.com/. ABOUT KEFLEX: Keflex(R) Capsules
(Cephalexin, USP) is a first-generation cephalosporin antibiotic
shown to be active against strains of both gram-positive and gram-
negative aerobes in vitro and in clinical infections. Keflex is
indicated for treatment of the following infections: respiratory
tract infections, otitis media, skin and skin structure infections,
bone infections, and genitourinary tract infections. Keflex is
currently available in 250mg capsules, 500mg capsules, 750mg
capsules, and powder for oral suspension. Keflex is contraindicated
in patients with known allergy to the cephalosporin group of
antibiotics. Before therapy with cephalexin is instituted, careful
inquiry should be made to determine whether the patient has had
previous hypersensitivity reactions to cephalexin, cephalosporins,
penicillins, or other drugs. Keflex should be administered with
caution in the presence of markedly impaired renal function or a
history of gastrointestinal disease, particularly colitis. More
information on Keflex and prescribing information are available at
http://www.keflex.com/ This announcement contains historical
financial information as of and for the years and three-month
periods ended December 31, 2006 and December 31, 2005 that is
unaudited for the three-month periods ended December 31, 2006 and
December 31, 2005, and Advancis assumes no obligation to update
this information based on new information or future performance
except as may be specifically required by applicable law or
regulation. The unaudited annual financial information is subject
to audit by independent accountants on an annual basis following
the close of each calendar year. This announcement contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, as amended. These statements
are based on Advancis' current expectations and assumptions. These
statements are not guarantees of future performance and are subject
to a number of risks and uncertainties that would cause actual
results to differ materially from those anticipated. The words,
"believe," "expect," "intend," "anticipate," and variations of such
words, and similar expressions identify forward-looking statements,
but their absence does not mean that the statement is not forward-
looking. Statements in this announcement that are forward-looking
include, but are not limited to, statements about the Company's
product development and commercialization schedule, including,
particularly, future plans with respect to its Amoxicillin PULSYS
products; any statements regarding Dr. Rudnic's comments and
expectations concerning the Company; the Company's initiatives to
develop improved antibiotics; the Company's existing and
anticipated collaborative agreements; and any financial forecasts
and projections for 2007 and thereafter included under the
Financial Guidance section of this announcement. The actual results
realized by Advancis could differ materially from these
forward-looking statements, depending in particular upon the risks
and uncertainties described in the Company's filings with the
Securities and Exchange Commission. These include, without
limitation, risks and uncertainties relating to the Company's
financial results and the ability of the Company to (1) raise
additional capital and continue as an ongoing concern, (2) increase
Keflex 750 sales, (3) obtain FDA approval for its Amoxicillin
PULSYS product candidate, (4) successfully reduce costs, (5)
maintain compliance with its outstanding credit facility with
Merrill Lynch Capital, (6) reach profitability, (7) prove that the
preliminary findings for its product candidates are valid, (8)
receive required regulatory approvals, (9) successfully conduct
clinical trials in a timely manner, (10) establish its competitive
position for its products, (11) develop and commercialize products
that are superior to existing or newly developed competitor
products, (12) develop products without any defects, (13) have
sufficient capital resources to fund its operations, (14) protect
its intellectual property rights and patents, (15) implement its
sales and marketing strategy, (16) successfully attract and retain
collaborative partners, (17) successfully commercialize and gain
market acceptance for its Keflex products, (18) successfully obtain
sufficient manufactured quantities of its drug products at
acceptable rates, and (19) retain its senior management and other
personnel. Existing and prospective investors are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of today's date. Advancis undertakes no obligation to
update or revise the information in this announcement, whether as a
result of new information, future events or circumstances or
otherwise. ADVANCIS PHARMACEUTICAL CORPORATION CONDENSED STATEMENTS
OF OPERATIONS Three Months Ended Twelve Months Ended December 31,
December 31, (Unaudited) 2006 2005 2006 2005 Revenues: Product
sales $1,243,847 $1,618,882 $4,810,410 $4,809,222 Contract revenue
- - - 4,027,778 Reimbursement of development costs - - - 8,010,690
Total revenues 1,243,847 1,618,882 4,810,410 16,847,690 Costs and
expenses: Cost of product sales 381,836 295,678 899,601 562,009
Research and development 6,273,581 6,268,105 25,973,844 39,729,441
Selling, general and administrative 8,287,656 1,769,835 21,288,968
10,515,302 Total expenses 14,943,073 8,333,618 48,162,413
50,806,752 Loss from operations (13,699,226) (6,714,736)
(43,352,003) (33,959,062) Interest income 147,764 319,187 895,685
1,075,084 Interest expense (218,633) (27,645) (510,651) (120,891)
Other income - 16,292 976,815 16,292 Net loss $(13,770,095)
$(6,406,902) $(41,990,154) $(32,988,577) Basic and diluted net loss
per share $(0.44) $(0.22) $(1.38) $(1.20) Shares used in
calculation of basic and diluted net loss per share 31,503,384
29,688,121 30,535,965 27,421,516 ADVANCIS PHARMACEUTICAL
CORPORATION CONDENSED BALANCE SHEETS December 31, 2006 2005 ASSETS
Current assets: Cash and cash equivalents $14,856,738 $18,116,968
Marketable securities 522,723 11,314,090 Restricted cash - 418,244
Accounts receivable, net 303,514 756,764 Notes receivable from
officer - 121,500 Inventories, net 2,077,390 219,451 Prepaid
expenses and other current assets 1,682,685 797,253 Total current
assets 19,443,050 31,744,270 Property and equipment, net 11,764,627
14,450,627 Restricted cash 872,180 1,182,680 Deposits and other
assets 1,548,585 884,312 Intangible assets, net 8,377,327 9,535,003
Total assets $42,005,769 $57,796,892 LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $2,285,736 $1,686,487
Accrued expenses and advances 7,817,224 7,071,731 Lines of credit
and short-term debt 6,888,889 895,204 Note payable 75,000 -
Deferred product revenue 189,000 - Total current liabilities
17,255,849 9,653,422 Lines of credit - noncurrent portion - 597,208
Note payable - 75,000 Accrued severance - noncurrent portion -
1,235,394 Deferred contract revenue 11,625,000 11,625,000 Deferred
rent and credit on lease concession 1,252,900 1,268,857 Total
liabilities 30,133,749 24,454,881 Commitments and contingencies
Stockholders' equity: Preferred stock, undesignated - - Common
stock, par value 363,625 297,652 Capital in excess of par value
164,593,930 144,766,213 Deferred stock-based compensation -
(623,051) Accumulated deficit (153,085,462) (111,095,308)
Accumulated other comprehensive loss (73) (3,495) Total
stockholders' equity 11,872,020 33,342,011 Total liabilities and
stockholders' equity $42,005,769 $57,796,892 ADVANCIS
PHARMACEUTICAL CORPORATION CONDENSED STATEMENTS OF CASH FLOWS Year
Ended December 31, 2006 2005 Cash flows from operating activities:
Net loss $(41,990,154) $(32,988,577) Adjustments to reconcile net
income to net cash used in operating activities: Depreciation and
amortization 3,919,267 4,044,419 Stock-based compensation 3,404,063
535,786 Deferred rent and credit on lease concession (15,957)
47,629 Amortization of premium on marketable securities 204,525
253,483 (Gain) or loss on disposal of fixed assets 23,185 (16,292)
Recognition of advance payment for potential sale of Keflex
(1,000,000) Changes in: Accounts and notes receivable 574,751
(406,648) Inventories (1,857,939) (39,713) Prepaid expenses and
other current assets (885,432) 247,136 Deposits other than on
property and equipment, and other assets (30,096) (62,394) Accounts
payable 599,249 (2,200,076) Accrued expenses and advances 534,236
3,483,910 Deferred product and contract revenue 189,000 2,211,532
Net cash used in operating activities (36,331,302) (24,889,805)
Cash flows from investing activities: Purchase of Keflex intangible
assets - - Advance payment for potential sale of Keflex intangible
assets - 1,000,000 Purchase of marketable securities (13,764,736)
(15,029,229) Sale and maturities of marketable securities
24,355,000 23,205,000 Purchases of property and equipment (61,296)
(1,365,088) Deposits on property and equipment (489,633) (557,793)
Proceeds from sale of fixed assets 25,000 111,163 Change in
restricted cash 728,744 312,390 Net cash provided by investing
activities 10,793,079 7,676,443 Cash flows from financing
activities: Proceeds from issuance of debt, net of issue costs
7,792,976 - Payments on lines of credit (2,603,524) (1,009,975)
Proceeds from private placement of common stock, net of issuance
expenses 16,735,804 25,844,053 Proceeds from exercise of common
stock options 352,737 100,495 Net cash provided by financing
activities 22,277,993 24,934,573 Net increase (decrease) in cash
and cash equivalents (3,260,230) 7,721,211 Cash and cash
equivalents, beginning of period 18,116,968 10,395,757 Cash and
cash equivalents, end of period $14,856,738 $18,116,968 DATASOURCE:
Advancis Pharmaceutical Corporation CONTACT: Robert Low, Vice
President, Finance & CFO, +1-301-944-6690, , or Bob Bannon,
Vice President, Investor Relations, +1-301-944-6710, , both of
Advancis Pharmaceutical Corp. Web site:
http://www.advancispharm.com/ http://www.keflex.com/
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