BioDelivery Sciences International, Inc. Reports 2003 Results
06 4월 2004 - 9:00PM
PR Newswire (US)
BioDelivery Sciences International, Inc. Reports 2003 Results Net
Loss Per Share for 2003 Was $.35, Compared to $.51 in 2002 NEWARK,
N.J., April 6 /PRNewswire-FirstCall/ -- BioDelivery Sciences
International, Inc. today announced results for its fiscal year
ended December 31, 2003. In 2003, BDSI had revenue of $2.9 million,
compared to $828,000 in 2002. Net loss per share for 2003 was $.35,
compared to $.51 in 2002. Revenue for 2003 comprised of sublicense
agreements of $2 million, with the other revenues from a Small
Business Innovation Research Grant (SBIR) from the National
Institutes of Health, which runs through mid-year 2004. BDSI
expects to receive a total of approximately $2.7 million through
2004 related to this grant. At December 31, 2003, BDSI's financial
condition included cash and cash equivalents totaling approximately
$2.6 million, and working capital of $2.3 million, and
stockholders' equity of $3.1 million. Raphael Mannino, PhD,
Executive Vice President, reported, "Our efforts in 2003 to advance
our lead proprietary product, Bioral(TM) Amphotericin B are on
target, and we are completing in 2004 the final year of our
three-year NIH SBIR Grant. I believe this product could be the only
oral antifungicidal (meaning it kills the fungus) currently
available in the world marketplace, since all other oral
antifungals currently in the market are fungistatic (meaning it
impairs the growth of the fungus but does not kill it)." Dr.
Mannino further reported, "During 2003, key milestones reached
included: The demonstration in a clinical setting of our ability to
use phosphatidylserine, our carrier, from soy, reducing the cost of
our carrier by a factor of 60X, and we demonstrated the ability to
reduce the ratio of carrier to cargo by a factor of 4X, further
reducing cost and dosing size. Additionally we are engaged in a
pharmaceutical evaluation agreement with a major pharmaceutical
company on an approved antimicrobial. As part of our evaluation
agreement with a major pet food manufacturer, we commercially
scaled production of our first micronutrient formulation, and we
entered into confidential evaluation agreements, principally for
Bioral omega-3s with over 20 processed food and beverage companies.
Also, we advanced in-house programs like the oral delivery of
enzyme replacement therapy for Gaucher Disease, as well as the oral
delivery of apolipoproteins for atheroma reduction, a more powerful
but less toxic anti-inflammatory formulation of NSAIDs, and
encochleation of siRNA, a promising new class of oligonucleotide
therapeutics that needs a delivery technology to protect siRNA from
premature degradation upon administration." BioDelivery Sciences
International, Inc. is a biotechnology company that is developing
and seeking to commercialize a patented delivery technology
designed for a potentially broad base of pharmaceuticals, vaccines,
over-the- counter drugs, nutraceuticals and micronutrients in
processed foods and beverages. Additional details relating to
BDSI's financial and operational results for 2003 may be found in
its Annual Report on Form 10-K for 2003, filed with the Securities
and Exchange Commission on March 30, 2004. Such Report is available
free of charge via EDGAR at the SEC'swebsite, http://www.sec.gov/ ,
and at BDSI's website, http://www.bdsinternational.com/ . Note:
Except for the historical information contained herein, this press
release contains forward-looking statements that involve risks and
uncertainties. Such statements are subject to certain factors,
which may cause the Company's results to differ. Factors that may
cause such differences include, but are not limited to, the
Company's ability to accurately forecast the demand for each of its
licensed technology and products associated therewith, the gross
margins achieved from the sale of those products and the expenses
and other cash needs for the upcoming periods, the Company's
ability to obtain raw materials from its contract manufacturers on
a timely basis if at all, the Company's need for additional
funding, uncertainties regarding the Company's intellectual
property and other research, development, marketing and regulatory
risks and certain other factors that may affect future operating
results andare detailed in the company's filings with the
Securities and Exchange Commission. L.G. Zangani, LLC provides
financial public relations service to the Company. As such L.G.
Zangani, LLC and/or its officers, agents and employees, receives
remunerationfor public relations and or other services in the form
of monies, capital stock in the Company, warrants or options to
purchase capital in the Company. DATASOURCE: BioDelivery Sciences
International, Inc. CONTACT: Francis E. O'Donnell, Jr., M.D,
President and CEO of BioDelivery Sciences International, Inc.,
+1-973-972-0015, or Dawn Moore of LG Zangani, LLC, +1-908-788-9660
Web site: http://www.bdsinternational.com/
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