Corixa Announces First Quarter Financial Results
10 5์ 2005 - 5:15AM
Business Wire
Corixa Corporation (Nasdaq:CRXA), a developer of
immunotherapeutics, today announced financial results for the first
quarter ended March 31, 2005. For the first quarter of 2005, Corixa
reported total revenue of $7.2 million compared with total revenue
of $6.0 million for the first quarter of 2004. Net loss applicable
to common stockholders for the first quarter of 2005 was $12.4
million, compared with net loss of $21.2 million for the first
quarter of 2004. Diluted net loss per common share for the first
quarter of 2005 was $0.21 compared with diluted net loss per common
share of $0.38 for the first quarter of 2004. Excluding
acquisition-related charges, such as intangible and deferred
compensation amortization and restructuring charges, net loss
applicable to common stockholders and diluted net loss per common
share for the first quarter of 2005 were $12.0 million and $0.20,
respectively, compared with net loss applicable to common
stockholders and diluted net loss per common share of $21.0 million
and $0.38, respectively for the first quarter of 2004. On December
31, 2004, Corixa transferred all worldwide rights and
responsibilities related to the manufacturing, development and
commercialization of the BEXXAR(R) therapeutic regimen to
GlaxoSmithKline (GSK). As a result, Corixa has classified all of
its revenue and expenses related to BEXXAR since its approval as a
discontinued operation in its statement of operations. A
reconciliation of the Generally Accepted Accounting Principles
(GAAP), net loss and net loss per share to the respective non-GAAP
amounts for the three months ended March 31, 2005 and March 31,
2004, is set forth at the end of this press release. As of March
31, 2005, Corixa had $99.4 million in cash, cash equivalents and
investments. On April 29, 2005, Corixa announced that it had signed
a definitive agreement with GSK under which GSK has agreed to
acquire Corixa. GSK will pay $4.40 in cash for each share of Corixa
common stock, or common stock equivalent, or approximately $300
million, representing a 48 percent premium to $2.98, which was
Corixa's closing share price on April 28, 2005. Closing of the
transaction is subject to customary regulatory approvals as well as
approval by holders of a majority of the outstanding shares of
Corixa stock and common stock equivalents. A stockholder vote will
be held following mailing of a proxy statement describing the
transaction in further detail. The proxy statement is currently
under preparation. Corixa's annual general meeting of stockholders
will take place as previously scheduled on May 31, 2005. "During
the first quarter we made progress in a number of areas including
our efforts to meet GSK's need for increased adjuvant production,"
said Steven Gillis, Ph.D., chairman and chief executive officer of
Corixa. "We are continuing our work with GSK to increase the supply
of MPL and will provide further information on GSK's proposed
acquisition of Corixa as it becomes available." Conference Call
Corixa will hold a conference call and webcast to discuss the first
quarter financial results on May 9, 2005 at 2 p.m. PDT/5 p.m. EDT.
To access the live conference call, dial 800-818-5264 or
913-981-4910. Webcast participants can sign up at the Investors
page of Corixa's Web site
(http://www.corixa.com/default.asp?pid=invest). A recorded replay
of the conference call can be accessed through the Web site, or by
dialing 888-203-1112 or 719-457-0820 and entering code 5886134. The
call will be rebroadcast from May 9, 2005 at 8 p.m. EDT to May 30,
2005 at 11:59 p.m. EDT. About Corixa Corixa is a biopharmaceutical
company developing vaccine adjuvants and immunology based products
that manage human diseases. Corixa's products are currently in
multiple clinical development programs, including several that have
advanced to and through late-stage clinical trials. The company
partners with numerous developers and marketers of pharmaceuticals,
targeting products that are Powered by Corixa(TM) technology with
the goal of making its potential products available to patients
around the world. Corixa was founded in 1994 and is headquartered
in Seattle, with additional operations in Hamilton, Montana. For
more information, please visit Corixa's Web site at www.corixa.com.
Corixa Forward-Looking Statements This press release contains
forward-looking statements, including statements regarding the
pending acquisition of Corixa by GSK, statements regarding the
potential increase in supply of MPL adjuvant, and other statements
regarding our plans, objectives, intentions and expectations.
Forward-looking statements are based on the opinions and estimates
of management at the time the statements are made. They are subject
to certain risks and uncertainties that could cause actual results
to differ materially from any future results, performance or
achievements expressed or implied by such statements. Factors that
could affect Corixa's actual results include, but are not limited
to, the risk that the transaction with GSK is not consummated, the
risk that we are unable to increase the supply of MPL adjuvant and
the "Factors Affecting Our Operating Results, Our Business and Our
Stock Price," described in our Annual Report on Form 10-K for the
year ended December 31, 2004, copies of which are available from
our investor relations department. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this release. Additional Information
About the Proposed Acquisition and Where to Find It Corixa will
file a proxy statement with the SEC in connection with the proposed
acquisition of Corixa by GSK. Corixa urges investors and security
holders to read the proxy statement when it becomes available and
any other relevant documents filed with the SEC because they will
contain important information. Investors and security holders will
be able to obtain these documents free of charge at the website
maintained by the SEC at www.sec.gov. Additionally, documents filed
with the SEC by Corixa are available free of charge on Corixa's
website at www.corixa.com. Documents on Corixa's website will not
be part of the filing. Corixa's directors and executive officers
may be deemed to be participants in the solicitation of proxies
from the stockholders of Corixa in connection with the transaction.
A description of certain of the interests of directors and
executive officers of Corixa is set forth in the proxy statement
for Corixa's 2005 annual meeting of stockholders, which was filed
with the SEC on April 20, 2005. Investors and security holders may
obtain additional information regarding the interest of such
participants by reading the proxy statement regarding the
acquisition when it becomes available. -0- *T Consolidated
Statement of Operations Three months ended March 31,
------------------------- 2005 2004 ------------ ------------
Revenue: Collaborative agreements $ 4,609 $ 4,585 Product sales
1,566 581 Government grants and contracts 1,010 791 -----------
----------- Total revenue 7,185 5,957 Operating expenses: Research
and development 14,133 16,716 Sales, general and administrative
2,271 2,441 Manufacturing 1,098 488 Restructuring 237 2 -----------
----------- Total operating expenses 17,739 19,647 -----------
----------- Loss from operations (10,554) (13,690) Interest income
563 955 Interest expense (1,385) (1,780) Other income 5 -
----------- ----------- Net loss from continuing operations
(11,371) (14,515) Net loss from discontinued operations (901)
(6,396) ----------- ----------- Net loss (12,272) (20,911)
Preferred stock dividend (81) (255) ----------- ----------- Net
loss applicable to common stockholders $ (12,353) $ (21,166)
=========== =========== Basic and diluted net loss per common
share: Continuing operations $ (0.19) $ (0.26) ===========
=========== Discontinued operations $ (0.02) $ (0.12) ===========
=========== Net loss applicable to common stockholders $ (0.21) $
(0.38) =========== =========== Shares used in computation of basic
and diluted net loss per common share 59,523 55,489 ===========
=========== March 31, December 31, 2005 2004 -----------
----------- Balance Sheet Data: Cash, cash equivalents and
securities available-for-sale $ 99,427 $ 116,187 Working capital
59,733 72,878 Total assets 168,131 191,201 Long-term obligations
less current portion 118,604 119,110 Accumulated deficit
(1,283,239) (1,270,967) Total stockholders' equity 7,703 20,292
Three months ended March 31, 2005 2004 ----------- -----------
Non-GAAP Financial Measures: Reconciliation of net loss to net loss
excluding acquisition related charges: Net loss applicable to
common stockholders $ (12,353) $ (21,166) Intangible asset and
leasehold amortization 110 182 Deferred compensation amortization -
9 Restructuring 237 2 ----------- ----------- Net loss excluding
acquisition related charges $ (12,006) $ (20,973) ===========
=========== Basic and diluted net loss per share excluding
acquisition related charges $ (0.20) $ (0.38) ===========
=========== To supplement our consolidated financial statements
presented on a GAAP basis, Corixa uses non-GAAP measures of net
loss and net loss per share, which are adjusted to exclude certain
expenses we believe appropriate to enhance an overall understanding
of our past financial performance and also our prospects for the
future. These adjustments to our current period GAAP results are
made with the intent of providing both management and investors a
more complete understanding of Corixa's underlying operational
results and trends and our marketplace performance. For example,
the non-GAAP results are an indication of our baseline performance
before other charges that are considered by management to be
outside of our core operating results. In addition, these adjusted
non-GAAP results are among the primary indicators management uses
as a basis for our planning and forecasting of future periods. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for net loss or net loss
per share prepared in accordance with generally accepted accounting
principles in the United States. *T
Corixa (NASDAQ:CRXA)
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