Targeted Genetics Reports First Quarter 2006 Financial Results
02 5월 2006 - 8:30PM
Business Wire
Targeted Genetics Corporation (Nasdaq:TGEN) today announced its
financial results for the first quarter of 2006. As previously
announced, the Company will hold a conference call with analysts at
10:30 AM Eastern Time today. The call will be broadcast live and
can be accessed, along with replay information, at
www.targetedgenetics.com. For the first quarter of 2006, the
Company reported a net loss of $3.7 million, or $0.04 per common
share, compared to a net loss of $4.7 million, or $0.05 per common
share, for the first quarter of 2005. Revenue for the first quarter
of 2006 was $2.4 million, compared to $2.0 million for the same
quarter in the prior year. Revenue in 2006 and 2005 consists
primarily of development revenue earned under a congestive heart
failure collaboration agreement with Celladon and the HIV/AIDS
vaccine collaboration with the International AIDS Vaccine
Initiative (IAVI). Revenue in 2006 also consists of development
revenue from the NIAID contract to develop AAV-based HIV/AIDS
vaccines. "We continue to make good progress in our lead clinical
program for the treatment of inflammatory arthritis and are working
towards multiple milestones in 2006. We recently amended the Phase
I clinical study in inflammatory arthritis to include a
third-higher dose and 120 patients. Under this amended protocol,
the study is now designated a Phase I/II trial. We are scheduled to
present interim Phase I/II data at the American Society of Gene
Therapy (ASGT) meeting in early June, and we expect to present
additional data from this study in the fourth quarter," said H.
Stewart Parker, president and chief executive officer of Targeted
Genetics. "We have also extended our cash horizon through a common
stock financing and restructured operations to reduce expenses.
These adjustments, combined with our projected funding from
collaborations, extend our cash horizon and give us the resources
needed to advance our inflammatory arthritis product candidate."
Operating expenses decreased to $6.2 million for the first quarter
of 2006, compared to $6.6 million the first quarter of 2005.
Research and development expenses decreased to $3.7 million for the
three months ended March 31, 2006, from $4.5 million for the same
period of 2005. General and administrative expenses for the first
quarter of 2006 were $1.5 million, compared to $1.9 million for the
same period in 2005. Cash and cash equivalents were $16.0 million
at March 31, 2006 and guidance for the estimated burn rate for 2006
remains at a range of $13 to $16 million. First Quarter and Recent
2006 Corporate Highlights -- Amended clinical protocol of Phase I
tgAAC94 trial in patients with inflammatory arthritis to include a
higher dose and 120 patients; study now designated a Phase I/II; --
Raised $5 million in common stock offering; -- Realigned operations
to reduce expenses and concentrate resources on key product
development programs and business development activities; reduced
anticipated cash burn for 2006 by 25% over 2005 results to a range
of $13 - $16 million; -- In collaboration with IAVI, initiated
Phase II HIV/AIDS Vaccine clinical trials at five sites in Uganda
and now Zambia; Parallel trials are currently underway at three
sites in South Africa; -- Further strengthened intellectual
property portfolio for AAV vector manufacturing processes with the
issuance of two additional patents; -- Appointed David J. Poston as
Chief Financial Officer. Conference call and Webcast information
The company will host a conference call reviewing financial results
and its product portfolio, including an update on the development
progress of the Company's inflammatory arthritis and other clinical
and business developments, today beginning at 10:30 a.m. Eastern
Time / 7:30 a.m. Pacific Time. You may access the live webcast via
the homepage of the Company's website at www.targetedgenetics.com
or via telephone at 800-218-8862 (domestic) or 303-262-2138
(international). Replay Access Webcast replay will be available for
approximately 90 days at www.targetedgenetics.com; telephone replay
will be available beginning at 9:30 a.m. Pacific Time today, May 2,
2006, through 11:59 p.m. Saturday, June 3, 2006, by calling
800-405-2236 (domestic) or 303-590-3000 (international); passcode
11057622. About Targeted Genetics Targeted Genetics Corporation is
a biotechnology company committed to the development and
commercialization of innovative targeted molecular therapies for
the prevention and treatment of inflammatory arthritis and other
acquired and inherited diseases with significant unmet medical
need. The Company uses its considerable knowledge and capabilities
in the development and manufacturing of gene delivery technologies
to advance a diverse product development pipeline. The Company's
product development efforts target inflammatory arthritis, AIDS
prophylaxis, congestive heart failure, Huntington's disease and
hyperlipidemia. To learn more about Targeted Genetics, visit the
Company's website at www.targetedgenetics.com. Safe Harbor
Statement under the Private Securities Litigation Reform Act of
1995: This release contains forward-looking statements regarding
the Company's business strategy, the Company's product development,
the Company's liquidity and the Company's ability to meet the
Company's ongoing financial obligations and other statements about
the Company's plans, objectives, intentions and expectations. These
unaudited results announced herein may differ from what the Company
eventually files in its Annual Report on Form 10-K for the fiscal
year ended December 31, 2006. In particular, the statements
regarding the Company's future plans are forward-looking
statements. These statements, involve current expectations,
forecasts of future events and other statements that are not
historical facts. Inaccurate assumptions and known and unknown
risks and uncertainties can affect the accuracy of forward-looking
statements. Factors that could affect the Company's actual results
include, but are not limited to, the Company's ability to raise
capital when needed, the timing, nature and results of the
Company's clinical trials, potential development of alternative
technologies or more effective products by competitors, the
Company's ability to obtain and maintain regulatory or
institutional approvals, and the Company's ability to obtain,
maintain and protect the Company's intellectual property, as well
as other risk factors described in the Section 1A entitled "Risk
Factors" in the Company's Annual Report on Form 10-K for the period
ended December 31, 2005. You should not rely unduly on these
forward-looking statements, which apply only as of the date of this
release. We undertake no duty to publicly announce or report
revisions to these statements as new information becomes available
that may change the Company's expectations. -0- *T TARGETED
GENETICS CORPORATION (in thousands, except per share information)
Quarter ended March 31, ------------------------------- Statement
of Operations Information: 2006 2005 -------------- --------------
(unaudited) (unaudited) Revenue from collaborative agreements $
2,430 $ 2,000 Operating expenses: Research & development 3,677
4,539 General & administrative 1,481 1,885 Restructure charges
1,042 219 -------------- -------------- Total operating expenses
6,200 6,643 -------------- -------------- Loss from operations
(3,770) (4,643) Investment income 151 100 Interest expense (113)
(129) -------------- -------------- Net loss $ (3,732) $ (4,672)
============== ============== Net loss per common share $ (0.04) $
(0.05) ============== ============== Shares used in computation of
net loss per common share 88,692 85,628 ==============
============== TARGETED GENETICS CORPORATION (in thousands) March
31, December 31, Balance Sheet Information: 2006 2005 -----------
----------- (unaudited) Cash and cash equivalents $ 15,998 $ 14,122
Other current assets 1,610 1,063 Property and equipment, net 1,611
1,747 Other assets 31,864 31,866 ----------- ----------- Total
assets $ 51,083 $ 48,798 =========== =========== Current
liabilities $ 3,917 $ 4,628 Long-term obligations and other
liabilities 15,258 13,599 Shareholders' equity 31,908 30,571
----------- ----------- Total liabilities and shareholders' equity
$ 51,083 $ 48,798 =========== =========== *T
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