Targeted Genetics Reports First Quarter 2004 Financial Results
28 4월 2004 - 10:30PM
PR Newswire (US)
Targeted Genetics Reports First Quarter 2004 Financial Results
SEATTLE, April 28 /PRNewswire-FirstCall/ -- Targeted Genetics
Corporation today announced its financial results for the first
quarter of 2004. As previously announced, the Company will hold a
conference call with analysts at 10:30 a.m. EDT today. The call
will be broadcast live over the Internet and can be accessed, along
with replay information, at http://www.targetedgenetics.com/. For
the first quarter of 2004, the Company reported a net loss of $4.9
million, or $0.07 per common share, compared to $830,000, or $0.02
per common share for the first quarter of 2003. Revenue for the
first quarter of 2004 was $1.3 million compared to $5.6 million for
the first quarter of 2003. Revenue in 2004 consists primarily of
revenue earned under the Company's AIDS vaccine collaboration with
the International AIDS Vaccine Initiative (IAVI). Revenue for the
three months ended March 31, 2003 includes $4.7 million of revenue
related to the termination of the Company's former collaboration
with Wyeth, and revenues earned under the Company's collaboration
with Biogen, which ended in September 2003. "Targeted Genetics
completed another successful quarter, with significant progress
made in each of its three product development programs," said H.
Stewart Parker, president and chief executive officer of Targeted
Genetics. "We have now accrued the patients required to conduct an
interim analysis in our Phase II clinical trial of tgAAVCF in
patients with cystic fibrosis. This analysis, conducted by an
independent data safety monitoring committee, will provide us with
the assessment necessary to continue with our trial. During the
quarter, we also announced the initiation of our Phase I rheumatoid
arthritis clinical trial. This study will be our first opportunity
to test direct injection of tgAAC94 into the joints of those
suffering from this debilitating disease. We also continue to
accrue patients into our AIDS vaccine clinical trial." Operating
expenses were $6.2 million for the first quarter of 2004 and the
first quarter of 2003. Research and development expenses decreased
to $4.2 million for the three months ended March 31, 2004 from $4.5
million for the same period of 2003. General and administrative
expenses for the first quarter of 2004 were $1.8 million, compared
to $1.3 million for the same period in 2003. In March, the Company
formally concluded its joint venture with Elan Corporation plc
(NYSE:ELN) called Emerald Gene Systems (Emerald). While
operationally the joint venture had been inactive since 2002, a
termination agreement was executed with Elan, addressing several
topics related to termination of the joint venture. As a result,
the Company received all intellectual property associated with the
joint venture, reduced the number of shares issued upon conversion
of its Series B Preferred Stock to 4.33 million shares, and stopped
the accrual of further dividends on the preferred stock. Under the
termination agreement, Elan is permitted to transfer its holdings
of the Company's common stock over time on a volume-restricted
basis. First quarter highlights include: -- Completion of $25.5
million financing, increasing our cash and cash equivalents to
$41.1 million at the end of the first quarter; -- Extension of AIDS
vaccine collaboration through 2006, providing up to $10.7 million
in funding for 2004; -- Initiation of Phase I rheumatoid arthritis
clinical trial in the U.S. and Canada; -- Publication of Phase II
cystic fibrosis results in Chest, the official publication of the
American College of Chest Physicians; and -- Conclusion of Emerald
Gene Systems joint venture, with intellectual property rights
obtained by Targeted Genetics. Targeted Genetics develops
gene-based products for preventing and treating acquired and
inherited diseases. The Company has three clinical product
development programs, targeting cystic fibrosis, AIDS prophylaxis
and rheumatoid arthritis. The Company also has a promising pipeline
of product candidates focused on hemophilia and cancer and a broad
platform of gene delivery technologies, as well as a promising body
of technology for cellular therapy under development by its
subsidiary company, CellExSys. For more information about the
Company visit its website at http://www.targetedgenetics.com/.
NOTE: This release contains forward-looking statements regarding
our projected financial resources, intellectual property, clinical
trials and regulatory filings and anticipated data from our
clinical and preclinical programs. 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. Actual results could differ
materially from expectations for a number of reasons, including
failure of our partners to provide funding, our failure to make
progress with our clinical trials, our failure to obtain positive
results from our preclinical programs, our failure to obtain or
maintain regulatory approvals, our failure to maintain or protect
our intellectual property and the other risks described in the
section entitled "Factors Affecting Our Operating Results, Our
Business and Our Stock Price" in our Annual Report on Form 10-K for
the year ended December 31, 2003. 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 our expectation. TARGETED GENETICS
CORPORATION (in thousands, except per share information) Quarter
ended March 31, Statement of Operations Information: 2004 2003
(unaudited) (unaudited) Revenue from collaborative agreements $
1,320 $ 5,639 Operating expenses: Research & development 4,237
4,542 General & administrative 1,750 1,336 Restructure charges
195 281 Total operating expenses 6,182 6,159 Loss from operations
(4,862) (520) Investment and other income 124 52 Interest expense
(120) (362) Net loss $ (4,858) $ (830) Net loss per common share $
(0.07) $ (0.02) Shares used in computation of net loss per common
share 72,874 50,566 TARGETED GENETICS CORPORATION (in thousands)
March 31, December 31, Balance Sheet Information: 2004 2003
(unaudited) Cash and cash equivalents $ 41,119 $ 21,057 Other
current assets 363 575 Property and equipment, net 3,159 3,423
Other assets 32,475 32,617 Total assets $ 77,116 $ 57,672 Current
liabilities $ 7,475 $ 6,709 Long-term obligations and other
liabilities 16,457 16,734 Minority interest - 750 Shareholders'
equity 53,184 33,479 Total liabilities and shareholders' equity $
77,116 $ 57,672 DATASOURCE: Targeted Genetics Corporation CONTACT:
Courtney Self of Targeted Genetics, +1-206-521-7392 Web site:
http://www.targetedgenetics.com/
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