Targeted Genetics Reports Third Quarter 2004 Financial Results
04 11월 2004 - 10:30PM
PR Newswire (US)
Targeted Genetics Reports Third Quarter 2004 Financial Results -
Clinical Programs Remain on Track; Results Expected in First Half
of 2005 - SEATTLE, Nov. 4 /PRNewswire-FirstCall/ -- Targeted
Genetics Corporation (NASDAQ:TGEN) today announced its financial
results for the third quarter of 2004. As previously announced, the
Company will hold a conference call with analysts today at 10:30
a.m. EST. The call will be broadcast live over the Internet and can
be accessed, along with replay information, at
http://www.targetedgenetics.com/. Revenue for the third quarter of
2004 was $2.4 million compared to $5.0 million for the third
quarter of 2003. Revenue for the nine months ended September 30,
2004 decreased to $6.5 million from $12.7 million for the same
period of 2003. Revenues in 2004 reflect amounts earned under the
Company's AIDS vaccine collaboration with the International AIDS
Vaccine Initiative (IAVI) and the Columbus Children's Research
Institute, which increased in 2004 compared to 2003, and to a
lesser degree contract manufacturing revenue earned in the first
quarter of 2004. Revenue for the three and nine months ending
September 30, 2004 decreased compared to the same periods in 2003
as a result of revenues received in 2003 under the Company's former
collaborations with Wyeth and Biogen that ended in 2003. "One of
our primary areas of focus in 2004 has been enrolling patients in
our three core clinical programs, and we continue to make
significant progress in this regard," said H. Stewart Parker,
President and Chief Executive Officer of Targeted Genetics. "During
the third quarter, we completed patient enrollment in our AIDS
vaccine Phase I clinical trial. We continue to enroll patients in
our rheumatoid arthritis Phase I clinical trial, and we also remain
on track to complete enrollment of our Phase II cystic fibrosis
clinical trial by the end of the year. This puts us in a strong
position to present data from these programs in the first half of
2005, on schedule with our goals." Ms. Parker continued, "At the
annual North American Cystic Fibrosis Conference, Targeted Genetics
announced results of planned safety reviews from our ongoing Phase
II cystic fibrosis clinical trial. This analysis, conducted by an
independent Data Monitoring Committee, indicated no safety concerns
with the study thus far. These results follow on the heels of a
successful interim analysis for the same study held in June of this
year." For the quarter ended September 30, 2004, the Company
reported a net loss of $2.7 million, or $0.03 per common share,
compared to a net loss of $780,000, or $0.01 per common share for
the third quarter of 2003. For the nine months ended September 30,
2004, the Company reported a net loss of $12.0 million, or $0.15
per common share, compared to a net loss of $8.5 million, or $0.16
per common share for the same period in 2003. Higher losses in 2004
primarily reflect the absence of revenues from Biogen and Wyeth
under collaborations that ended in 2003. Operating expenses were
$6.1 million for the third quarter of 2004, compared to $5.5
million for the third quarter of 2003, and were $19.4 million for
the nine months ended September 30, 2004, down from $20.3 million
for the same period in 2003. Expenses in 2004 reflect increased
research and development expenses, primarily attributable to the
Company's AIDS vaccine and rheumatoid arthritis programs and higher
general and administrative expenses, reflecting increases in patent
issuances and regulatory compliance costs. Total expenses for the
nine months ended September 30, 2004 decreased as a result of a
$3.6 million charge recorded during the comparable period in 2003,
primarily related to the Company's facility in Bothell, Washington.
Operating results for the quarter and nine months ended September
30, 2004 also reflect a gain of $1.0 million from the sale of the
Company's cell therapy subsidiary, CellExSys, in July 2004. The
sale of CellExSys was intended to provide a solid infrastructure
for the purpose of advancing CellExSys' technology through clinical
development with the goal of product commercialization. These
technologies were outside of Targeted Genetics' core focus, and the
sale of CellExSys was intended to enable the advancement of the
technologies in a manner that provides Targeted Genetics with an
ability to maintain long-term investment potential. Recent
highlights include: -- Issuance of a patent covering AAV1, further
strengthening Targeted Genetics' leadership role in AAV product
development; -- Completion of patient enrollment in Targeted
Genetics' AIDS vaccine Phase I clinical trial; -- Presentation at
the North American Cystic Fibrosis Conference in St. Louis, MO;
results from an independent Data Monitoring Committee indicating no
safety issues in the Company's Phase II cystic fibrosis clinical
trial thus far; and -- Completion of sale of CellExSys, providing
product development opportunities for CellExSys and long-term
investment potential for Targeted Genetics. About Targeted Genetics
Targeted Genetics Corporation 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 for application in nucleic acid-based drug
development. For more information about Targeted Genetics, visit
its website athttp://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 Quarterly Report on Form 10-Q for the quarter
ended June 30, 2004. 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) (unaudited) Three months
ended Nine months ended September 30, September 30, 2004 2003 2004
2003 Statement of Operations Information: Revenue: Collaborative
agreements $2,388 $5,002 $6,469 $12,694 Operating expenses:
Research & development 4,268 3,947 13,333 12,816 General &
administrative 1,476 1,133 5,292 3,907 Restructure charges 381 374
797 3,554 Total operating expenses 6,125 5,454 19,422 20,277 Loss
from operations (3,737) (452) (12,953) (7,583) Gain on sale of
majority-owned subsidiary 1,006 -- 1,006 -- Investment income 123
38 268 146 Interest expense (116) (366) (353) (1,088) Net loss
$(2,724) $(780) $(12,032) $(8,525) Net loss per common share
$(0.03) $(0.01) $(0.15) $(0.16) Shares used in computation of net
loss per common share 81,629 61,270 78,713 54,549 TARGETED GENETICS
CORPORATION (in thousands) September 30, December 31, 2004 2003
Balance Sheet Information: (unaudited) Cash and cash equivalents
$31,333 $21,057 Other current assets 782 575 Property and
equipment, net 2,756 3,423 Other assets 32,512 32,617 Total assets
$67,383 $57,672 Current liabilities $4,848 $6,709 Long-term
obligations and other liabilities 16,533 16,734 Minority interest
-- 750 Shareholders' equity 46,002 33,479 Total liabilities and
shareholders' equity $67,383 $57,672 DATASOURCE: Targeted Genetics
Corporation CONTACT: Courtney Self of Targeted Genetics
Corporation, +1-206-521-7392 Web site:
http://www.targetedgenetics.com/
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