Tanox Reports 2007 First Quarter Results
10 5월 2007 - 6:02AM
PR Newswire (US)
HOUSTON, May 9 /PRNewswire-FirstCall/ -- Tanox, Inc. (NASDAQ:TNOX)
today reported financial results for the first quarter ended March
31, 2007. Total revenues for the first quarter of 2007 were $18.6
million, compared to revenues of $9.8 million for the first quarter
of 2006, and $18.3 million for the fourth quarter of 2006. Net
royalty revenue from sales of Xolair(R) (omalizumab) was $11.0
million for the first quarter of 2007, compared to net Xolair
royalty revenue of $8.8 million for first quarter of 2006, and
$11.3 million for the fourth quarter of 2006. Net profit-sharing
revenue was $2.7 million for the first quarter of 2007, compared to
$1.0 million for the first quarter of 2006, and $2.1 million for
the fourth quarter of 2006. Tanox recorded first quarter 2007
manufacturing-rights revenue of $2.9 million versus $3.7 million
for the fourth quarter of 2006. Tanox also recorded $2.0 million in
development agreement revenue in the first quarter of 2007 versus
$1.0 million for the fourth quarter of 2006, mainly for
reimbursement by Novartis of a portion of the development costs of
a high affinity anti-IgE program. Tanox reported net income of
$531,000, or $0.01 per share, for the first quarter of 2007,
compared to a net loss of $5.2 million, or $0.12 per share, for the
first quarter of 2006, and net income of $4.5 million, or $0.10 per
share, for the fourth quarter of 2006. Results for the first
quarter of 2007 and 2006 reflected the company's January 1, 2006
adoption of Statement of Financial Accounting Standards No. 123R
(FAS 123R). During the first quarter of 2007, Tanox recorded $7.4
million of share-based compensation expense, of which $3.7 million
was included in research and development expense and $3.7 million
was included in general and administrative expense. Under the terms
of employee and director stock option agreements, shareholder
approval on January 15, 2007 of the merger with Genentech was
considered a change in control which resulted in the accelerated
vesting of all outstanding stock options on that date. Share- based
compensation for the first quarter of 2006 was $693,000, of which
$332,000 was included in research and development expense and
$361,000 was included in general and administrative expense. The
impact of expensing employee stock compensation is reflected in the
table below: Earnings Per Share Stock Reported Before Stock
Compensation Earnings Compensation Expense Expense Per Share First
Quarter 2007 $0.17 $(0.16) $0.01 First Quarter 2006 $(0.10) $(0.02)
$(0.12) Research and development costs for the first quarter of
2007 were $14.4 million, compared to $14.0 million for the first
quarter of 2006, and $11.0 million for the fourth quarter of 2006.
The increase in costs for the first quarter of 2007 was attributed
primarily to employee stock compensation expense, partially offset
by lower clinical trial expenses and preclinical activities.
General and administrative expenses were $5.8 million for the first
quarter of 2007, compared to $2.8 million for the first quarter of
2006, and $5.1 million for the fourth quarter of 2006. The increase
in general and administrative expenses in the first quarter of 2007
was due primarily to employee and director stock compensation
expense. About Tanox, Inc. Tanox is a biotechnology company
specializing in the development of monoclonal antibodies. The
company develops innovative biotherapeutics for the treatment of
immune mediated diseases, inflammation, infectious disease and
cancer. Tanox's lead investigational therapy, ibalizumab (TNX-355),
is a viral-entry inhibitor antibody to treat HIV/AIDS. Ibalizumab
has shown significant antiviral activity in Phase 2 clinical
testing. Tanox's first- approved drug, Xolair(R) (omalizumab), is
the first antibody approved to treat moderate-to-severe confirmed,
allergic asthma. Xolair was developed in collaboration with
Genentech, Inc. and Novartis Pharma AG and is approved in over 50
countries, including the United States, Canada and the European
Union. Tanox is based in Houston and has a manufacturing facility
in San Diego. Additional corporate information is available at
http://www.tanox.com/ . TANOX, INC. CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (In thousands, except per-share data) Summary
of Operations (Unaudited) Three Months Ended March 31, 2007 2006
Revenues, net $18,573 $9,815 Operating expenses: Research and
development 14,370 13,961 General and administrative 5,797 2,794
Total operating expenses 20,167 16,755 Loss from operations (1,594)
(6,940) Other income, net 2,270 1,759 Income (loss) before income
taxes 676 (5,181) Income taxes 145 --- Net income (loss) $531
$(5,181) Income (loss) per share - basic and diluted $0.01 $(0.12)
Shares used in computing income (loss) per share - basic and
diluted Basic 45,029 44,694 Diluted 45,431 44,694 Employee stock
compensation expense included in operating expenses: Research and
development $3,735 $332 General and administrative 3,668 361 Total
$7,403 $693 Summary Balance Sheet Information March 31, 2007
December 31, (Unaudited) 2006 Assets: Cash, cash equivalents and
investments $194,178 $185,081 Property and equipment (net) 28,141
29,227 Other assets 18,226 17,800 Total assets $240,545 $232,108
Liabilities and Stockholders' Equity: Accounts payable, accrued
liabilities and deferred revenue $10,171 $11,905 Stockholders'
equity 230,374 220,203 Total liabilities and stockholders' equity
$240,545 $232,108
http://www.newscom.com/cgi-bin/prnh/20050207/TNOXLOGO DATASOURCE:
Tanox, Inc. CONTACT: Greg Guidroz of Tanox, Inc., +1-713-578-4011,
or Web site: http://www.tanox.com/
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