DALLAS, April 7 /PRNewswire-FirstCall/ -- eXegenics Inc. today reported results for the year ended December 31, 2003.
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For the year ended December 31, 2003, the net operating loss was $6,000,000, or $0.38 per share, a reduction of 43% compared with net loss of $10,527,000, or $0.67 per share, for the same period in 2002. The lower net loss in 2003 was due primarily to the discontinuance of drug discovery operations and related reduction of staff. As of December 31, 2003, the Company reported cash, cash equivalents and restricted cash of $10,732,000 (financial table below).
About eXegenics Inc.
eXegenics Inc. formerly operated as a small molecule drug discovery company. In 2003, all research and development programs were terminated. In December 2003 a new board of directors was elected by a majority of shareholders to hold office for the 2004 fiscal year. The new board of directors has elected a committee to study strategic direction and identify business opportunities.
This release contains forward-looking statements relating to the selection of new business strategies, cost control programs and the subsequent investment of the Company's remaining capital into new products and future operating results that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe," "expect," "intend", "anticipate," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include conditions in the capital markets in general and in the life science capital market specifically which may affect the development of eXegenics' business, the progress and costs to successfully develop and commercialize products and the risks and uncertainties described in eXegenics' current and periodic reports filed with the Securities and Exchange Commission, including eXegenics' Annual Report on Form 10-K for the year ended December 31, 2003. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update any forward-looking statement to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Selected Financial Information
Income Statement Data
Revenue $13,000 $562,000
Research and development 154,000 3,948,000
General and administrative expenses 2,938,000 4,770,000
Expenses related to strategic redirection 653,000 864,000
Merger, tender offers and consent
solicitation expenses 2,233,000 2,010,000
Operating loss (5,965,000) (11,030,000)
Other (primarily interest income) 172,000 672,000
Net loss $(5,793,000) $(10,358,000)
Preferred stock dividend (207,000) (169,000)
Net loss attributable to common
stockholders $(6,000,000) $(10,527,000)
Basic and diluted loss per common share $(0.38) $(0.67)
Balance Sheet Data
Total assets $11,342,000 $17,515,000
Working capital 10,296,000 15,924,000
Stockholders' equity $10,304,000 $16,074,000
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