AUSTIN, Texas, Nov. 9 /PRNewswire-FirstCall/ -- Introgen Therapeutics, Inc. announced today its results for the quarter ended September 30, 2005, reporting progress during the period in its research and development and clinical trial programs and an alliance with Colgate-Palmolive Co.
In November 2005, Introgen formed an alliance with Colgate-Palmolive Co. to develop and potentially market oral healthcare products. Introgen received $20 million from the sale of common stock to Colgate-Palmolive, which increased Introgen’s cash balance to approximately $40 million.
Introgen reported a net loss of $6.1 million, or $0.18 per share, for the quarter ended September 30, 2005. These results compare to a net loss of $7.1 million, or $0.23 per share, for the previous quarter ended June 30, 2005 and a net loss of $7.0 million, or $0.26 per share, for the comparable prior year quarter ended September 30, 2004.
During the quarter ended September 30, 2005, Introgen used cash, cash equivalents and short-term investments of $5.1 million to conduct its operations and used $3.0 million for an equity investment in SR Pharma plc. Introgen’s cash, cash equivalents, marketable securities and short-term investments, were $22.6 million at September 30, 2005. Revenue was $398,000 for the quarter ended September 30, 2005, compared to revenue of $336,000 for the quarter ended June 30, 2005 and $209,000 for the quarter ended September 30, 2004. Operating expenses were $6.7 million for the quarter ended September 30, 2005, compared to $7.7 million for the quarter ended June 30, 2005 and $7.4 million for the quarter ended September 30, 2004.
For the nine months ended September 30, 2005, Introgen reported a net loss of $19.4 million, or $0.61 per share, compared to a net loss for the nine months ended September 30, 2004 of $20.0 million, or $0.75 per share. Revenue for the nine months ended September 30, 2005 was $1.2 million, compared to revenue for the nine months ended September 30, 2004 of $592,000. Operating expenses were $21.5 million for the nine months ended September 30, 2005 compared to $21.3 million for the nine months ended September 30, 2004.
Quarterly Conference Call
Introgen has scheduled a conference call to discuss the financial results at 4:30 p.m. eastern time today. Interested parties can access a live Internet broadcast at http://www.introgen.com . The call may also be accessed by dialing 1-877-616-4476 or 1-706-679-7372. For those unable to listen to the broadcast the call will be archived at Introgen’s Website in the Investor Relations section.
Introgen Therapeutics, Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted molecular therapies for the treatment of cancer and other diseases. Introgen is developing molecular therapeutics, immunotherapies, vaccines and nano-particle tumor suppressor therapies to treat a wide range of cancers using tumor suppressors, cytokines and genes. Introgen maintains integrated research, development, manufacturing, clinical and regulatory departments and operates multiple manufacturing facilities including a commercial scale cGMP manufacturing facility.
Statements in this release that are not strictly historical may be “forward-looking” statements, including those relating to Introgen’s future success with its clinical development program for treatment of cancer or other diseases and Introgen’s financial performance and the future success of Introgen’s alliance with Colgate-Palmolive Co. to potentially market oral healthcare products. The actual results may differ from those described in this release due to risks and uncertainties that exist in Introgen’s operations and business environment, including Introgen’s stage of product development and the limited experience in the development of gene-based drugs in general, dependence upon proprietary technology and the current competitive environment, history of operating losses and accumulated deficits, reliance on collaborative relationships, and uncertainties related to clinical trials, the safety and efficacy of Introgen’s product candidates, the ability to obtain the appropriate regulatory approvals, Introgen’s patent protection and market acceptance, as well as other risks detailed from time to time in Introgen’s filings with the Securities and Exchange Commission including its filings on Form 10-K and Form 10-Q. Introgen undertakes no obligation to publicly release the results of any revisions to any forward-looking statements that reflect events or circumstances arising after the date hereof.
Editor’s Note: For more information on Introgen Therapeutics, or for a menu of archived press releases, please visit Introgen’s Website at http://www.introgen.com .
Contact: Introgen Therapeutics, Inc. C. Channing Burke (512) 708 9310 Ext. 322 Email: c.burke@introgen.com INTROGEN THERAPEUTICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET SEPTEMBER 30, DECEMBER 31, 2005 2004 (Unaudited) (Thousands) CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS 18,606 38,180 MARKETABLE SECURITIES 4,023 --- OTHER CURRENT ASSETS 338 659 PROPERTY AND EQUIPMENT, NET 6,565 7,277 GRANT RIGHTS ACQUIRED 870 1,582 OTHER ASSETS 334 359 TOTAL ASSETS $30,736 $48,057 ACCOUNTS PAYABLE, ACCRUALS AND OTHER CURRENT LIABILITIES $6,524 $6,858 NOTES PAYABLE, NET OF CURRENT PORTION 7,946 7,901 OTHER LONG TERM LIABILITIES 1,336 1,132 TOTAL LIABILITIES 15,806 15,891 TOTAL STOCKHOLDERS’ EQUITY 14,930 32,166 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $30,736 $48,057 INTROGEN THERAPEUTICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2005 2004 2005 2004 (Thousands except per share information.) CONTRACT SERVICES, GRANT AND OTHER REVENUE $398 $209 $1,243 $592 OPERATING EXPENSES: RESEARCH AND DEVELOPMENT 5,090 5,734 16,029 15,977 GENERAL AND ADMINISTRATIVE 1,657 1,710 5,473 5,302 TOTAL OPERATING EXPENSES 6,747 7,444 21,502 21,279 LOSS FROM OPERATIONS (6,349) (7,235) (20,259) (20,687) INTEREST INCOME, INTEREST EXPENSE AND OTHER INCOME, NET 285 214 903 668 NET (LOSS) ($6,064) ($7,021) ($19,356) ($20,019) NET LOSS PER SHARE, BASIC AND DILUTED ($0.18) ($0.26) ($0.61) ($0.75) SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS PER SHARE 33,394 26,703 31,782 26,626
Introgen Therapeutics, Inc.
CONTACT: C. Channing Burke of Introgen Therapeutics, Inc.,+1-512-708-9310, ext. 322, or c.burke@introgen.com
Web site: http://www.introgen.com/
