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    Forwarded message: Subj: IDEC Pharmaceuticals Reports Third Quarter 1997 Results Date: 97-11-11 17:03:24 EST From: AOL News SAN DIEGO--(BW
    Message 1 of 1 , Nov 11, 1997
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      Forwarded message:
      Subj: IDEC Pharmaceuticals Reports Third Quarter 1997 Results
      Date: 97-11-11 17:03:24 EST
      From: AOL News

      SAN DIEGO--(BW HealthWire)--Nov. 11, 1997--IDEC Pharmaceuticals
      Corporation (NASDAQ:IDPH), a biopharmaceutical company developing
      products for the long term management of cancers and autoimmune and
      inflammatory diseases, today announced its financial results for the
      third quarter ended September 30, 1997. Revenues for the third quarter
      ended September 30, 1997 were $6.4 million compared to $2.9 million for
      the third quarter of 1996. The net loss for the quarter was $9.6
      million, or $0.51 per share, compared to a net loss of $4.5 million, or
      $0.26 per share, for the same period in 1996. Revenues for the third
      quarter of 1997 increased primarily due to bulk Rituxan(TM) sales to
      IDEC's Rituxan partner, Genentech, Inc., and achievement of a development
      milestone in the company's collaboration with Seikagaku Corporation.
      Operating expenses increased to $16.7 million for the third
      quarter of 1997 compared to $8.1 million for the third quarter of 1996.
      The increased operating expenses are the result of the bulk manufacture
      and increased costs of preparing for the commercialization of Rituxan,
      which is pending U.S. Food and Drug Administration (FDA) approval, and
      other licensing and clinical development costs.
      Year-to-date operating expenses increased by $18.7 million,
      from $25.7 million for the first nine months of 1996 to $44.4 million for
      the first nine months of 1997. This increase was primarily due to the
      expenses discussed above, plus costs associated with the creation of
      sales and marketing infrastructure in anticipation of FDA approval of
      Rituxan, licensing acquisition costs for 9-aminocamptothecin, and higher
      facility costs.
      "Pursuant to our discussions with the U.S. Food and Drug
      Administration, we have submitted all of the additional data requested on
      certain aspects of the production process related to the bulk drug
      manufacture of Rituxan," said William H. Rastetter, chairman, president
      and chief executive officer. "We are also working in conjunction with
      the FDA on the final package insert and other labeling." If the FDA
      concurs with the Biological Response Modifiers Advisory Committee
      recommendation of July, 1997, Rituxan may become the first monoclonal
      antibody commercially available for the treatment of cancer in the United
      States. The FDA makes the final determination as to whether there is
      sufficient clinical data and compliance with all other requirements to
      support product licensure.
      IDEC ended the third quarter with $48.4 million in cash, cash
      equivalents and marketable securities, a decrease of $30.3 million from
      $78.7 million at the end of 1996. During the third quarter of 1997,
      IDEC invested $3.0 million in preferred stock in Cytokine Networks,
      Incorporated as part of a collaboration and in-license agreement.
      IDEC Pharmaceuticals focuses on developing targeted therapies
      for the treatment of cancer and autoimmune diseases. IDEC's products act
      chiefly through immune system mechanisms, exerting their effect by
      binding to specific, readily targeted immune cells in the patient's blood
      or lymphatic systems.
      IDEC Pharmaceuticals' news releases are available at no charge
      through Business Wire's News on Demand Plus. For a menu of IDEC's
      current news releases and quarterly reports or to retrieve a specific
      release, call (888) 329-2309.
      On the Internet see
      http://www.businesswire.com/cnn/idph.htm and
      http://www.shareholdernews.com/idph .
      The statements made in this press release contain certain
      forward-looking statements that involve a number of risks and
      uncertainties. Actual events or results may differ from the company's
      expectations. In addition to the matters described in this press
      release, timelines for ongoing and future clinical activity are subject
      to change, results of pending or future clinical trials cannot be
      accurately predicted, the costs of increased commercial manufacturing
      activities may vary from period to period as the company establishes
      appropriate inventories and reserves, and decisions by the FDA and other
      regulatory agencies, including their determination as to whether there is
      sufficient clinical data and compliance with all other requirements to
      support product licensure, as well as the risk factors listed from time
      to time in the company's SEC filings, including but not limited to its
      Annual Reports on Form 10-K for the year ended December 31, 1996, and
      Form 10-Q/A filed August 18, 1997, may affect the actual results achieved
      by the company.
      Formerly known as IDEC-C2B8, Rituxan (Rituximab) is a U.S.
      trademark and IDEC Pharmaceuticals is a registered U.S. trademark of the
      company. The company headquarters is located at 11011 Torreyana Road,
      San Diego, CA 92121.
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