- Subject: Cytoclonal Reports Third Quarter 1998 Results Novel...
- From: AOLNews@aol.com
- Date: Fri, 13 Nov 1998 12:41:26 EST
Cytoclonal Reports Third Quarter 1998 Results Novel Anti-Estrogen Breast
Cancer Drug License Highlights Third Quarter
DALLAS, Nov. 13 /PRNewswire/ -- Cytoclonal Pharmaceutics, Inc.
(Nasdaq: CYPH, CYPHW, CYPHZ) today released its financial results for the
third quarter ended September 30. The Company reported a net loss of
$976,000, or $0.10 per share for the quarter, compared to a net loss of
$945,000, or $0.12 per share for the third quarter 1997. Total revenues for
the third quarter this year were $194,000, primarily consisting of payments
under licensing and research collaborative agreements, compared to $0 revenues
for the same period in 1997. Third quarter expenditures totaled $1,076,000,
compared with $965,000 for the third quarter 1997.
The Company's net loss for the nine months ended September 30 was
$1,935,000, or $0.22 per share, compared with a net loss of $2,462,000, or
$0.33 per share for the nine months ended September 30, 1997. Total revenues
for the first nine months of this year were $983,000, also compared to $0 for
the same period last year. Total expenditures for the nine-month period
ending this September were $2,120,000 versus $2,540,000 for the first nine
months of 1997. The increase in expenditures for both the third quarter of
1998 and the year's first three quarters combined is principally attributable
to continued growth of the Company's research and development programs.
"One of our major accomplishments this quarter was receiving the award of
our exclusive worldwide license to a breast cancer peptide we believe has the
potential to be more effective and less toxic than Tamoxifen," said Arthur
P. Bollon, Ph.D, CEO of Cytoclonal. "It expands the Company's profile of
products for cancer treatment that may offer patients another promising option
in therapy."
The Company announced in August that it had acquired the new technology
from the University of California. It inhibits breast cancer by targeting
estrogen receptors, which are present in 75% of all cases. Currently,
anti-estrogen therapy involves the use of the drug Tamoxifen as the standard
treatment for postmenopausal breast cancer patients. Tamoxifen is rendered
ineffective over time and has certain undesirable side effects, including an
increased risk of endometrial and liver cancer, drawbacks Cytoclonal believes
its technology could avoid. Tamoxifen was recently approved for prophylactic
use against breast cancer, which could have a significant impact on what was
already a $760 market for the drug in 1997.
Also in the third quarter 1998, Cytoclonal received a US patent for a lung
cancer marker being developed by company scientists as a diagnostic test for
non-small cell lung cancer. It is additionally being studied as a target for
delivering paclitaxel to lung cancer tissue so as to reduce toxicity in the
body.
Cytoclonal will receive at least $1,250,000 from Bristol Myers Squibb in
1998 under the terms of its agreement for microbial fermentation for
paclitaxel production, the active ingredient in Taxol(R), BMS' biggest cancer
drug. Cytoclonal developed a means of producing the drug by fermentation,
which could reduce dependence on the rare yew tree, where the main ingredient
in Taxol originated.
In September, the Company announced it was awarded a patent for its
anti-sense technology, which is designed to regulate genes involved in
different diseases. For example, if a cancer-related gene is involved in the
cancer state, an anti-sense reagent, or synthetic gene fragment, could be
utilized to turn the gene off and prevent the cancer cells from proliferating.
"Combined, our efforts amount to a fusion of some of the most advanced
medical knowledge that could result in major progress towards cancer
treatment," Dr. Bollon said. "We are very excited about our progress this
quarter and this year overall."
Cytoclonal Pharmaceutics is a biopharmaceutical company developing
therapeutic and diagnostic products for the treatment and prevention of cancer
and infectious diseases. The Company's lead programs involve paclitaxel
production and the treatment of polysystic kidney disease using paclitaxel.
Other programs include the discovery of human genes using Retroselection(TM),
the diagnosis and treatment of lung cancer, anti-sense therapeutics and
mycobacteria-based vaccines.
This communication contains forward-looking statements. Many factors
could cause actual results to differ materially from expectations outlined in
this press release. Among, but not limited to these, are unexpected
regulatory delays or difficulties relating to timing or outcomes relating to
products under development.
CYTOCLONAL PHARMACEUTICS INC.
STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1998 1997 1998 1997
Revenue:
Licensing & research
collaborative
agreement $194,000 -- $983,000 --
Operating Expenses:
Research and
development $351,000 $362,000 $1,173,000 $1,050,000
General and
administrative 919,000 603,000 1,930,000 1,490,000
1,270,000 965,000 3,103,000 2,540,000
Operating (loss) (1,076,000) (965,000) (2,120,000) (2,540,000)
Other (Income) expenses:
Interest (income) (100,000) (20,000) (187,000) (80,000)
Interest expense -- -- 2,000 2,000
(100,000) (20,000) (185,000) (80,000)
NET (LOSS) ($976,000) ($945,000) ($1,935,000) ($2,462,000)
Basic and diluted
Loss per common share ($0.10) ($0.12) ($0.22) ($0.33)
Weighted average number
of shares outstanding
-- basic and
diluted 10,172,000 8,261,000 9,585,000 8,136,000
SOURCE Cytoclonal Pharmaceutics, Inc.
CO: Cytoclonal Pharmaceutics, Inc.
ST: Texas
IN: HEA MTC
SU: ERN
11/13/98 12:39 EST http://www.prnewswire.com
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