NaPro Reports Third Quarter 2003 Results BOULDER, Colo., Nov. 13
/PRNewswire-FirstCall/ -- NaPro BioTherapeutics, Inc. today
announced the results of operations for the third quarter and nine
months ended October 1, 2003. The net loss for the third quarter of
2003 was $6.1 million, or $(0.20) per share, on sales of $7.3
million. This compares to a net loss of $3.9 million, or $(0.13)
per share, on sales of $8.3 million during the comparable quarter
in 2002. For the nine months ended October 1, 2003, NaPro reduced
its operating loss to $10.1 million as compared to an operating
loss of $14.9 million for the comparable period last year. The year
to date net loss for 2003 was $10.9 million, or $(0.36) per share,
on sales of $21.8 million, compared to a net loss of $7.6 million,
or $(0.26) per share, (including the receipt of a one- time
milestone payment of $8.0 million), on sales of $24.5 million for
the comparable period last year. "During the first nine months of
2003 we used less than $2.0 million of our cash as we converted
inventories and receivables into cash to fund operations. The major
event of our third quarter was the agreement to sell our worldwide
paclitaxel business to Faulding Pharmaceutical Co., a strategic
transaction that provides us with resources to accelerate the
development of our therapeutic programs in oncology and hereditary
disease," stated Leonard P. Shaykin, NaPro's Chairman and Chief
Executive Officer. "We plan to complete the sale of the paclitaxel
business by year-end, and we look forward to advancing two of our
pre-clinical programs into human trials in 2004." Third Quarter
Highlights Sale of the Worldwide Paclitaxel Business. On August 26,
2003, the Company announced that it had signed a definitive
agreement, subject to the approval of NaPro's stockholders, to sell
its worldwide injectable generic paclitaxel business to Faulding
Pharmaceutical Co., a subsidiary of Mayne Group Limited, for $71.7
million in cash minus an inventory adjustment to reflect our actual
inventory as of the closing. Out of the proceeds of the sale, NaPro
will retire approximately $22.0 million in debt (including accrued
interest) and payables arising from its development relationship
with Abbott Laboratories. The Company anticipates that the sale
will close in December 2003. Mylan Litigation Update. After the
close of the quarter, NaPro announced that the Federal District
Court in the Western District of Pennsylvania made a number of
rulings in favor of NaPro in its patent infringement lawsuit
against Mylan Laboratories Inc. Specifically, the court ruled that
Mylan infringes certain of NaPro's patents related to both
stabilized formulations of paclitaxel and methods for making stable
formulations. The Court also stated that the inventors listed on
the NaPro patents were the first to invent the compositions and
methods claimed in such patents. The court also adopted NaPro's
interpretations of the patent claims asserted against Mylan in this
case. The trial on the remaining issues in the case will begin on
December 1, 2003. The remaining issues at trial will be focused on
Mylan's claims that NaPro's patents are invalid and unenforceable.
NaPro expects that the case will proceed to a damages phase in 2004
or 2005 if NaPro is successful at the December trial. Publications
Feature NaPro's Gene Editing Technology. NaPro's gene editing
technology was featured in the September issues of Nature Reviews
Genetics and The Journal of Clinical Investigation (JCI). In Nature
Reviews Genetics, the authors evaluated the potential of gene
repair and its goal of addressing inherited disorders. The article
in JCI outlined the utility and range of applications of gene
editing. Both articles also discussed the advantages of gene
editing versus vector-based gene therapy. Gene Editing
Collaboration. In July, NaPro announced a research agreement with
North Dakota State University to apply NaPro's gene editing
technology in durum wheat with the goal of developing improved crop
traits. About NaPro BioTherapeutics NaPro BioTherapeutics, Inc. is
a life science company focused on the development of targeted
therapies for the treatment of cancer and hereditary disease.
Forward Looking Statements The statements in this news release that
are not historical facts are forward-looking statements that
represent management's beliefs and assumptions as of the date of
this news release, based on currently available information.
Forward-looking statements can be identified by the use of words
such as "believes," "intends," "estimates," "may," "will,"
"should," "anticipated," "expected" or comparable terminology or by
discussions of strategy. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, it cannot assure that these expectations will prove to
be correct. Such statements involve risks and uncertainties
including: risks associated with development of the genomics, gene
editing and targeted businesses, including competition from
companies in similar businesses, limitations on the ability to
market products because of the intellectual property rights of
third parties, the ability to obtain, maintain and enforce patents;
the risk that the transaction announced with Faulding
Pharmaceutical Co. may not close because it is not approved by
stockholders or otherwise or may be materially delayed; the costs
of continuing development of any or all of the Company's
development programs; the timing of when those programs will enter
the clinic; the successful commercialization of the Company's
platform technologies; the fact that the Company's business will
require substantial additional investment that the Company has not
secured; and the risk that the cash proceeds from the Faulding
transaction, if realized, will not be sufficient to fund the
Company's strategic plans for the initial development new
proprietary therapeutic candidates; and all of those factors
identified under the captions "Risk Factors," "Special Note
Regarding Forward Looking Statements" or "Cautionary Note Regarding
Forward Looking Statements" in the Company's documents filed from
time to time with the SEC, including the Company's registration
statement on Form S-3, as amended, dated August 8, 2003, its Annual
Report on Forms 10-K and 10-K/A for the year ending December 31,
2002 filed with the SEC on March 27, April 30, August 8 and October
24, 2003, and its Quarterly Report on Form 10-Q for the quarter
ended July 2, 2003 filed with the Securities and Exchange
Commission on August 8, 2003. Should one or more of these risks
materialize (or the consequences of such a development worsen), or
should the underlying assumptions prove incorrect, actual results
could differ materially from those forecasted or expected. The
Company disclaims any intention or obligation to update publicly or
revise such statements whether as a result of new information,
future events or otherwise. Additional Information In connection
with the proposed sale of assets to Faulding, NaPro has filed a
definitive proxy statement with the Securities and Exchange
Commission (SEC). Investors and security holders are urged to read
the definitive proxy statement as it contains important information
about NaPro, the proposed transaction and related matters.
Investors and security holders have access to free copies of the
definitive proxy statement and other documents filed with the SEC
by NaPro through the SEC website at http://www.sec.gov/ . The
definitive proxy statement and related materials may also be
obtained for free from NaPro by calling the company contact listed
below. NaPro and its directors and executive officers may be deemed
to be participants in the solicitation of proxies in connection
with the proposed transaction. Information regarding the persons
who may, under the rules of the SEC, be considered to be
participants in the solicitation of NaPro's stockholders in
connection with the proposed transaction is set forth in NaPro's
proxy statement for its 2003 annual meeting of stockholders, dated
May 23, 2003 and filed with the SEC on May 27, 2003. Additional
information is set forth in the definitive proxy statement on file
with the SEC related to the proposed sale of assets. For further
information, please contact L. Robert Cohen, Vice President,
Investor Relations of NaPro BioTherapeutics, Inc., +1-212-218-8715.
NaPro BioTherapeutics, Inc. Balance Sheets (In thousands) October
1, December 31, 2003 2002 (Unaudited) ASSETS Current assets: Cash
and cash equivalents $4,883 $6,762 Accounts receivable 8,206 9,340
Inventory 3,917 9,397 Prepaid expense and other current assets
1,064 977 Total current assets 18,070 26,476 Property, plant and
equipment, net 9,760 13,731 Inventory - raw materials 6,171 3,781
Other assets 3,048 1,340 Total assets $37,049 $45,328 LIABILITIES
AND STOCKHOLDERS' EQUITY (DEFICIT) Total current liabilities
$29,937 $7,633 Notes payable-long term 63 19,861 Deferred
income-long term 5,047 5,887 Convertible debentures 5,557 5,151
Total stockholders' equity (deficit) (3,555) 6,796 Total
liabilities and stockholders' equity (deficit) $37,049 $45,328
NaPro BioTherapeutics, Inc. Statements of Operations (In thousands,
except per share data) (Unaudited) Three Months Ended Nine Months
Ended October 1, September 30, October 1, September 30, 2003 2002
2003 2002 Product sales $7,301 $8,320 $21,750 $24,546 Expenses:
Cost of sales 6,535 5,551 13,977 19,689 Research and development
2,253 3,899 7,743 12,217 General and administrative 3,275 2,604
9,093 7,518 Loss on disposal of assets 1,048 -- 1,048 -- 13,111
12,054 31,861 39,424 Operating loss (5,810) (3,734) (10,111)
(14,878) Other income (expense): License fee income 280 261 840
8,621 Interest and other income 17 74 64 225 Interest expense (550)
(545) (1,736) (1,520) Net loss $(6,063) $(3,944) $(10,943) $(7,552)
Basic and diluted loss per share $(0.20) $(0.13) $(0.36) $(0.26)
Basic and diluted weighted average shares outstanding 30,759 29,775
30,397 29,532 DATASOURCE: NaPro BioTherapeutics, Inc. CONTACT: L.
Robert Cohen, Vice President, Investor Relations, NaPro
BioTherapeutics, Inc., +1-212-218-8715; or investors, Lilian Stern,
Stern Investor Relations, Inc., +1-212-362-1200; or media, Peter
Steinerman, +1-516-374-3031
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