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Alteon Announces Financial Results for the Second Quarter Ended
June 30, 2004
PARSIPPANY, N.J., Aug. 9 /PRNewswire-FirstCall/ -- Alteon Inc. (AMEX:ALT)
announced today a net loss of $3,501,802 for the three months ended June 30,
2004. This compared to a net loss of $5,061,474 for the same period in 2003.
The net loss applicable to common stockholders, which included a non-cash
preferred stock dividend, was $4,518,759 or $0.11 per basic/diluted share for
the three months ended June 30, 2004, as compared to $5,996,181 or $0.17 per
basic/diluted share for the same period in 2003. Also included in the net loss
applicable to common stockholders for the three months ended June 30, 2003 was
a non-cash variable stock compensation expense of $531,657.
Research and development expenses for the three months ended June 30, 2004
decreased by $814,532, or 25.0%, as compared to the three months ended June 30,
2003. The decrease was primarily attributed to lower clinical costs in the
three months ended June 30, 2004 associated with the Phase 2 trials, SPECTRA
and PEDESTAL, as compared to the completion of the SAPPHIRE/SILVER trial for
the same period in 2003, which included higher personnel and personnel-related
costs, including temporary help related to accumulating and assessing the data
of the SAPPHIRE/SILVER trial. General and administrative expenses decreased by
$671,265, primarily related to the non-cash variable stock compensation expense
of $509,988 for the three months ended June 30, 2003. Based upon the price of
our common stock at June 30, 2004, there was no non-cash variable stock
compensation expense/(benefit) incurred for the period.
For the six months ended June 30, 2004, Alteon had a net loss of $7,236,795.
This compared to a net loss of $10,284,531 for the same period in 2003. The
net loss applicable to common stockholders, which included a non- cash
preferred stock dividend, was $9,249,605 or $0.23 per basic/diluted share for
the six months ended June 30, 2004, as compared to $12,124,695 or $0.35 per
basic/diluted share for the same period in 2003. Non-cash variable stock
compensation expense for the six months ended June 30, 2003 was $1,559,556.
Research and development expenses for the six months ended June 30, 2004
decreased by $1,035,240 or 16.8%, as compared to the six months ended June 30,
2003. The decrease was primarily attributed to lower clinical costs in the six
months ended June 30, 2004 associated with the Phase 2 trials, SPECTRA and
PEDESTAL, as compared to the completion of the SAPPHIRE/SILVER trial for the
same period in 2003, which included higher personnel and personnel-related
costs, including temporary help related to accumulating and assessing the data
of the SAPPHIRE/SILVER trial. General and administrative expenses decreased by
$1,898,156, primarily related to the non-cash variable stock compensation
expense of $1,475,917 for the six months ended June 30, 2003.
Cash and cash equivalents at June 30, 2004 totaled $9,569,472.
On July 2, 2004, pursuant to a Stock Purchase Agreement, the Company sold
8,000,000 shares of common stock to a number of new and existing institutional
investors at $1.00 per share for net proceeds after fees and expenses of
approximately $7,600,000.
Alteon will hold its investor update conference call on September 9, 2004 at
2:00 p.m., ET.
About Alteon
Alteon is developing several new classes of drugs that reverse or slow down
diseases of aging and complications of diabetes. These compounds have an
impact on a fundamental pathological process caused by protein-glucose
complexes called Advanced Glycation End-products (A.G.E.s). The formation and
crosslinking of A.G.E.s lead to a loss of flexibility and function in body
tissues, organs and vessels and have been shown to be a causative factor in
many age-related diseases and diabetic complications. Alteon has created a
library of novel classes of compounds targeting the A.G.E. Pathway. Alteon's
lead compound alagebrium chloride (formerly ALT-711), the only A.G.E. Crosslink
Breaker in advanced human testing, has demonstrated safety and efficacy in
several Phase 2 trials and is actively being developed for systolic
hypertension and heart failure. Ongoing clinical trials include SPECTRA
(Systolic Pressure Efficacy and Safety Trial of Alagebrium) and PEDESTAL
(Patients with Impaired Ejection Fraction and Diastolic Dysfunction: Efficacy
and Safety Trial of ALagebrium). For more information on Alteon, visit the
company's website at http://www.alteon.com/.
Any statements contained in this press release that relate to future plans,
events or performance are forward-looking statements that involve risks and
uncertainties including, but not limited to, those relating to technology and
product development (including the possibility that early clinical trial
results may not be predictive of results that will be obtained in large-scale
testing or that any clinical trials will not demonstrate sufficient safety and
efficacy to obtain requisite approvals or will not result in marketable
products), regulatory approval processes, intellectual property rights and
litigation, competitive products, ability to obtain financing, and other risks
identified in Alteon's filings with the Securities and Exchange Commission. The
information contained in this press release is accurate as of the date
indicated. Actual results, events or performance may differ materially. Alteon
undertakes no obligation to publicly release the result of any revision to
these forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Alteon Inc.
Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
Income:
Investment Income $29,051 $55,176 $66,417 $103,898
Other Income 100,000 -- 151,821 --
Total Income $129,051 $55,176 $218,238 $103,898
Expenses:
Research and
Development (which
includes non-cash
variable stock
compensation expense
of $0 and $21,669,
for the three months
ended June 30, 2004
and June 30, 2003,
respectively, and
$0 and $83,639, for
the six months ended
June 30, 2004 and
June 30, 2003,
respectively) 2,445,563 3,260,095 5,129,698 6,164,938
General and
Administrative
(which includes
non-cash variable
stock compensation
expense of $0 and
$509,988, for the
three months ended
June 30, 2004 and
June 30, 2003,
respectively, and
$0 and $1,475,917,
for the six months
ended June 30,
2004 and June 30,
2003,
respectively) 1,185,290 1,856,555 2,325,335 4,223,491
Total Expenses $3,630,853 $ 5,116,650 $7,455,033 $10,388,429
Net Loss $(3,501,802) $(5,061,474) $(7,236,795) $(10,284,531)
Preferred Stock
Dividends 1,016,957 934,707 2,012,810 1,840,164
Net Loss Applicable
to Common
Stockholders $(4,518,759) $(5,996,181) $(9,249,605) $(12,124,695)
Basic/Diluted Net
Loss Per Share
Applicable to Common
Stockholders $(0.11) $(0.17) $(0.23) $(0.35)
Weighted Average
Common Shares Used in
Computing Basic/
Diluted Net Loss
Per Share 40,472,898 35,907,764 40,472,123 34,773,382
Selected Balance Sheet Data
(Unaudited)
June 30, December 31,
2004 2003
Cash and Cash Equivalents $9,569,472 $16,678,582
Total Assets 10,605,360 17,254,985
Accumulated Deficit (196,868,464) (187,618,859)
Total Stockholders' Equity 8,161,821 15,384,432
DATASOURCE: Alteon Inc.
CONTACT: Susan M. Pietropaolo, Director, Corporate Communications &
Investor Relations of Alteon Inc., +1-201-818-5537 or
Web site: http://www.alteonpharma.com/