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Corautus Genetics Announces Second Quarter 2004 Financial Results
ATLANTA, Aug. 16 /PRNewswire-FirstCall/ -- Corautus Genetics Inc. (AMEX:CAQ)
reported a net loss of $2.3 million, or $0.18 per share, for the quarter ended
June 30, 2004 compared to a net loss of $2.9 million, or $0.30 per share, in
the comparable quarter of 2003, and a net loss of $4.8 million, or $0.40 per
share, for the six months ended June 30, 2004 compared to a net loss of $24.3
million, or $2.89 per share, for the six months ended June 30, 2003. The
decrease in per share net loss was primarily due to the issuance of new shares
through previously announced private placements in December 2003, January 2004
and March 2004 as well as the write-off of acquired in-process technology in
the first quarter of 2003 and the write-off of property and equipment in the
first and second quarters of 2003.
Revenues for the three months and six months ended June 30, 2004 were $20,833
and $41,667, respectively, as a result of the amortization of a payment made
for the sublicense of certain patents to Boston Scientific Corporation
concurrent with their investment in July 2003.
Richard E. Otto, President and CEO, of Corautus Genetics, stated, "We are very
excited about obtaining FDA approval to begin our Phase IIb clinical trial for
cardiovascular disease and look forward to commencing treatment of patients
during this quarter."
About Corautus Genetics
Corautus Genetics Inc. is a clinical stage biopharmaceutical company dedicated
to the development of gene transfer therapy products for the treatment of
severe cardiovascular and peripheral vascular disease. Corautus is currently
developing a gene transfer product using the Vascular Endothelial Growth Factor
2 (VEGF-2) gene to promote therapeutic angiogenesis in ischemic muscle. In July
2003, Corautus entered into a series of agreements with Boston Scientific
Corporation to fund, develop, commercialize and distribute the VEGF-2 gene
therapy products.
Forward Looking Statement
This press release may contain forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such statements are subject to certain factors, risks and uncertainties that
may cause actual results, events and performances to differ materially from
those referred to in such statements. These risks include statements which
address operating performance, events or developments that we expect or
anticipate will occur in the future, such as projections about our future
results of operations or our financial condition, benefits from the alliance
with Boston Scientific, research, development and commercialization of our
product candidates, anticipated trends in our business, manufacture of
sufficient and acceptable quantities of our proposed products, approval of our
product candidates, meeting additional capital requirements, and other risks
that could cause actual results to differ materially. These risks are
discussed in Corautus Genetics Inc.'s Securities and Exchange Commission
filings, including, but not limited to, the risk factors in Corautus' Annual
Report on Form 10-K for the year ended December 31, 2003 (File No. 001-15833)
filed March 30, 2004, which are incorporated by reference into this press
release.
(tables follow)
Corautus Genetics Inc.
Condensed Balance Sheets
March 31, 2004 December 31, 2003
(Unaudited) (A)
ASSETS
Current assets:
Cash and cash equivalents $12,421,415 $8,911,994
Accounts receivable and other current
assets 473,943 684,150
Total current assets 12,895,358 9,596,144
Property and equipment, net 113,047 184,338
Other assets 728,399 753,553
Total Assets $13,736,804 $10,534,035
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $881,675 $1,257,815
Capital lease obligation, current
portion 187,019 376,265
Deferred revenue, current portion 83,333 83,333
Lease settlement obligation, current
portion 738,930 1,128,189
Total current liabilities 1,890,957 2,845,602
Notes and interest payable 2,574,794 2,500,000
Lease settlement obligation, net of
current portion 1,190,324 1,815,289
Deferred revenue, net of current
portion 840,278 881,944
Total liabilities 6,496,353 8,042,835
Total stockholders' equity 7,240,451 2,491,200
Total Liabilities and Stockholders'
Equity $13,736,804 $10,534,035
(A) Derived from the audited financial statements included in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2003
Corautus Genetics Inc.
Condensed Statements of Operations
For the Six Months Ended
June 30, 2004 June 30, 2003
(Unaudited) (Unaudited)
Revenues $20,833 $ -
Costs and expenses:
Research and development 2,792,661 2,298,371
General and administrative 2,013,727 2,365,801
Write-off of acquired in-process
technology - 17,699,863
Write-off of property and equipment - 1,932,414
Total costs and expenses 4,806,388 24,294,449
Loss from operations (4,764,721) (24,296,449)
Other income, net 4,254 -
Interest expense (154,365) (117,640)
Interest income 65,447 33,002
Net Loss $(4,849,385) $(24,381,087)
Basic and diluted loss per share $(0.40) $(2.89)
Number of weighted-average shares
used in the computation of basic and
diluted loss per share 12,166,232 8,430,975
CONTACT: Investor Relations, Jack W. Callicutt of Corautus Genetics Inc.,
+1-404-526-6200, or fax, +1-404-526-6218
DATASOURCE: Corautus Genetics Inc.
CONTACT: Investor Relations, Jack W. Callicutt of Corautus Genetics
Inc., +1-404-526-6200, or fax, +1-404-526-6218
Web site: http://www.corautus.com/