Aphton (NASDAQ:APHT)
Historical Stock Chart
From Jul 2019 to Jul 2024
Aphton Corporation (NASDAQ: APHT) today reported
financial results for the third quarter ended September 30, 2005. The
company ended the third quarter with cash, cash equivalents and
short-term investments of approximately $15 million.
Financial Update
Cash, cash equivalents, and short-term investments totaled
approximately $15 million as of September 30, 2005, compared to $43
million at the end of the third quarter of 2004. For the three months
ended September 30, 2005, Aphton's net loss applicable to common
shareholders was $8.7 million, or $(0.14) per share, compared to a
loss of $7.2 million, or $(0.19) per share for the same period in
2004.
In the third quarter, total operating costs and expenses increased
from $6.7 million in 2004 to $8.0 million in 2005. The increase in the
quarter costs and expenses for the full three months ended September
2005 was due primarily to the inclusion of the costs associated with
the operation of our wholly-owned subsidiary, Igeneon, (acquired March
24, 2005); research and development of our newly acquired product
candidates, IGN101 and IGN311; and a restructuring charge. The
restructuring charge of $288,000 relates to actions taken during the
third quarter as part of the Company's cost-reduction program.
A live audio webcast of the conference call that will be held
tomorrow, November 10, 2005 at 9:00 a.m. ET can be accessed either by
telephone at:
Toll Free in the US/Canada at 1-800-322-0079; Code Aphton
Corporation
Outside the U.S. at 1-973-409-9258; Code Aphton Corporation
Or via the internet at http://viavid.net/dce.aspx?sid=00002AC7.
A replay of the presentation will be available via the Company
website and will begin approximately 2 hours after the conference call
has concluded. The replay will be available for 14 days.
About Aphton
Aphton Corporation, headquartered in Philadelphia, Pennsylvania,
is a clinical stage biopharmaceutical company focused on developing
targeted immunotherapies for cancer. Aphton's products seek to empower
the body's own immune system to fight disease. Through the acquisition
of Igeneon AG in March 2005, Aphton acquired late-stage products,
IGN101, a cancer vaccine designed to induce an immune response against
EpCAM-positive tumor cells, as well as IGN311. Aphton has strategic
alliances with Daiichi Pure Chemicals for the development,
manufacturing and commercialization of gastrin-related diagnostic
kits; and with Xoma for treating gastrointestinal and other
gastrin-sensitive cancers using anti-gastrin monoclonal and other
antibodies. Aphton's most advanced product, Insegia(TM), targets the
hormone, gastrin 17, in an attempt to treat gastrointestinal cancers.
For more information about Aphton or its programs please visit
Aphton's website at: www.aphton.com.
-0-
*T
Aphton Corporation
Selected Condensed Financial Data
(In thousands, except per share data)
Unaudited
Three Months Ended
September 30
------------------------
2005 2004
----------- -----------
Revenues $ - $ -
Total revenues
Costs and expenses:
General and administrative 3,146 935
Research and development 4,582 5,814
Restructuring Expense 288
----------- -----------
Total cost and expenses 8,016 6,749
Dividend and interest income 93 224
Interest expense including amortized discount (831) (677)
Unrealized losses from investments 23 (31)
----------- -----------
Net loss applicable to common shareholders ($8,731) ($7,233)
=========== ===========
Basic and diluted loss per common share $ (0.14) $ (0.19)
=========== ===========
Shares used in computing net loss per share 60,448 37,712
=========== ===========
*T
Safe Harbor
This press release includes forward-looking statements. These
forward-looking statements may be affected by the risks and
uncertainties inherent in the drug development process and in Aphton's
and Igeneon's business. This information is qualified in its entirety
by cautionary statements and risk factor disclosure contained in
Aphton's Securities and Exchange Commission filings, including
Aphton's report on Form 10-K filed with the Commission on March 16,
2005. Aphton wishes to caution readers that certain important factors
may have affected, and could in the future affect, Aphton's beliefs
and expectations and could cause the actual results to differ
materially from those expressed in any forward-looking statement made
by or on behalf of Aphton.