Vicuron (NASDAQ:MICU)
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Vicuron Pharmaceuticals Announces Second Quarter 2004 Financial
Results
KING OF PRUSSIA, Pa., Aug. 5 /PRNewswire-FirstCall/ -- Vicuron Pharmaceuticals
Inc. (Nasdaq: MICU; Nuovo Mercato) today reported financial results for the
three and six month periods ended June 30, 2004.
Total revenues for the second quarter of 2004 were $1.9 million compared with
$2.3 million for 2003. Total operating expenses were $26.5 million in the
second quarter of 2004 compared to $28.8 million during the same period last
year.
For the second quarter of 2004, Vicuron reported a net loss of $24.1 million or
a net loss per share of $0.44 on 54.6 million weighted average shares
outstanding. This compares to a net loss of $25.9 million, or $0.54 per share
on 47.7 million weighted average shares outstanding, for the second quarter of
2003. Total revenues for the first half of 2004 were $3.8 million compared with
$4.0 million for the same period in 2003. Total operating expenses during the
first six months of 2004 were $52.7 million compared to $138.1 million during
the same period last year.
For the six months ended June 30, 2004, Vicuron reported a net loss of $47.6
million or a net loss per share of $0.88 on 54.3 million weighted average
shares outstanding. This compares to a net loss for the same period of 2003 of
$133.1 million or a net loss per share of $3.25 on 40.9 million weighted
average shares outstanding.
At June 30, 2004, cash and cash equivalents and unrestricted marketable
securities totaled approximately $117.4 million.
"Vicuron continues to implement its operational expense reductions and conduct
discussions with the FDA regarding anidulafungin," said George F. Horner III,
Vicuron's president and chief executive officer. "This year, we are looking
forward to Phase III dalbavancin data and continuing our tradition of a strong
presence at ICAAC."
About Vicuron
Vicuron Pharmaceuticals is a biopharmaceutical company focused on discovering,
developing, manufacturing and commercializing vital medicine for seriously ill
patients in North America and major countries in Europe. In May 2004, Vicuron
received an approvable letter from the FDA for anidulafungin for the treatment
of esophageal candidiasis. A Phase III study of anidulafungin in invasive
candidiasis is ongoing. The company's other lead product, dalbavancin, a novel
intravenous antibiotic for the treatment of serious Gram-positive infections,
is in Phase III clinical trials. The company's versatile research engine
integrates industry-leading expertise in functional genomics, natural products
discovery, mechanism-based drug design and combinatorial and medicinal
chemistry. These approaches are yielding promising novel and next-generation
compounds, many of which are in the later stages of preclinical development. In
addition, the company has research and development collaborations with leading
pharmaceutical companies, such as Pfizer and Novartis.
Forward-Looking Statements
This news release contains forward-looking statements that predict or describe
future events or trends. The matters described in these forward-looking
statements are subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond Vicuron's control. Vicuron
faces many risks that could cause its actual performance to differ materially
from the results predicted by its forward-looking statements, including the
possibilities that clinical trials and the results thereof might be delayed,
that the timing of the filing of any new drug application might be delayed,
that subsequent clinical trials might indicate that a product candidate is
unsafe or ineffective, that any filed new drug application may not be approved,
that ongoing proprietary and collaborative research might not occur or yield
useful results, that a third party may not be willing to license our product
candidates on terms acceptable to us or at all, that competitors might develop
superior substitutes for their products or market them more effectively, that a
sales force may not be developed as contemplated and that one or more of its
product candidates may not be commercialized successfully. The reports that
Vicuron files with the U.S. Securities and Exchange Commission contain a fuller
description of these and many other risks to which Vicuron is subject. Because
of those risks, Vicuron's actual results, performance or achievements may
differ materially from the results, performance or achievements contemplated by
its forward-looking statement. The information set forth in this news release
represents management's current expectations and intentions. Vicuron assumes no
responsibility to issue updates to the forward-looking matters discussed in
this news release.
VICURON PHARMACEUTICALS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2004 2003 2004 2003
Revenues:
Collaborative research and
development and contract
services $1,778 $ 2,148 $3,570 $ 3,865
License fees and milestones 139 130 275 171
Total revenues 1,917 2,278 3,845 4,036
Operating expenses:
Research and development 19,355 25,158 41,390 37,883
General and administrative 7,192 3,643 11,263 5,724
Acquired in-process
research and development -- -- -- 94,532
Total operating expenses 26,547 28,801 52,653 138,139
Loss from operations (24,630) (26,523) (48,808) (134,103)
Other income (expense):
Investment income 545 718 1,231 1,168
Interest expense (25) (47) (53) (117)
Net loss $(24,110) $ (25,852) $(47,630) $(133,052)
Net loss per share:
Basic and diluted $(0.44) $(0.54) $ (0.88) $(3.25)
Weighted average shares 54,616 47,709 54,323 40,890
VICURON PHARMACEUTICALS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
June 30, December 31,
2004 2003
ASSETS
Current assets:
Cash and cash equivalents $81,436 $113,361
Marketable securities 36,003 52,796
Accounts receivable, net 4,837 5,533
Prepaid expenses and other current assets 6,656 6,329
Total current assets 128,932 178,019
Property, plant and equipment 48,776 43,757
Intangible assets, net 21,455 23,373
Long-term receivables 10,928 9,787
Long-term marketable securities-restricted 2,925 3,232
Other assets 330 330
Total assets $213,346 $258,498
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $14,582 $13,986
Accrued liabilities 17,920 15,085
Current portion of long term debt 1,136 2,360
Current portion of deferred revenue 79 1,068
Total current liabilities 33,717 32,499
Long-term debt, less current portion 7,243 7,493
Deferred revenue, less current portion 2,437 1,750
Other long-term liabilities 2,933 2,973
Total liabilities 46,330 44,715
Stockholders' equity:
Common stock 55 54
Additional paid-in capital 524,457 518,275
Deferred stock compensation (283) (454)
Accumulated other comprehensive income 17,141 22,632
Accumulated deficit (374,354) (326,724)
Total stockholders' equity 167,016 213,783
Total liabilities and stockholders'
equity $213,346 $258,498
DATASOURCE: Vicuron Pharmaceuticals Inc.
CONTACT: Dov A. Goldstein, M.D. of Vicuron Pharmaceuticals Inc.,
+1-610-205-2312, or ; or Hala Mirza of WeissCom
Partners, +1-212-204-2080, or , or Aline Schimmel of Burns
McClellan, +1-212-213-0006, or , both for Vicuron
Pharmaceuticals Inc.
Web site: http://www.vicuron.com/