Important note: Information in this article was accurate in 1995. The state of the art may have changed since the publication date.
PR Newswire - November 2, 1995
Operating expenses in 1995 increased three percent for the quarter and 21 percent for the nine-month period compared to the same periods in 1994. The moderate increases in expenses reflected the costs of advancing the company's product development programs into clinical trials.
At September 30, 1995, the company's cash, cash equivalents and securities held for sale totaled $16,004,000, up from $11,475,000 at December 31, 1994. The increase was largely attributed to net proceeds of $12.3 million received from the July sale of common stock and warrants, offset by the cash used to fund the company's activities over nine months.
Targeted Genetics has three clinical programs underway relating to potential treatments for human immunodeficiency virus (HIV) infection, Gaucher disease, and melanoma. By the end of the year, the company expects to begin clinical trials for cystic fibrosis (CF); the trials will use adeno-associated virus (AAV) as a gene therapy vector, or delivery system, to carry a functioning CF gene directly to the lungs of CF patients.
Targeted Genetics Corporation develops gene and cell therapy products for the treatment of certain acquired and inherited diseases. The company's principal focus is on CTL-based immunotherapy for infectious diseases and cancer, in vivo adeno-associated virus based therapy for cystic fibrosis, and stem cell gene therapy.
TARGETED GENETICS CORPORATION Selected Financial Information
STATEMENTS OF OPERATIONS Three Months Ended Nine Months Ended (unaudited, in thousands September 30 September 30 except per share data) 1995 1994 1995 1994
Investment and other income $ 248 $ 179 $ 560 $ 320
Expenses:
Research and development 1,943 1,866 5,878 5,009 General and administrative 448 486 1,683 1,305 Interest 77 52 230 143
Total expenses 2,468 2,404 7,791 6,457
Net loss $(2,220) $(2,225) $(7,231) $(6,137) Net loss per share $ (0.19) $ (0.25) $ (0.73) $ (1.22)
Shares used in computation of net loss per share 11,823 8,951 9,932 5,010
Pro forma, reflecting conversion of preferred stock to common stock:
Net loss per share $ (0.73) $ (0.78)
Shares used in computation of net loss per share 9,932 7,880
CONDENSED BALANCE SHEETS September 30, December 31, (in thousands) 1995 1994 (unaudited)
Cash, cash equivalents and securities held for sale $16,004 $11,475
Other current assets 253 254 Property, plant and equipment, net 5,096 5,039
Other assets 341 278
Total assets $21,694 $17,046
Current liabilities $ 1,329 $ 1,551
Long-term obligations 1,957 2,253
Shareholders' equity (12,315 and 8,956 common shares outstanding at
September 30, 1995 and 1994, respectively) 18,408 13,242 Total liabilities and shareholders' equity $21,694 $17,046
CONTACT: James A. Johnson or Alberta L. Garvin of Targeted Genetics, 206-521-7824/ 09:15 EST
Copyright (c) 1995/PR NewsWire. Reproduced with permission. Reproduction of this article (other than one copy for personal reference) must be cleared through the Permissions Desk, PR Newswire, 810 Seventh Avenue, New York, NY 10019.
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