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 17, 1995
The decline in revenue was due principally to lower sales of the company's chiral products resulting from the delayed timing of clinical trials being conducted by two of the company's major customers.
For the nine-month period just ended, net losses were $6.8 million, or 86 cents a share, compared to $6 million, or 77 cents a share, a year ago. This is exclusive of $2.3 million in losses from discontinued operations in 1994.
Revenue for the nine months just ended declined to $1 million from $2 million a year ago, again the result of lower chiral product sales. This revenue loss was met with strong internal cost controls, which held the increase in net losses at 12 percent compared to a year ago.
The company reported significant clinical and regulatory progress during the three months just ended.
The U.S. FDA approved expanded access to the company's lead thalidomide compound, Synovir(TM) and granted the company permission to recover costs of dispensing the drug to patients participating in the study. Both actions are considered highly unusual for a drug in Phase II clinical trials.
Celgene also said the U.S. Government has begun a study of Synovir in combination with Chiron Corporation's Interleukin-2 (IL-2) for treatment of HIV-1 infection in a multi-arm Phase II clinical trial, bringing the number of separate trials with the drug to five.
In addition, Johns Hopkins University became the first site to begin studying new lead compounds Celgene has developed based on thalidomide's chemical structure. Johns Hopkins' preclinical work is expected to indicate the potential of these compounds to counter the development of graft-versus-host disease in bone marrow transplant patients.
Celgene Corporation, headquartered in Warren, N.J., uses its expertise in proprietary small molecule chemistry to serve the pharmaceutical and allied industries.
CONTACT: Richard G. Wright, Chairman and CEO of Celgene Corporation, 908-271-4119; or Thomas Redington of Redington, Inc., 203-222-7399 or 212-926-1733/ 10:59 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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