Allos Therapeutics Reports First Quarter 2005 Financial Results
05 Mai 2005 - 3:01PM
PR Newswire (US)
Allos Therapeutics Reports First Quarter 2005 Financial Results
WESTMINSTER, Colo., May 5 /PRNewswire-FirstCall/ -- Allos
Therapeutics, Inc. (NASDAQ:ALTH) today reported financial results
for the first quarter of 2005. For the three months ended March 31,
2005, the Company reported a net loss of $5.1 million, or $(0.16)
per share. This compares to a net loss of $5.1 million, or $(0.17)
per share, for the first quarter of 2004. Cash, cash equivalents,
and investments in marketable securities as of March 31, 2005 were
$67.8 million. Product Portfolio Update: EFAPROXYN(TM)
(efaproxiral): * The Company continues to initiate investigative
sites and enroll patients in its pivotal Phase 3 trial of EFAPROXYN
for the treatment of patients with brain metastases from breast
cancer. To date, more than 70 of 125 planned investigative sites
have opened for enrollment in North America, Europe and South
America. In addition, patient enrollment commenced during the first
quarter in Europe and South America, thus expanding the trial into
all three geographic regions. The Company currently expects to
complete enrollment in this trial in the second half of 2006. * The
Marketing Authorization Application (MAA) for EFAPROXYN, filed in
June 2004, remains under review by the European Medicines Agency
(EMEA). In April 2005, the Company responded to the Agency's
120-day list of questions generated during review of the MAA. PDX
(pralatrexate): * In January 2005, the Company announced the
initiation of patient enrollment in a Phase 1 dose escalation study
of PDX with vitamin B12 and folic acid supplementation in patients
with Stage IIIB-IV non-small cell lung cancer. The Company
currently expects to complete enrollment in this trial in the
second half of 2005. * A Phase 1 study of PDX in combination with a
taxane is currently underway at Memorial Sloan-Kettering Cancer
Center. This open-label study is designed to determine the optimal
dose and toxicity profile of PDX when combined with a taxane. The
Company currently expects to complete patient accrual in this trial
in the first half of 2005. RH1: * In December 2004, the Company
reported the status of a Phase 1 dose escalation study of RH1 in
patients with advanced solid tumors in conjunction with news of the
product's in-licensing. The Company currently expects to complete
enrollment in this trial in the second half of 2005. Financial
Highlights: * In March 2005, the Company issued and sold an
aggregate of 2,352,443 shares of Series A Exchangeable Preferred
Stock to Warburg Pincus Private Equity VIII, L.P. and certain other
investors at a purchase price of $22.10 per share, for total net
proceeds of $48.9 million. In conjunction with this financing,
Stewart Hen and Jonathan Leff, both managing directors of Warburg
Pincus, joined the Company's Board of Directors. Conference Call
The Company will host a conference call to review its first quarter
results on Thursday, May 5, 2005, at 11:00 AM ET. The dial in
number for U.S. residents to participate is 877-407-8031.
International callers should dial 201-689-8031. Participants should
reference the Allos Therapeutics conference call. Conference Call
Replay An audio replay of the conference call will be available
from 2:00 PM ET on Thursday, May 5, 2005, until 11:59 PM ET on
Thursday, May 12, 2005. To access the replay, please dial
877-660-6853 (domestic) or 201-612-7415 (international); Replay
pass codes (both required for playback): account #: 286; conference
ID #: 150227. Webcast Allos Therapeutics will hold a live web cast
of the conference call. The webcast will be available from the
homepage and the investors/media section of the Company's web site
at http://www.allos.com/ and will be archived for 30 days. About
Allos Therapeutics, Inc. Allos Therapeutics, Inc. (NASDAQ:ALTH) is
a biopharmaceutical company focused on developing and
commercializing innovative small molecule therapeutics for the
treatment of cancer. Our lead product candidate, EFAPROXYN(TM)
(efaproxiral), is a synthetic small molecule designed to sensitize
hypoxic, or oxygen-deprived, tumor tissue during radiation therapy.
EFAPROXYN is currently being evaluated as an adjunct to whole brain
radiation therapy in a pivotal Phase 3 trial in women with brain
metastases originating from breast cancer. Our other product
candidates are: PDX (pralatrexate), a small molecule
chemotherapeutic agent (DHFR inhibitor) currently under
investigation as both a single agent and in combination therapy
regimens in patients with non-small cell lung cancer and
Non-Hodgkin's lymphoma; and RH1, a small molecule chemotherapeutic
agent bioactivated by the enzyme DT- diaphorase currently under
evaluation in patients with advanced solid tumors. For more
information, please visit the company's web site at:
http://www.allos.com/. Safe Harbor Statement This press release
contains forward-looking statements that are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements include statements
concerning our projected timelines for initiation of investigative
sites and completion of enrollment in our clinical trials, the
potential safety and efficacy of EFAPROXYN, and other statements
which are other than statements of historical facts. In some cases,
you can identify forward-looking statements by terminology such as
"may," "will," "should," "expects," "intends," "plans,"
anticipates," "believes," "estimates," "predicts," "projects,"
"potential," "continue," and other similar terminology or the
negative of these terms, but their absence does not mean that a
particular statement is not forward- looking. Such forward-looking
statements are not guarantees of future performance and are subject
to risks and uncertainties that may cause actual results to differ
materially from those anticipated by the forward-looking
statements. These risks and uncertainties include, among others:
that we may experience difficulties or delays in our clinical
trials, whether caused by adverse events, investigative site
initiation rates, patient enrollment rates, regulatory issues or
other factors; and that clinical trials may not demonstrate the
safety and efficacy of our product candidates in their target
indications. Additional information concerning these and other
factors that may cause actual results to differ materially from
those anticipated in the forward-looking statements is contained in
the "Risk Factors" section of the Company's Annual Report on Form
10-K for the year ended December 31, 2004, and in the Company's
other periodic reports and filings with the Securities and Exchange
Commission. The Company cautions investors not to place undue
reliance on the forward-looking statements contained in this press
release. All forward-looking statements are based on information
currently available to the Company on the date hereof, and the
Company undertakes no obligation to revise or update these
forward-looking statements to reflect events or circumstances after
the date of this presentation, except as required by law. ALLOS
THERAPEUTICS, INC. CONDENSED STATEMENTS OF OPERATIONS (in thousands
~ except share and per share information) (unaudited) Three Months
Ended March 31, 2004 2005 Operating expenses: Research and
development $1,988 $2,348 Clinical manufacturing 783 360 Marketing,
general and administrative 2,513 2,193 Restructuring costs -- 380
Total operating expenses 5,284 5,281 Loss from operations (5,284)
(5,281) Interest and other income, net 138 209 Net loss $(5,146)
$(5,072) Net loss per share: basic and diluted $(0.17) $(0.16)
Weighted average common shares: Basic and diluted 31,109,944
31,175,783 ALLOS THERAPEUTICS, INC. CONDENSED BALANCE SHEETS (in
thousands) (unaudited) December 31, 2004 March 31, 2005 ASSETS
Cash, cash equivalents and investments in marketable securities
$23,848 $67,834 Other assets 1,345 2,664 Property, equipment and
leasehold improvements, net 980 905 Total assets $26,173 $71,403
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities $2,310
$3,713 Series A Exchangeable Preferred Stock -- 48,914
Stockholders' equity 23,863 18,776 Total liabilities and
stockholders' equity $26,173 $71,403 DATASOURCE: Allos
Therapeutics, Inc. CONTACT: Jennifer Neiman, Manager, Corporate
Communications of Allos Therapeutics, Inc., +1-720-540-5227, Web
site: http://www.allos.com/
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