ALTH Allos Therapeutics, Inc. (MM)

Allos Therapeutics Reports Third Quarter 2004 Financial Results WESTMINSTER, Colo., Nov. 8 /PRNewswire-FirstCall/ -- Allos Therapeutics, Inc. (NASDAQ:ALTH) today reported financial results for the third quarter of 2004. For the quarter ended September 30, 2004, the Company reported a net loss of $4.6 million, or $0.15 per share. This compares to a net loss of $5.0 million, or $0.19 per share, for the third quarter of 2003. For the nine-months ended September 30, 2004, the Company reported a net loss of $16.9 million, or $0.54 per share, compared to a net loss of $23.9 million, or $0.92 per share, for the same period last year. Cash, cash equivalents and investments in marketable securities as of September 30, 2004 were $29.7 million, including $550,000 in restricted cash. Recent highlights: -- The U.S. Food and Drug Administration awarded orphan drug status to the Company's lead clinical candidate, EFAPROXYN(TM) (efaproxiral) for use as an adjunct to whole brain radiation therapy for the treatment of brain metastases in patients with breast cancer. -- The Company formalized a relationship with a leading Contract Research Organization to expand the Phase 3 ENRICH study to Europe and South America. -- The Company announced the presentation of new findings from its initial Phase 3 clinical trial of the investigational radiation sensitizer EFAPROXYN(TM) (efaproxiral) in patients with brain metastases at the 46th Annual Meeting of the American Society for Therapeutic Radiation Oncology. -- The Company appointed Marc Graboyes, formerly of Cooley Godward LLP, as Vice President, General Counsel. Conference Call Allos Therapeutics will host a conference call to review the Company's third quarter 2004 results Tuesday, November 9 at 11 AM ET. The dial in number for U.S. residents to participate is 877-407-8031. International callers should dial 201-689-8031. The participant code is 123530. Conference Call Replay An audio replay of the conference call will be available from 1 PM ET on Tuesday, November 9, 2004 until 11:59 PM ET on Tuesday, November 16, 2004. To access the replay, please dial 877-660-6853 (domestic) or +1-201-612-7415 (international); the pass code number is 123530. Webcast Allos Therapeutics will hold a live web cast of the conference call. The webcast will be available from the homepage and investor relation's 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. is a biopharmaceutical company focused on developing and commercializing innovative drugs for improving cancer treatments. The company's lead clinical candidate, EFAPROXYN(TM), is a synthetic small molecule that has the potential to sensitize hypoxic (oxygen deprived) tumor tissues and enhance the efficacy of standard radiation therapy. In addition, Allos is developing PDX (pralatrexate), a novel small molecule cytotoxic injectable antifolate (DHFR inhibitor) intended to treat non-small cell lung cancer, mesothelioma and non-Hodgkin's lymphoma. For more information, please visit the company's web site at: http://www.allos.com/. Safe Harbor Statement This announcement contains forward-looking statements that involve risks and uncertainties. Future events may differ materially from those discussed herein due to a number of factors, including, but not limited to, risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchanges Commission, including its Annual Report on Form 10-K, as amended, for the year ended December 31, 2003. The Company's product candidates are in various stages of development and may never be fully developed in a manner suitable for commercialization. If the company does not develop commercially successful products, its ability to generate revenue will be limited. If the Company is unable to raise additional capital when required or on acceptable terms, it may have to significantly delay, scale back or discontinue one or more of its drug development programs. Delays in clinical trials, whether caused by adverse events, patient enrollment rates, regulatory issues or other factors, could adversely affect the Company's financial position and prospects. Results from earlier clinical trials are not necessarily predictive of future clinical results. If the Company is unable to generate meaningful amounts of revenue or cannot otherwise raise the necessary funds to support operations, it may not be able to continue as a going concern. 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 assumes no responsibility to update such statements. ALLOS THERAPEUTICS, INC. CONDENSED STATEMENTS OF OPERATIONS (in thousands ~ except share and per share information) (unaudited) Three-months ended Nine-months ended June 30, September 30, 2004 2003 2004 2003 Operating expenses: Research and development $2,203 $1,629 $7,638 $10,116 Clinical manufacturing 432 707 2,589 6,653 Marketing, general and administrative 2,035 2,797 6,989 7,339 Restructuring costs -- 60 -- 638 Total operating expenses 4,670 5,193 17,216 24,746 Loss from operations (4,670) (5,193) (17,216) (24,746) Interest and other income, net 116 180 365 828 Net loss $(4,554) $(5,013) $(16,851) $(23,918) Basic and diluted net loss per share $(0.15) $(0.19) $(0.54) $(0.92) Weighted average common shares: basic and diluted 31,153,489 25,911,309 31,134,311 25,893,456 ALLOS THERAPEUTICS, INC. CONDENSED BALANCE SHEETS (in thousands) (unaudited) September 30, December 31, 2004 2003 ASSETS Cash, cash equivalents and investments in marketable securities $29,702 $45,597 Other assets 1,076 1,121 Equipment and leasehold improvements, net 1,088 1,456 Total assets $31,866 $48,174 Liabilities and Stockholders' Equity Liabilities $3,089 $2,763 Stockholders' equity 28,777 45,411 Total liabilities and stockholders' equity $31,866 $48,174 DATASOURCE: Allos Therapeutics, Inc. CONTACT: Jennifer Neiman, Corporate Communications Manager of Allos Therapeutics, Inc., +1-720-540-5227, Web site: http://www.allos.com/

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