Allos Therapeutics Reports Third Quarter 2004 Financial Results
08 Novembre 2004 - 10:30PM
PR Newswire (US)
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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