BioCryst Reports First Quarter 2001 Financial Results

Apr 25, 2001, 01:00 ET from BioCryst Pharmaceuticals, Inc.

    BIRMINGHAM, Ala., April 25 /PRNewswire Interactive News Release/ --
 BioCryst Pharmaceuticals, Inc. (Nasdaq:   BCRX), today announced financial
 results for the first quarter ended March 31, 2001.  The Company reported
 revenues of $1,887,000 in the first quarter of 2001, compared to $1,641,000 in
 the first quarter of 2000 (as restated for the adoption of the Securities and
 Exchange Commission's Staff Accounting Bulletin No. 101 (SAB 101) in the first
 quarter of 2000).  The net loss for the quarter ended March 31, 2001 was
 $1,383,000, or $0.08 per share, compared to a net loss of $1,336,000, or
 $0.08 per share, for the same period last year before the cumulative effect of
 a change in accounting principle adjustment required by SAB 101.  After the
 cumulative effect adjustment required by SAB 101, the net loss for the quarter
 ended March 31, 2000 was $7,424,000, or $0.43 per share.  As of March 31,
 2001, the Company had cash, cash equivalents and investments of $62.7 million.
     Revenues increased in the first quarter of 2001 over the same period last
 year primarily as a result of the timing of the receipt of milestone payments
 from The R.W. Johnson Pharmaceutical Research Institute (RWJPRI) and related
 recognition of the revenue after the adoption of SAB 101.  Research and
 development expenses increased 30.7% to $2.5 million in the three months ended
 March 31, 2001 from $1.9 million in the three months ended March 31, 2000.
 The increase is primarily attributable to an increase in facilities expenses
 and related personnel increases resulting from the expansion of our facility
 and staff during 2000.  General and administrative expenses decreased 32.0%
 during the same period primarily due to a reduction in legal fees and the
 reduced Alabama share tax assessment in 2001.
     The Company will conduct a conference call, which is open to the public,
 at 10:00 am EDT on Wednesday, April 25.  The conference call dial-in number is
 1-800-289-0496, and the passcode number is 440430.  The conference call will
 also be available by webcast on the Company's investor relations website,
 www.biocryst.com .
     Founded in 1986, BioCryst Pharmaceuticals, Inc. is a biopharmaceutical
 company focused on the development of pharmaceuticals for the treatment of
 viral, inflammatory/autoimmune and cardiovascular diseases and disorders.
 BioCryst's most advanced drug candidate, RWJ-270201 (formerly known as BCX-
 1812), is a neuraminidase inhibitor designed to treat and prevent viral
 influenza.  The Company licensed this drug candidate to The R.W. Johnson
 Pharmaceutical Research Institute and Ortho-McNeil Pharmaceutical, Inc., both
 Johnson & Johnson companies.
     These statements involve known and unknown risks, uncertainties and other
 factors which may cause our actual results, performance or achievements to be
 materially different from any future results, performances or achievements
 expressed or implied by the forward-looking statements.  Forward-looking
 statements include, but are not limited to The R.W. Johnson Pharmaceutical
 Research Institute (RWJPRI) and Ortho-McNeil Pharmaceutical, Inc.'s progress
 with respect to our influenza neuraminidase inhibitors and developments with
 respect to clinical trials and the regulatory approval process.  These
 statements reflect our current views with respect to future events and are
 based on assumptions and subject to risks and uncertainties.  Given these
 uncertainties, you should not place undue reliance on these forward-looking
 statements.  Some of the factors that could affect the forward-looking
 statements contained herein include, without limitation that any Phase III
 clinical trials may not be successful or be pivotal in nature, that an NDA
 might not be filed, or that our license with RWJPRI and Ortho-McNeil might be
 terminated.  Even if RWJPRI completes the Phase III clinical trials, we do not
 know when, if ever, it will receive FDA or foreign regulatory agency approvals
 for, or when Ortho-McNeil will begin marketing of RWJ-270201.  Please refer to
 the documents BioCryst files periodically with the Securities and Exchange
 Commission, specifically BioCryst's most recent Annual report on Form 10-K,
 which identifies important factors that could cause the actual results to
 differ materially from those contained in the forward-looking statements.
 
                         BIOCRYST PHARMACEUTICALS, INC.
                               FINANCIAL SUMMARY
 
     Condensed Statements of Operations (unaudited)
     (in thousands, except per share)
 
                                                          Three Months Ended
                                                               March 31,
                                                         2001           2000
 
     Revenues:Collaborative and other research
       and development                                   $703           $564
     Interest income and other                          1,184          1,077
         Total revenues                                 1,887          1,641
     Expenses:
     Research and development                           2,530          1,936
     General and administrative                           699          1,028
     Royalty expense                                       40             12
     Interest                                               1              1
         Total expenses                                 3,270          2,977
     Loss before cumulative effect of change in
       accounting principle                           $(1,383)       $(1,336)
     Cumulative effect of change in accounting
       principle                                            0         (6,088)
         Net loss                                     $(1,383)       $(7,424)
     Amounts per common share:
     Loss before cumulative effect of change in
       accounting principle                             $(.08)         $(.08)
     Cumulative effect of change in accounting
       principle                                          .00           (.35)
         Net loss per share                             $(.08)         $(.43)
     Weighted average shares outstanding               17,539         17,342
 
 
 
     Balance Sheet Data (in thousands)
                                                      March 31,    December 31,
                                                         2001           2000
                                                     (Unaudited)     (Audited)
     Cash, cash equivalents and securities            $62,741        $65,583
     Total assets                                      68,069         70,826
     Accumulated deficit                              (71,428)       (70,045)
     Stockholders' equity                              60,153         61,481
 
 
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SOURCE BioCryst Pharmaceuticals, Inc.
    BIRMINGHAM, Ala., April 25 /PRNewswire Interactive News Release/ --
 BioCryst Pharmaceuticals, Inc. (Nasdaq:   BCRX), today announced financial
 results for the first quarter ended March 31, 2001.  The Company reported
 revenues of $1,887,000 in the first quarter of 2001, compared to $1,641,000 in
 the first quarter of 2000 (as restated for the adoption of the Securities and
 Exchange Commission's Staff Accounting Bulletin No. 101 (SAB 101) in the first
 quarter of 2000).  The net loss for the quarter ended March 31, 2001 was
 $1,383,000, or $0.08 per share, compared to a net loss of $1,336,000, or
 $0.08 per share, for the same period last year before the cumulative effect of
 a change in accounting principle adjustment required by SAB 101.  After the
 cumulative effect adjustment required by SAB 101, the net loss for the quarter
 ended March 31, 2000 was $7,424,000, or $0.43 per share.  As of March 31,
 2001, the Company had cash, cash equivalents and investments of $62.7 million.
     Revenues increased in the first quarter of 2001 over the same period last
 year primarily as a result of the timing of the receipt of milestone payments
 from The R.W. Johnson Pharmaceutical Research Institute (RWJPRI) and related
 recognition of the revenue after the adoption of SAB 101.  Research and
 development expenses increased 30.7% to $2.5 million in the three months ended
 March 31, 2001 from $1.9 million in the three months ended March 31, 2000.
 The increase is primarily attributable to an increase in facilities expenses
 and related personnel increases resulting from the expansion of our facility
 and staff during 2000.  General and administrative expenses decreased 32.0%
 during the same period primarily due to a reduction in legal fees and the
 reduced Alabama share tax assessment in 2001.
     The Company will conduct a conference call, which is open to the public,
 at 10:00 am EDT on Wednesday, April 25.  The conference call dial-in number is
 1-800-289-0496, and the passcode number is 440430.  The conference call will
 also be available by webcast on the Company's investor relations website,
 www.biocryst.com .
     Founded in 1986, BioCryst Pharmaceuticals, Inc. is a biopharmaceutical
 company focused on the development of pharmaceuticals for the treatment of
 viral, inflammatory/autoimmune and cardiovascular diseases and disorders.
 BioCryst's most advanced drug candidate, RWJ-270201 (formerly known as BCX-
 1812), is a neuraminidase inhibitor designed to treat and prevent viral
 influenza.  The Company licensed this drug candidate to The R.W. Johnson
 Pharmaceutical Research Institute and Ortho-McNeil Pharmaceutical, Inc., both
 Johnson & Johnson companies.
     These statements involve known and unknown risks, uncertainties and other
 factors which may cause our actual results, performance or achievements to be
 materially different from any future results, performances or achievements
 expressed or implied by the forward-looking statements.  Forward-looking
 statements include, but are not limited to The R.W. Johnson Pharmaceutical
 Research Institute (RWJPRI) and Ortho-McNeil Pharmaceutical, Inc.'s progress
 with respect to our influenza neuraminidase inhibitors and developments with
 respect to clinical trials and the regulatory approval process.  These
 statements reflect our current views with respect to future events and are
 based on assumptions and subject to risks and uncertainties.  Given these
 uncertainties, you should not place undue reliance on these forward-looking
 statements.  Some of the factors that could affect the forward-looking
 statements contained herein include, without limitation that any Phase III
 clinical trials may not be successful or be pivotal in nature, that an NDA
 might not be filed, or that our license with RWJPRI and Ortho-McNeil might be
 terminated.  Even if RWJPRI completes the Phase III clinical trials, we do not
 know when, if ever, it will receive FDA or foreign regulatory agency approvals
 for, or when Ortho-McNeil will begin marketing of RWJ-270201.  Please refer to
 the documents BioCryst files periodically with the Securities and Exchange
 Commission, specifically BioCryst's most recent Annual report on Form 10-K,
 which identifies important factors that could cause the actual results to
 differ materially from those contained in the forward-looking statements.
 
                         BIOCRYST PHARMACEUTICALS, INC.
                               FINANCIAL SUMMARY
 
     Condensed Statements of Operations (unaudited)
     (in thousands, except per share)
 
                                                          Three Months Ended
                                                               March 31,
                                                         2001           2000
 
     Revenues:Collaborative and other research
       and development                                   $703           $564
     Interest income and other                          1,184          1,077
         Total revenues                                 1,887          1,641
     Expenses:
     Research and development                           2,530          1,936
     General and administrative                           699          1,028
     Royalty expense                                       40             12
     Interest                                               1              1
         Total expenses                                 3,270          2,977
     Loss before cumulative effect of change in
       accounting principle                           $(1,383)       $(1,336)
     Cumulative effect of change in accounting
       principle                                            0         (6,088)
         Net loss                                     $(1,383)       $(7,424)
     Amounts per common share:
     Loss before cumulative effect of change in
       accounting principle                             $(.08)         $(.08)
     Cumulative effect of change in accounting
       principle                                          .00           (.35)
         Net loss per share                             $(.08)         $(.43)
     Weighted average shares outstanding               17,539         17,342
 
 
 
     Balance Sheet Data (in thousands)
                                                      March 31,    December 31,
                                                         2001           2000
                                                     (Unaudited)     (Audited)
     Cash, cash equivalents and securities            $62,741        $65,583
     Total assets                                      68,069         70,826
     Accumulated deficit                              (71,428)       (70,045)
     Stockholders' equity                              60,153         61,481
 
 
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 SOURCE  BioCryst Pharmaceuticals, Inc.