Cellegy Pharmaceuticals Reports First Quarter Financial Results

Apr 24, 2001, 01:00 ET from Cellegy Pharmaceuticals, Inc.

    SOUTH SAN FRANCISCO, Calif., April 24 /PRNewswire Interactive Press
 Release/ -- Cellegy Pharmaceuticals, Inc. (Nasdaq:   CLGY) reported today that
 for the first quarter ended March 31, 2001, revenues were $41,000, compared
 with $530,000 for the same period last year.  Revenues during this year's
 first quarter consisted solely of Rectogesic(TM) (nitroglycerin ointment)
 product sales in Australia. Revenues during last year's first quarter were
 primarily product sales to Gryphon Development, the development subsidiary of
 a major specialty retailer.
     For the three months ended March 31, 2001, the Company had a net loss
 applicable to common shareholders of $3,775,000 or $0.27 per share, compared
 with a net loss of $1,915,000 or $0.16 per share for the same period last
 year.  In addition to lower revenues, the larger net loss during this year's
 first quarter was impacted by higher operating expenses resulting from
 increases in clinical trial expenses, various business development programs
 and non-cash compensation and amortization charges.
     Operating expenses are expected to remain at current levels during the
 next two quarters associated with the continued patient enrollment in two
 Phase III clinical trials and several Phase II trials.  Cash and investments
 at March 31, 2001 were $13.3 million, compared with $15.9 million at
 December 31, 2000.
     Commenting on the financial results, K. Michael Forrest, Chairman and CEO,
 said, "During the first quarter, we were able to increase the enrollment rate
 in all of our ongoing clinical trials, and announced our intention to file a
 New Drug Application for Anogesic(R) during the second quarter."
     Cellegy Pharmaceuticals is a specialty biopharmaceutical company engaged
 in the development of prescription drugs and high performance skin care
 products.  Cellegy is currently conducting a confirmatory Phase III clinical
 trial using Anogesic to treat pain associated with chronic anal fissures, and
 two clinical trials using Anogesic to treat hemorrhoids, a related condition
 which afflicts over 9 million people in the United States alone.
     Cellegy is also developing two unique transdermal testosterone gel
 products.  The first product, Tostrex, for the treatment of male hypogonadism,
 a condition that can result in decreased energy and libido in men, is
 undergoing a Phase III clinical trial in the United States.  The second
 product, Tostrelle, for the treatment of decreased sexual energy in
 postmenopausal women, is undergoing an expanded Phase I/II clinical study in
 the United Kingdom.
     This press release contains certain forward-looking statements.  Actual
 results may differ materially from those discussed above.  For more
 information regarding financial results, including risk factors, refer to the
 Company's Annual Report on Form 10-K for the year ended December 31, 2000.
 
 
                         CELLEGY PHARMACEUTICALS, INC.
                           SUMMARY FINANCIAL RESULTS
 
                                 March 31, 2001
 
                               INCOME STATEMENTS
                (Amounts in thousands, except per share amounts)
 
                                                       Three Months Ended
                                                     March 31,      March 31,
                                                       2001           2000
                                                   (unaudited)     (unaudited)
 
     Revenues                                             $41           $530
     Costs and expenses                                (3,816)        (2,445)
         Net loss applicable to common shareholders   $(3,775)       $(1,915)
     Basic and diluted net loss per common share       $(0.27)        $(0.16)
         Weighted average common shares outstanding    13,861         12,034
 
 
                                 BALANCE SHEETS
                             (Amounts in thousands)
 
                                                     March 31,   December 31,
                                                       2001           2000
                                                    (unaudited)
 
     Cash and investments (A)                         $13,294        $15,923
     Other assets                                       4,840          5,336
         Total assets                                 $18,134        $21,259
 
     Current liabilities                              $ 2,475         $2,131
     Long-term liabilities                                278            334
     Shareholders' equity                              15,381         18,794
         Total liabilities
          and shareholders' equity                    $18,134        $21,259
 
     (A) Includes restricted cash of $614,000.
 
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SOURCE Cellegy Pharmaceuticals, Inc.
    SOUTH SAN FRANCISCO, Calif., April 24 /PRNewswire Interactive Press
 Release/ -- Cellegy Pharmaceuticals, Inc. (Nasdaq:   CLGY) reported today that
 for the first quarter ended March 31, 2001, revenues were $41,000, compared
 with $530,000 for the same period last year.  Revenues during this year's
 first quarter consisted solely of Rectogesic(TM) (nitroglycerin ointment)
 product sales in Australia. Revenues during last year's first quarter were
 primarily product sales to Gryphon Development, the development subsidiary of
 a major specialty retailer.
     For the three months ended March 31, 2001, the Company had a net loss
 applicable to common shareholders of $3,775,000 or $0.27 per share, compared
 with a net loss of $1,915,000 or $0.16 per share for the same period last
 year.  In addition to lower revenues, the larger net loss during this year's
 first quarter was impacted by higher operating expenses resulting from
 increases in clinical trial expenses, various business development programs
 and non-cash compensation and amortization charges.
     Operating expenses are expected to remain at current levels during the
 next two quarters associated with the continued patient enrollment in two
 Phase III clinical trials and several Phase II trials.  Cash and investments
 at March 31, 2001 were $13.3 million, compared with $15.9 million at
 December 31, 2000.
     Commenting on the financial results, K. Michael Forrest, Chairman and CEO,
 said, "During the first quarter, we were able to increase the enrollment rate
 in all of our ongoing clinical trials, and announced our intention to file a
 New Drug Application for Anogesic(R) during the second quarter."
     Cellegy Pharmaceuticals is a specialty biopharmaceutical company engaged
 in the development of prescription drugs and high performance skin care
 products.  Cellegy is currently conducting a confirmatory Phase III clinical
 trial using Anogesic to treat pain associated with chronic anal fissures, and
 two clinical trials using Anogesic to treat hemorrhoids, a related condition
 which afflicts over 9 million people in the United States alone.
     Cellegy is also developing two unique transdermal testosterone gel
 products.  The first product, Tostrex, for the treatment of male hypogonadism,
 a condition that can result in decreased energy and libido in men, is
 undergoing a Phase III clinical trial in the United States.  The second
 product, Tostrelle, for the treatment of decreased sexual energy in
 postmenopausal women, is undergoing an expanded Phase I/II clinical study in
 the United Kingdom.
     This press release contains certain forward-looking statements.  Actual
 results may differ materially from those discussed above.  For more
 information regarding financial results, including risk factors, refer to the
 Company's Annual Report on Form 10-K for the year ended December 31, 2000.
 
 
                         CELLEGY PHARMACEUTICALS, INC.
                           SUMMARY FINANCIAL RESULTS
 
                                 March 31, 2001
 
                               INCOME STATEMENTS
                (Amounts in thousands, except per share amounts)
 
                                                       Three Months Ended
                                                     March 31,      March 31,
                                                       2001           2000
                                                   (unaudited)     (unaudited)
 
     Revenues                                             $41           $530
     Costs and expenses                                (3,816)        (2,445)
         Net loss applicable to common shareholders   $(3,775)       $(1,915)
     Basic and diluted net loss per common share       $(0.27)        $(0.16)
         Weighted average common shares outstanding    13,861         12,034
 
 
                                 BALANCE SHEETS
                             (Amounts in thousands)
 
                                                     March 31,   December 31,
                                                       2001           2000
                                                    (unaudited)
 
     Cash and investments (A)                         $13,294        $15,923
     Other assets                                       4,840          5,336
         Total assets                                 $18,134        $21,259
 
     Current liabilities                              $ 2,475         $2,131
     Long-term liabilities                                278            334
     Shareholders' equity                              15,381         18,794
         Total liabilities
          and shareholders' equity                    $18,134        $21,259
 
     (A) Includes restricted cash of $614,000.
 
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 SOURCE  Cellegy Pharmaceuticals, Inc.