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.
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