Matrix Pharmaceutical Reports First Quarter 2001 Financial Results

Apr 26, 2001, 01:00 ET from Matrix Pharmaceutical, Inc.

    FREMONT, Calif., April 26 /PRNewswire/ --
 Matrix Pharmaceutical, Inc. (Nasdaq:   MATX) today reported financial results
 for the three months ended March 31, 2001.
     Matrix reported a net loss for the quarter of $6,624,000 or $0.25 per
 share on a basic and diluted basis compared to a net loss of $5,156,000 or
 $0.22 per share in the first quarter of 2000.  Matrix ended the first quarter
 of 2001 with $48,481,000 in cash, cash equivalents and marketable securities.
     "We achieved a very important company milestone by filing our New Drug
 Application (NDA) with the U.S. Food and Drug Administration (FDA) during the
 first quarter," said Michael D. Casey, Chairman, President and Chief Executive
 Officer.  "On January 4, 2001, Matrix completed the submission of an NDA for
 IntraDose(R) (cisplatin/epinephrine) Injectable Gel to the FDA for the
 treatment of refractory or recurrent head & neck cancer.  On March 7, 2001, we
 announced that we received notification from the FDA that the filing the
 IntraDose NDA was accepted with the standard review process.  The FDA has
 stated that its goal is to complete 70% of standard reviews within 10 months
 and 90% of standard reviews within 12 months.  We are actively working with
 the agency to facilitate the review of the application."
     Also, Mr. Casey noted other recent events during the first quarter of
 2001:
 
     -- Clinical and pre-clinical results for IntraDose and tezacitabine were
        presented at several major medical meetings in the first quarter
        including:
 
         -- The American Hepato-Pancreato-Biliary Association -- 4th Biennial
            Congress;
         -- The Fifth World Conference on Melanoma;
         -- The Society of Surgical Oncology -- 54th Annual Cancer Symposium;
            and
         -- The 92nd Annual Meeting of the American Association for Cancer
            Research.
 
     -- The Company presented at a number of healthcare investor conferences
 including J.P. Morgan H & Q, U.S. Bancorp Piper Jaffray, BIO CEO and Banc of
 America Securities.
 
     Total revenues from Matrix Contract Services, or MCS, were $501,000 in the
 first quarter of 2001 compared to $170,000 in the first quarter of 2000.  The
 increase for the quarter was due to a growth in the customer base, larger
 contracts and repeat business.
     Total costs and expenses were $7,741,000 during the first quarter of 2001
 compared to $5,740,000 in the year-earlier period.  Research and development
 expenses increased in the first quarter of 2001 to $5,236,000 from $4,180,000
 in the comparable period a year ago primarily due to higher personnel costs to
 support planned clinical programs, consulting expenses and higher utility
 costs at our San Diego facility.  General and administrative expenses for the
 first quarter of 2001 increased to $2,276,000 from $1,449,000 in the first
 quarter of 2000 principally due to higher marketing personnel costs, market
 preparation expenses for IntraDose and consulting expenses.
     Net interest and other income increased to $616,000 in the first quarter
 of 2001 from $414,000 in the year-earlier quarter primarily because of
 interest earned on higher cash and investment balances.
     IntraDose is a potential new approach to treating locally recurrent or
 metastatic cancer.  IntraDose delivers high concentrations of cisplatin (an
 established chemotherapy agent) for an extended time period at the injection
 site while reducing systemic effects associated with intravenous
 administration.  The Company's NDA filing is based on the results from two
 Phase III trials completed in 2000.  The goal for these studies in head and
 neck cancer is to achieve local or regional control of the cancer while
 improving the patient's quality of life.
     Matrix Pharmaceutical, Inc. is headquartered in Fremont, California and
 has a manufacturing site in San Diego.  The Company develops novel local and
 systemic cancer treatments that may improve, extend and save the lives of
 cancer patients.  In addition to the two Phase III trials in head and neck
 cancer, IntraDose has been tested in liver, breast, malignant melanoma,
 esophageal and other cancer patients.  In the field of systemic cancer
 treatment, Matrix is developing tezacitabine (FMdC), a next-generation
 nucleoside analogue for treatment of solid tumors and hematologic
 malignancies.
     This press release contains, in addition to historical statements, certain
 forward-looking statements including the Company's plans to work closely with
 the FDA as well as timelines for and successful completion of the FDA's review
 of the IntraDose NDA.  Such statements are based on management's current
 expectations and are subject to a number of factors and uncertainties.
 Additional factors and uncertainties which could cause actual results to
 differ materially from those described in the forward looking statements are
 set forth under the heading "Risk Factors" in the Company's Annual Report on
 Form 10-K for the year ended December 31, 2000.  The Company undertakes no
 obligation to publicly release the results of any revisions to these
 forward-looking statements which may be made to reflect events or
 circumstances after the date hereof or to reflect the occurrence of
 unanticipated events.
     Matrix press releases are available at the Matrix web site www.matx.com.
 
 
                          MATRIX PHARMACEUTICAL, INC.
                         SELECTED FINANCIAL INFORMATION
 
 
     Condensed Consolidated Statements of Operations
     (In thousands except per share amounts)
 
                                                         Three Months Ended
                                                              March 31,
                                                         2001           2000
                                                  (Unaudited)    (Unaudited)
 
 
     Revenues from contract services                     $501          $ 170
 
     Operating costs and expenses
       Contract services                                  229            111
       Research and development                         5,236          4,180
       General and administrative                       2,276          1,449
         Total operating costs and expenses             7,741          5,740
 
     Loss from operations                             (7,240)        (5,570)
 
     Interest and other income, net                       616            414
 
     Net loss                                        $(6,624)       $(5,156)
 
     Basic and diluted net loss per common share      $(0.25)        $(0.22)
 
     Weighted average shares used in computing
      basic and diluted net loss per common share      26,028         22,920
 
 
     Balance Sheet Highlights
     (In thousands)
                                                    March 31,   December 31,
 
                                                        2001           2000
                                                  (Unaudited)         (Note)
 
 
 
     Cash, cash equivalents and investments           $48,481        $53,976
 
     Total assets                                     $62,189        $67,833
 
     Stockholders' equity                             $41,775        $45,976
 
 
     (Note):  Derived from audited consolidated financial statements at that
 date.
 
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SOURCE Matrix Pharmaceutical, Inc.
    FREMONT, Calif., April 26 /PRNewswire/ --
 Matrix Pharmaceutical, Inc. (Nasdaq:   MATX) today reported financial results
 for the three months ended March 31, 2001.
     Matrix reported a net loss for the quarter of $6,624,000 or $0.25 per
 share on a basic and diluted basis compared to a net loss of $5,156,000 or
 $0.22 per share in the first quarter of 2000.  Matrix ended the first quarter
 of 2001 with $48,481,000 in cash, cash equivalents and marketable securities.
     "We achieved a very important company milestone by filing our New Drug
 Application (NDA) with the U.S. Food and Drug Administration (FDA) during the
 first quarter," said Michael D. Casey, Chairman, President and Chief Executive
 Officer.  "On January 4, 2001, Matrix completed the submission of an NDA for
 IntraDose(R) (cisplatin/epinephrine) Injectable Gel to the FDA for the
 treatment of refractory or recurrent head & neck cancer.  On March 7, 2001, we
 announced that we received notification from the FDA that the filing the
 IntraDose NDA was accepted with the standard review process.  The FDA has
 stated that its goal is to complete 70% of standard reviews within 10 months
 and 90% of standard reviews within 12 months.  We are actively working with
 the agency to facilitate the review of the application."
     Also, Mr. Casey noted other recent events during the first quarter of
 2001:
 
     -- Clinical and pre-clinical results for IntraDose and tezacitabine were
        presented at several major medical meetings in the first quarter
        including:
 
         -- The American Hepato-Pancreato-Biliary Association -- 4th Biennial
            Congress;
         -- The Fifth World Conference on Melanoma;
         -- The Society of Surgical Oncology -- 54th Annual Cancer Symposium;
            and
         -- The 92nd Annual Meeting of the American Association for Cancer
            Research.
 
     -- The Company presented at a number of healthcare investor conferences
 including J.P. Morgan H & Q, U.S. Bancorp Piper Jaffray, BIO CEO and Banc of
 America Securities.
 
     Total revenues from Matrix Contract Services, or MCS, were $501,000 in the
 first quarter of 2001 compared to $170,000 in the first quarter of 2000.  The
 increase for the quarter was due to a growth in the customer base, larger
 contracts and repeat business.
     Total costs and expenses were $7,741,000 during the first quarter of 2001
 compared to $5,740,000 in the year-earlier period.  Research and development
 expenses increased in the first quarter of 2001 to $5,236,000 from $4,180,000
 in the comparable period a year ago primarily due to higher personnel costs to
 support planned clinical programs, consulting expenses and higher utility
 costs at our San Diego facility.  General and administrative expenses for the
 first quarter of 2001 increased to $2,276,000 from $1,449,000 in the first
 quarter of 2000 principally due to higher marketing personnel costs, market
 preparation expenses for IntraDose and consulting expenses.
     Net interest and other income increased to $616,000 in the first quarter
 of 2001 from $414,000 in the year-earlier quarter primarily because of
 interest earned on higher cash and investment balances.
     IntraDose is a potential new approach to treating locally recurrent or
 metastatic cancer.  IntraDose delivers high concentrations of cisplatin (an
 established chemotherapy agent) for an extended time period at the injection
 site while reducing systemic effects associated with intravenous
 administration.  The Company's NDA filing is based on the results from two
 Phase III trials completed in 2000.  The goal for these studies in head and
 neck cancer is to achieve local or regional control of the cancer while
 improving the patient's quality of life.
     Matrix Pharmaceutical, Inc. is headquartered in Fremont, California and
 has a manufacturing site in San Diego.  The Company develops novel local and
 systemic cancer treatments that may improve, extend and save the lives of
 cancer patients.  In addition to the two Phase III trials in head and neck
 cancer, IntraDose has been tested in liver, breast, malignant melanoma,
 esophageal and other cancer patients.  In the field of systemic cancer
 treatment, Matrix is developing tezacitabine (FMdC), a next-generation
 nucleoside analogue for treatment of solid tumors and hematologic
 malignancies.
     This press release contains, in addition to historical statements, certain
 forward-looking statements including the Company's plans to work closely with
 the FDA as well as timelines for and successful completion of the FDA's review
 of the IntraDose NDA.  Such statements are based on management's current
 expectations and are subject to a number of factors and uncertainties.
 Additional factors and uncertainties which could cause actual results to
 differ materially from those described in the forward looking statements are
 set forth under the heading "Risk Factors" in the Company's Annual Report on
 Form 10-K for the year ended December 31, 2000.  The Company undertakes no
 obligation to publicly release the results of any revisions to these
 forward-looking statements which may be made to reflect events or
 circumstances after the date hereof or to reflect the occurrence of
 unanticipated events.
     Matrix press releases are available at the Matrix web site www.matx.com.
 
 
                          MATRIX PHARMACEUTICAL, INC.
                         SELECTED FINANCIAL INFORMATION
 
 
     Condensed Consolidated Statements of Operations
     (In thousands except per share amounts)
 
                                                         Three Months Ended
                                                              March 31,
                                                         2001           2000
                                                  (Unaudited)    (Unaudited)
 
 
     Revenues from contract services                     $501          $ 170
 
     Operating costs and expenses
       Contract services                                  229            111
       Research and development                         5,236          4,180
       General and administrative                       2,276          1,449
         Total operating costs and expenses             7,741          5,740
 
     Loss from operations                             (7,240)        (5,570)
 
     Interest and other income, net                       616            414
 
     Net loss                                        $(6,624)       $(5,156)
 
     Basic and diluted net loss per common share      $(0.25)        $(0.22)
 
     Weighted average shares used in computing
      basic and diluted net loss per common share      26,028         22,920
 
 
     Balance Sheet Highlights
     (In thousands)
                                                    March 31,   December 31,
 
                                                        2001           2000
                                                  (Unaudited)         (Note)
 
 
 
     Cash, cash equivalents and investments           $48,481        $53,976
 
     Total assets                                     $62,189        $67,833
 
     Stockholders' equity                             $41,775        $45,976
 
 
     (Note):  Derived from audited consolidated financial statements at that
 date.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X15514863
 
 SOURCE  Matrix Pharmaceutical, Inc.