Photogen Technologies, Inc Reports Full Year 2000 Operating Results

New Products Nearing Clinical Trials



Company Establishes New Headquarters in New Hope, Pennsylvania



Apr 02, 2001, 01:00 ET from Photogen Technologies, Inc.

    NEW HOPE, Pa., April 2 /PRNewswire/ -- Photogen Technologies, Inc.
 reported its results of operations for the full year 2000.  Basic and fully
 diluted loss per share, after provision for preferred stock dividends, was
 $13,500,000, or $0.36 per share compared to a loss of $6,300,000, or $0.17 per
 share in 1999.  Photogen also reported year-end cash and securities of
 $5,700,000.
     "We have had many accomplishments during the past year," said Taffy J.
 Williams, President and CEO of Photogen.  "Based on encouraging preliminary
 data from a human pilot study we are conducting in Denmark, we are completing
 preparations to commence a Phase I study of PH-10 to treat psoriasis.  By the
 end of 2001, we would like to have three drugs in clinical studies.  In
 addition to our existing cash reserves, we have put in place a shelf
 registration enabling the company to issue up to $40 million in additional
 capital.  We have also recently significantly strengthened our management team
 with the addition of a new Senior Vice President, Medical and Regulatory
 Affairs.  Not unimportantly, we have moved our clinical development and
 corporate headquarters to New Hope, Pennsylvania, a suburb of Philadelphia
 that is in a hub of pharmaceutical and biotechnology companies.  Our research
 base will remain in Knoxville, Tennessee."
 
 Upon FDA approval, Photogen plans to commence a Phase I study of its
 photoactive compound, PH-10, as a treatment for psoriasis in the first half of
 2001.  During the second half of the year, the company expects to commence
 Phase I human studies for a second indication of PH-10 for the treatment of
 certain solid tumors, and to advance its diagnostic agent, N1177, into Phase
 II clinical studies.  N1177 is being developed in a joint venture with a unit
 of Elan Corporation to identify lymph nodes and diagnose any metastases of
 cancer into the lymphatic system.
 
     Photogen develops innovative cancer therapeutic and diagnostic products
 utilizing proprietary drugs and advanced energy sources.  The company's cancer
 diagnostic, N-1177, being developed through a joint venture with Elan
 Corporation, has completed Phase I clinical studies.  Photogen is also
 developing PH-10, a unique highly selective photoactive agent that shows
 promise as a treatment for certain cancer tumors and for psoriasis and other
 topical disorders.
 
     Statements in this release that are not strictly historical are
 "forward-looking" statements made pursuant to the safe harbor provision of the
 Private Securities Litigation Reform Act of 1995.  Forward-looking statements
 involve known and unknown risks that may cause Photogen's actual results in
 the future to differ materially from expected results.  These risks and
 uncertainties include the ability of the Company: to develop a product and
 obtain regulatory approval for its use, to obtain necessary financing to
 support its development programs, and to maintain intellectual property
 protection for its proprietary products, defend its existing intellectual
 property rights from challenges by third parties, and avoid infringing
 intellectual property rights of third parties.  These and other risks are
 described and qualified in their entirety by cautionary language and risk
 factors set forth in the Company's filings from time to time with the
 Securities and Exchange Commission.
 
     Contacts:
 
     Brooks Boveroux, CFO                    Matthew Orsagh
     Photogen Technologies, Inc.             Noonan/Russo Communications
     609-497-1115                            212-696-4455 ext. 357
 
 
     Selected Consolidated Financial Data
 
     (Unaudited)
                        Three Months    Three Months  Year Ended  Year Ended
                           Ended           Ended        Ended       Ended
                          Dec. 31,        Dec. 31,     Dec. 31,    Dec. 31,
                           2000            1999          2000        1999
 
 
     OPERATING STATEMENT DATA
 
     Operating Expenses
 
     Research and
      development           945,595       822,527    4,308,313     2,889,215
     General and
      administrative      1,311,426     1,485,094    5,095,442     3,037,392
     Restructuring charges  395,025                    597,025
 
     Total operating
      expenses            2,652,046     2,307,621   10,000,780     5,926,607
 
     Loss From Joint
      Venture              (530,296)     (306,029)  (1,203,392)     (306,029)
 
     Investment Income       78,924        22,655      417,110       179,795
 
     Net Loss            (3,103,418)   (2,590,995) (10,787,062)   (6,052,841)
 
     Dividends on
      Preferred Stock      (947,360)     (220,677)  (2,704,751)     (220,677)
 
     Net Loss Applicable to
      Common
      Shareholders       (4,050,778)   (2,811,672) (13,491,813)   (6,273,518)
 
     Net Loss per Common
     Share Outstanding        (0.11)        (0.08)       (0.36)        (0.17)
 
     Weighted Average
      Common Shares
      Outstanding        37,383,386    37,302,713   37,383,386    36,983,707
 
 
     BALANCE SHEET DATA
 
     Cash & Investments   5,566,766     7,254,337    5,566,766     7,254,337
     Total Assets        19,652,037    23,304,829   19,652,037    23,304,829
     Stockholders'
      Equity             18,412,510    22,432,162   18,412,510    22,432,162
 
 

SOURCE Photogen Technologies, Inc.
    NEW HOPE, Pa., April 2 /PRNewswire/ -- Photogen Technologies, Inc.
 reported its results of operations for the full year 2000.  Basic and fully
 diluted loss per share, after provision for preferred stock dividends, was
 $13,500,000, or $0.36 per share compared to a loss of $6,300,000, or $0.17 per
 share in 1999.  Photogen also reported year-end cash and securities of
 $5,700,000.
     "We have had many accomplishments during the past year," said Taffy J.
 Williams, President and CEO of Photogen.  "Based on encouraging preliminary
 data from a human pilot study we are conducting in Denmark, we are completing
 preparations to commence a Phase I study of PH-10 to treat psoriasis.  By the
 end of 2001, we would like to have three drugs in clinical studies.  In
 addition to our existing cash reserves, we have put in place a shelf
 registration enabling the company to issue up to $40 million in additional
 capital.  We have also recently significantly strengthened our management team
 with the addition of a new Senior Vice President, Medical and Regulatory
 Affairs.  Not unimportantly, we have moved our clinical development and
 corporate headquarters to New Hope, Pennsylvania, a suburb of Philadelphia
 that is in a hub of pharmaceutical and biotechnology companies.  Our research
 base will remain in Knoxville, Tennessee."
 
 Upon FDA approval, Photogen plans to commence a Phase I study of its
 photoactive compound, PH-10, as a treatment for psoriasis in the first half of
 2001.  During the second half of the year, the company expects to commence
 Phase I human studies for a second indication of PH-10 for the treatment of
 certain solid tumors, and to advance its diagnostic agent, N1177, into Phase
 II clinical studies.  N1177 is being developed in a joint venture with a unit
 of Elan Corporation to identify lymph nodes and diagnose any metastases of
 cancer into the lymphatic system.
 
     Photogen develops innovative cancer therapeutic and diagnostic products
 utilizing proprietary drugs and advanced energy sources.  The company's cancer
 diagnostic, N-1177, being developed through a joint venture with Elan
 Corporation, has completed Phase I clinical studies.  Photogen is also
 developing PH-10, a unique highly selective photoactive agent that shows
 promise as a treatment for certain cancer tumors and for psoriasis and other
 topical disorders.
 
     Statements in this release that are not strictly historical are
 "forward-looking" statements made pursuant to the safe harbor provision of the
 Private Securities Litigation Reform Act of 1995.  Forward-looking statements
 involve known and unknown risks that may cause Photogen's actual results in
 the future to differ materially from expected results.  These risks and
 uncertainties include the ability of the Company: to develop a product and
 obtain regulatory approval for its use, to obtain necessary financing to
 support its development programs, and to maintain intellectual property
 protection for its proprietary products, defend its existing intellectual
 property rights from challenges by third parties, and avoid infringing
 intellectual property rights of third parties.  These and other risks are
 described and qualified in their entirety by cautionary language and risk
 factors set forth in the Company's filings from time to time with the
 Securities and Exchange Commission.
 
     Contacts:
 
     Brooks Boveroux, CFO                    Matthew Orsagh
     Photogen Technologies, Inc.             Noonan/Russo Communications
     609-497-1115                            212-696-4455 ext. 357
 
 
     Selected Consolidated Financial Data
 
     (Unaudited)
                        Three Months    Three Months  Year Ended  Year Ended
                           Ended           Ended        Ended       Ended
                          Dec. 31,        Dec. 31,     Dec. 31,    Dec. 31,
                           2000            1999          2000        1999
 
 
     OPERATING STATEMENT DATA
 
     Operating Expenses
 
     Research and
      development           945,595       822,527    4,308,313     2,889,215
     General and
      administrative      1,311,426     1,485,094    5,095,442     3,037,392
     Restructuring charges  395,025                    597,025
 
     Total operating
      expenses            2,652,046     2,307,621   10,000,780     5,926,607
 
     Loss From Joint
      Venture              (530,296)     (306,029)  (1,203,392)     (306,029)
 
     Investment Income       78,924        22,655      417,110       179,795
 
     Net Loss            (3,103,418)   (2,590,995) (10,787,062)   (6,052,841)
 
     Dividends on
      Preferred Stock      (947,360)     (220,677)  (2,704,751)     (220,677)
 
     Net Loss Applicable to
      Common
      Shareholders       (4,050,778)   (2,811,672) (13,491,813)   (6,273,518)
 
     Net Loss per Common
     Share Outstanding        (0.11)        (0.08)       (0.36)        (0.17)
 
     Weighted Average
      Common Shares
      Outstanding        37,383,386    37,302,713   37,383,386    36,983,707
 
 
     BALANCE SHEET DATA
 
     Cash & Investments   5,566,766     7,254,337    5,566,766     7,254,337
     Total Assets        19,652,037    23,304,829   19,652,037    23,304,829
     Stockholders'
      Equity             18,412,510    22,432,162   18,412,510    22,432,162
 
 SOURCE  Photogen Technologies, Inc.