SafeScience Reports 2000 Year-End and Fourth Quarter Financial Results

- CEO Comments On Progress -



Apr 04, 2001, 01:00 ET from SafeScience, Inc.

    BOSTON, April 4 /PRNewswire/ -- SafeScience, Inc. (Nasdaq:   SAFS) today
 reported comparative financial results for the years-ended December 31, 2000
 and 1999. Net loss for the year ended December 31, 2000 was  $17,270,300, or
 $(0.94) per share, compared to a net loss of $12,301,700, or $(0.77) per
 share, for the year ended December 31, 1999. Net loss from continuing
 operations for the year ended December 31, 2000 was $11,781,100, or $(0.64)
 per share, compared to a net loss of $9,422,300, or $(0.59) per share for the
 year ended December 31, 1999.  Net loss from discontinued operations for the
 year ended December 31, 2000 was $5,489,200, or $(0.30) per share, compared to
 a net loss of $2,879,400, or $(0.18) per share, for the year ended December
 31, 1999.
     "In February 2001, the Company announced the discontinuation of its
 consumer and commercial business areas which has been accounted for as
 discontinued operations in the year-end 2000 financial statements.  The year-
 end 1999 financial statements were reclassified accordingly.  The increased
 loss in 2000 compared to 1999 for continuing operations was primarily due to
 increased expenses for clinical trials, the charges in connection with the
 restructuring plan during the second quarter and agricultural product
 development expenses, partially offset by a reduction in consulting expense,"
 stated John Burns, Senior Vice President and CFO of SafeScience.  "The
 increased loss in 2000 compared to 1999 for discontinued operations was
 primarily due to the estimated cost of disposing of the business assets and
 expenses incurred during the phase out period totaling $(1,750,000), and
 increased marketing expenses," added Mr. Burns.
     The Company also reported comparative financial results for the three
 months ended December 31, 2000 and 1999. The net loss was $4,808,000, or
 $(0.23) per share, of which $2,505,000, or $(0.12) per share, was related to
 the discontinued consumer and commercial product business areas. This compares
 with a net loss of $3,061,000, or $(0.18) per share for the three months ended
 December 31, 1999, of which $825,000, or $(0.05) per share, was related to the
 discontinued consumer and commercial product areas. The net loss for the three
 months ended December 31, 2000 for continuing operations was $2,303,000, or
 $(0.11) per share, compared to a loss of $2,236,000, or $(0.13) per share, for
 the same period in 1999.
     "The results of our 2000 restructuring to focus the Company are tangible
 and we are experiencing some of the benefits which include a reduced corporate
 burn rate, an enhanced portfolio of intellectual property assets, and
 strengthened scientific and clinical capabilities," stated Bradley J. Carver,
 President and Chief Executive Officer of SafeScience.
     "Significant accomplishments for the year included the establishment of a
 new Scientific Advisory Board of distinguished scientists from highly
 respected universities and medical centers, and the clarification of our
 intellectual property rights to GBC-590 by securing the rights to a global
 patent portfolio for GBC-590," Mr.Carver continued.
     "We entered 2001 as a focused biotechnology company with our lead drug
 candidate, GBC-590, demonstrating positive clinical activity in Phase IIa
 clinical trials in colorectal cancer patients who had no response to, or
 suffered a relapse after, prior chemotherapy. The Phase IIa clinical trial for
 pancreatic cancer patients is on-going and full enrollment is expected soon."
     "Today, our goal and focus, with GBC-590 currently progressing through
 Phase II clinical trials, is to establish a strategic business relationship
 with a mature biotechnology or pharmaceutical company who can assist with the
 financial resources needed to advance through Phase III clinical trials and
 regulatory approval."
 
                       ***** CONFERENCE CALL ALERT *****
 
     Please join the management of SafeScience for a discussion of financial
 results and events of the year-ended December 31, 2000.
 
      Date: April 4, 2001
      Time:  4:30 p.m. Eastern Time
      (Please call to be connected between 4:15 and 4:25 p.m. Eastern Time)
      Toll Free: (800) 665-0430
      Call Leaders:  Bradley Carver, President and CEO and John Burns, SVP and
                     CFO
 
      The call will be replayed for 48 hours.
      Replay: (888) 203-1112
      Passcode: 523821
 
     If you have difficulty connecting to the call, please call Chris Erdman at
 617-577-8110
 
     SafeScience
     SafeScience develops and licenses pharmaceutical and agricultural
 products. The Company's human therapeutic products include GBC-590, a unique
 compound to treat cancer, which is in Phase II human clinical trials, as well
 as, an antifungal compound, CAN-296, in development.  In the area of
 agriculture, SafeScience has received U.S. EPA approval of Elexa-4(R) Plant
 Defense Booster, an innovative compound which stimulates the plant to protect
 itself against pathogens. Further information is available on SafeScience's
 web site: http://www.safescience.com
 
     Safe Harbor Statement
     Any statements contained in this release that relate to future plans,
 events or performance are forward-looking statements that involve risks and
 uncertainties, including, but not limited to, risks of product development
 (such as failure to demonstrate efficacy or safety), risk related to FDA and
 other regulatory procedures, market acceptance risks, the impact of
 competitive products and pricing, the results of current and future licensing
 and other collaborative relationships, the results of financing efforts,
 developments regarding intellectual property rights and litigation, and other
 risks identified in the Company's Securities and Exchange Commission filings.
 Actual results, events or performance may differ materially. Readers are
 cautioned not to place undue reliance on these forward-looking statements,
 which speak only as the date hereof. The Company undertakes no obligation to
 publicly release the results of any revisions to these forward-looking
 statements that may be made to reflect events or circumstances after the date
 hereof or to reflect the occurrence of unanticipated events.
 
      Contacts:
      Rick Pierce
      Vice President, Investor Relations
      SafeScience, Inc.
      (617) 422-0674
      www.safescience.com
 
      Douglas MacDougall
      Chris Erdman
      Feinstein Kean Healthcare
      (617) 577-8110
      www.fkhealth.com
 
 

SOURCE SafeScience, Inc.
    BOSTON, April 4 /PRNewswire/ -- SafeScience, Inc. (Nasdaq:   SAFS) today
 reported comparative financial results for the years-ended December 31, 2000
 and 1999. Net loss for the year ended December 31, 2000 was  $17,270,300, or
 $(0.94) per share, compared to a net loss of $12,301,700, or $(0.77) per
 share, for the year ended December 31, 1999. Net loss from continuing
 operations for the year ended December 31, 2000 was $11,781,100, or $(0.64)
 per share, compared to a net loss of $9,422,300, or $(0.59) per share for the
 year ended December 31, 1999.  Net loss from discontinued operations for the
 year ended December 31, 2000 was $5,489,200, or $(0.30) per share, compared to
 a net loss of $2,879,400, or $(0.18) per share, for the year ended December
 31, 1999.
     "In February 2001, the Company announced the discontinuation of its
 consumer and commercial business areas which has been accounted for as
 discontinued operations in the year-end 2000 financial statements.  The year-
 end 1999 financial statements were reclassified accordingly.  The increased
 loss in 2000 compared to 1999 for continuing operations was primarily due to
 increased expenses for clinical trials, the charges in connection with the
 restructuring plan during the second quarter and agricultural product
 development expenses, partially offset by a reduction in consulting expense,"
 stated John Burns, Senior Vice President and CFO of SafeScience.  "The
 increased loss in 2000 compared to 1999 for discontinued operations was
 primarily due to the estimated cost of disposing of the business assets and
 expenses incurred during the phase out period totaling $(1,750,000), and
 increased marketing expenses," added Mr. Burns.
     The Company also reported comparative financial results for the three
 months ended December 31, 2000 and 1999. The net loss was $4,808,000, or
 $(0.23) per share, of which $2,505,000, or $(0.12) per share, was related to
 the discontinued consumer and commercial product business areas. This compares
 with a net loss of $3,061,000, or $(0.18) per share for the three months ended
 December 31, 1999, of which $825,000, or $(0.05) per share, was related to the
 discontinued consumer and commercial product areas. The net loss for the three
 months ended December 31, 2000 for continuing operations was $2,303,000, or
 $(0.11) per share, compared to a loss of $2,236,000, or $(0.13) per share, for
 the same period in 1999.
     "The results of our 2000 restructuring to focus the Company are tangible
 and we are experiencing some of the benefits which include a reduced corporate
 burn rate, an enhanced portfolio of intellectual property assets, and
 strengthened scientific and clinical capabilities," stated Bradley J. Carver,
 President and Chief Executive Officer of SafeScience.
     "Significant accomplishments for the year included the establishment of a
 new Scientific Advisory Board of distinguished scientists from highly
 respected universities and medical centers, and the clarification of our
 intellectual property rights to GBC-590 by securing the rights to a global
 patent portfolio for GBC-590," Mr.Carver continued.
     "We entered 2001 as a focused biotechnology company with our lead drug
 candidate, GBC-590, demonstrating positive clinical activity in Phase IIa
 clinical trials in colorectal cancer patients who had no response to, or
 suffered a relapse after, prior chemotherapy. The Phase IIa clinical trial for
 pancreatic cancer patients is on-going and full enrollment is expected soon."
     "Today, our goal and focus, with GBC-590 currently progressing through
 Phase II clinical trials, is to establish a strategic business relationship
 with a mature biotechnology or pharmaceutical company who can assist with the
 financial resources needed to advance through Phase III clinical trials and
 regulatory approval."
 
                       ***** CONFERENCE CALL ALERT *****
 
     Please join the management of SafeScience for a discussion of financial
 results and events of the year-ended December 31, 2000.
 
      Date: April 4, 2001
      Time:  4:30 p.m. Eastern Time
      (Please call to be connected between 4:15 and 4:25 p.m. Eastern Time)
      Toll Free: (800) 665-0430
      Call Leaders:  Bradley Carver, President and CEO and John Burns, SVP and
                     CFO
 
      The call will be replayed for 48 hours.
      Replay: (888) 203-1112
      Passcode: 523821
 
     If you have difficulty connecting to the call, please call Chris Erdman at
 617-577-8110
 
     SafeScience
     SafeScience develops and licenses pharmaceutical and agricultural
 products. The Company's human therapeutic products include GBC-590, a unique
 compound to treat cancer, which is in Phase II human clinical trials, as well
 as, an antifungal compound, CAN-296, in development.  In the area of
 agriculture, SafeScience has received U.S. EPA approval of Elexa-4(R) Plant
 Defense Booster, an innovative compound which stimulates the plant to protect
 itself against pathogens. Further information is available on SafeScience's
 web site: http://www.safescience.com
 
     Safe Harbor Statement
     Any statements contained in this release that relate to future plans,
 events or performance are forward-looking statements that involve risks and
 uncertainties, including, but not limited to, risks of product development
 (such as failure to demonstrate efficacy or safety), risk related to FDA and
 other regulatory procedures, market acceptance risks, the impact of
 competitive products and pricing, the results of current and future licensing
 and other collaborative relationships, the results of financing efforts,
 developments regarding intellectual property rights and litigation, and other
 risks identified in the Company's Securities and Exchange Commission filings.
 Actual results, events or performance may differ materially. Readers are
 cautioned not to place undue reliance on these forward-looking statements,
 which speak only as the date hereof. The Company undertakes no obligation to
 publicly release the results of any revisions to these forward-looking
 statements that may be made to reflect events or circumstances after the date
 hereof or to reflect the occurrence of unanticipated events.
 
      Contacts:
      Rick Pierce
      Vice President, Investor Relations
      SafeScience, Inc.
      (617) 422-0674
      www.safescience.com
 
      Douglas MacDougall
      Chris Erdman
      Feinstein Kean Healthcare
      (617) 577-8110
      www.fkhealth.com
 
 SOURCE  SafeScience, Inc.