Triangle Pharmaceuticals, Inc. Reports Financial Results For First Quarter 2001

Apr 30, 2001, 01:00 ET from Triangle Pharmaceuticals, Inc.

    DURHAM, N.C., April 30 /PRNewswire/ --
     Triangle Pharmaceuticals, Inc. (Nasdaq: VIRS) today reported financial
 results for the quarter ended March 31, 2001.
     For the quarter ended March 31, 2001, the Company reported a net loss of
 $22,858,000, or ($0.55) per share, compared to a net loss of $31,386,000, or
 ($0.83) per share for the first quarter of 2000.  Cash, cash equivalents and
 investments were $88,456,000 on March 31, 2001, compared to $62,931,000 on
 December 31, 2000.
     In the first quarter of 2001, the Company recorded $1,744,000 of revenue
 from non-contingent research payments made in 1999 and 2000 to Triangle from
 its collaborative partner, Abbott Laboratories.  Comparable revenue of
 $1,982,000 was recorded for the same period in 2000.  Total operating expenses
 were $25,642,000 for the first quarter of 2001, as compared to $35,644,000 for
 the first quarter of 2000.  This decrease in operating expenses was primarily
 the result of reduced spending for manufacturing and related costs for
 Coactinon(R) and Coviracil(R) and the absence of purchased research and
 development expenses in 2001.  Approximately 83% of the 2001 development
 expenses were associated with Coviracil, amdoxovir (formerly known as DAPD),
 and Coactinon.
     During March 2001, the Company completed two previously announced private
 placement financings that provided approximately $54.4 million in net
 proceeds.
     Dr. David Barry, CEO of Triangle, commented, "Our results this quarter are
 in line with expectations and reflect our ongoing efforts to focus our
 financial and human resources on the development of our lead compounds and
 limit our expenses.  We are pleased to have bolstered our cash position
 through the closing of two private equity placements in March."
     Triangle Pharmaceuticals, Inc. is a specialty pharmaceutical company
 engaged in the development of new antiviral drug candidates, with a particular
 focus on therapies for the human immunodeficiency virus (HIV) and hepatitis.
 Triangle's proprietary drug candidates under development for HIV and/or
 hepatitis include Coviracil (emtricitabine), Coactinon (emivirine), amdoxovir
 (formerly DAPD), clevudine (formerly L-FMAU) and mozenavir dimesylate
 (formerly DMP-450).  Triangle is also developing immunotherapies for HIV and
 hepatitis in collaboration with Dynavax Technologies Corporation (Dynavax)
 utilizing Dynavax' immunostimulatory sequence (ISS) technology. More
 information about Triangle's portfolio, management and product development
 strategy is available on Triangle's website at: www.tripharm.com.
     Statements in this press release that are not historical facts are
 forward-looking statements and are subject to numerous risks and
 uncertainties, including the risk that the Company could fail to successfully
 complete pivotal clinical trials or that such trials could be halted or
 terminated by regulatory authorities, that the results from studies involving
 Coviracil and Coactinon may not be sufficient to support a regulatory
 submission, the Company's future capital needs, the inability to commercialize
 Coviracil, amdoxovir and ISS-based therapies due to patent rights held by
 third parties, the Company's ability to obtain additional funding (including
 contingent contractual milestone payments), patent protection and required
 regulatory approvals for its drug candidates, the development of competitive
 products by others, the cost of coactive therapy, the Company's success in
 identifying new drug candidates, acquiring rights to the candidates on
 favorable terms and developing any candidates to which the Company acquires
 any rights, that the Company's collaborations with third parties may not prove
 successful and these and other risks detailed from time to time in the
 Company's filings with the Securities and Exchange Commission.  As a result of
 these and other risks and uncertainties, actual results may differ materially
 from those predicted in this press release.  The Company disclaims any
 obligations to update any forward-looking statements in this press release.
 
 
                         TRIANGLE PHARMACEUTICALS, INC.
                         (A Development Stage Company)
 
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                    (In Thousands, Except Per Share Amounts)
                                  (Unaudited)
 
                                               Three Months Ended March 31,
                                              2001                       2000
 
     Total revenues                        $  1,744                   $  1,982
 
     Operating expenses:
         License fees                         1,095                        378
         Development                         21,839                     27,190
         Purchased research and
          development                            --                      5,350
         Selling, general and
          administrative                      2,708                      2,726
             Total operating expenses        25,642                     35,644
     Loss from operations                   (23,898)                   (33,662)
     Interest income, net                     1,040                      2,276
     Net loss                              $(22,858)                  $(31,386)
 
     Basic and diluted net loss per
         common share                      $  (0.55)                  $  (0.83)
 
     Shares used in computing basic and
      diluted
         net loss per common share           41,288                     37,625
 
 
                SELECTED CONSOLIDATED BALANCE SHEET INFORMATION
                                 (In Thousands)
 
                                                   March 31,       December 31,
                                                      2001             2000
                                                  (Unaudited)
 
     Cash, cash equivalents and
          investments                                $88,456         $62,931
     Working capital                                  46,739          15,727
     Total assets                                     96,702          71,061
     Total stockholders' equity                       45,838          13,781
     Shares of Common Stock                           46,364          38,529
     Shares of Series B Preferred Stock                  200              --
 
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SOURCE Triangle Pharmaceuticals, Inc.
    DURHAM, N.C., April 30 /PRNewswire/ --
     Triangle Pharmaceuticals, Inc. (Nasdaq: VIRS) today reported financial
 results for the quarter ended March 31, 2001.
     For the quarter ended March 31, 2001, the Company reported a net loss of
 $22,858,000, or ($0.55) per share, compared to a net loss of $31,386,000, or
 ($0.83) per share for the first quarter of 2000.  Cash, cash equivalents and
 investments were $88,456,000 on March 31, 2001, compared to $62,931,000 on
 December 31, 2000.
     In the first quarter of 2001, the Company recorded $1,744,000 of revenue
 from non-contingent research payments made in 1999 and 2000 to Triangle from
 its collaborative partner, Abbott Laboratories.  Comparable revenue of
 $1,982,000 was recorded for the same period in 2000.  Total operating expenses
 were $25,642,000 for the first quarter of 2001, as compared to $35,644,000 for
 the first quarter of 2000.  This decrease in operating expenses was primarily
 the result of reduced spending for manufacturing and related costs for
 Coactinon(R) and Coviracil(R) and the absence of purchased research and
 development expenses in 2001.  Approximately 83% of the 2001 development
 expenses were associated with Coviracil, amdoxovir (formerly known as DAPD),
 and Coactinon.
     During March 2001, the Company completed two previously announced private
 placement financings that provided approximately $54.4 million in net
 proceeds.
     Dr. David Barry, CEO of Triangle, commented, "Our results this quarter are
 in line with expectations and reflect our ongoing efforts to focus our
 financial and human resources on the development of our lead compounds and
 limit our expenses.  We are pleased to have bolstered our cash position
 through the closing of two private equity placements in March."
     Triangle Pharmaceuticals, Inc. is a specialty pharmaceutical company
 engaged in the development of new antiviral drug candidates, with a particular
 focus on therapies for the human immunodeficiency virus (HIV) and hepatitis.
 Triangle's proprietary drug candidates under development for HIV and/or
 hepatitis include Coviracil (emtricitabine), Coactinon (emivirine), amdoxovir
 (formerly DAPD), clevudine (formerly L-FMAU) and mozenavir dimesylate
 (formerly DMP-450).  Triangle is also developing immunotherapies for HIV and
 hepatitis in collaboration with Dynavax Technologies Corporation (Dynavax)
 utilizing Dynavax' immunostimulatory sequence (ISS) technology. More
 information about Triangle's portfolio, management and product development
 strategy is available on Triangle's website at: www.tripharm.com.
     Statements in this press release that are not historical facts are
 forward-looking statements and are subject to numerous risks and
 uncertainties, including the risk that the Company could fail to successfully
 complete pivotal clinical trials or that such trials could be halted or
 terminated by regulatory authorities, that the results from studies involving
 Coviracil and Coactinon may not be sufficient to support a regulatory
 submission, the Company's future capital needs, the inability to commercialize
 Coviracil, amdoxovir and ISS-based therapies due to patent rights held by
 third parties, the Company's ability to obtain additional funding (including
 contingent contractual milestone payments), patent protection and required
 regulatory approvals for its drug candidates, the development of competitive
 products by others, the cost of coactive therapy, the Company's success in
 identifying new drug candidates, acquiring rights to the candidates on
 favorable terms and developing any candidates to which the Company acquires
 any rights, that the Company's collaborations with third parties may not prove
 successful and these and other risks detailed from time to time in the
 Company's filings with the Securities and Exchange Commission.  As a result of
 these and other risks and uncertainties, actual results may differ materially
 from those predicted in this press release.  The Company disclaims any
 obligations to update any forward-looking statements in this press release.
 
 
                         TRIANGLE PHARMACEUTICALS, INC.
                         (A Development Stage Company)
 
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                    (In Thousands, Except Per Share Amounts)
                                  (Unaudited)
 
                                               Three Months Ended March 31,
                                              2001                       2000
 
     Total revenues                        $  1,744                   $  1,982
 
     Operating expenses:
         License fees                         1,095                        378
         Development                         21,839                     27,190
         Purchased research and
          development                            --                      5,350
         Selling, general and
          administrative                      2,708                      2,726
             Total operating expenses        25,642                     35,644
     Loss from operations                   (23,898)                   (33,662)
     Interest income, net                     1,040                      2,276
     Net loss                              $(22,858)                  $(31,386)
 
     Basic and diluted net loss per
         common share                      $  (0.55)                  $  (0.83)
 
     Shares used in computing basic and
      diluted
         net loss per common share           41,288                     37,625
 
 
                SELECTED CONSOLIDATED BALANCE SHEET INFORMATION
                                 (In Thousands)
 
                                                   March 31,       December 31,
                                                      2001             2000
                                                  (Unaudited)
 
     Cash, cash equivalents and
          investments                                $88,456         $62,931
     Working capital                                  46,739          15,727
     Total assets                                     96,702          71,061
     Total stockholders' equity                       45,838          13,781
     Shares of Common Stock                           46,364          38,529
     Shares of Series B Preferred Stock                  200              --
 
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                http://tbutton.prnewswire.com/prn/11690X20666316
 
 SOURCE  Triangle Pharmaceuticals, Inc.