Vion Reports 2001 First Quarter Financial Results

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

    NEW HAVEN, Conn., April 30 /PRNewswire/ --
 Vion Pharmaceuticals, Inc. (Nasdaq:   VION) today announced results for the
 three-month period ended March 31, 2001.
     The Company reported a loss applicable to common shareholders of
 $3.7 million, or $0.14 per share for the first quarter of 2001, compared with
 $3.1 million, or $0.16 per share, for the same period in 2000 based on a
 weighted average number of shares of common stock outstanding of 26,176,637
 and 19,739,294 respectively.  Total operating expenses for the 2001 first
 quarter increased to $4.3 million from $3.1 million for the comparable 2000
 period primarily as a result of expanded clinical trials.
     "Having strengthened our balance sheet in 2000, we are pleased to report
 that we have been able to effectively manage our funds in the first quarter of
 2001, with cash reserves sufficient to complete already scheduled Phase I and
 Phase II clinical trials," commented Vion President and CEO Alan Kessman.
 
     Vion Pharmaceuticals, Inc. is a biotechnology company developing novel
 agents for the treatment of cancer. Vion's portfolio of agents includes TAPET,
 a modified Salmonella vector used to deliver anti cancer agents directly to
 tumors, currently in Phase I trials; Triapine, a potent inhibitor of a key
 step in DNA synthesis and repair, currently scheduled for Phase II single
 agent trials and Phase I combination studies; and VNP 40101M, a unique DNA
 alkylating agent currently schedule to begin Phase I clinical trials. For
 additional information on Vion and its research and product development
 programs, visit the company's Internet web site at http://www.vionpharm.com.
 
     Statements included in this press release, which are not historical in
 nature, are forward-looking statements made pursuant to the safe-harbor
 provisions of the Private Securities Litigation Reform Act of 1995.
 Forward-looking statements regarding the company's future business prospects,
 plans, objectives, expectations and intentions are subject to certain risks,
 uncertainties and other factors that could cause actual results to differ
 materially from those projected or suggested in the forward-looking
 statements, including, but not limited to those contained in Vion
 Pharmaceuticals' 2000 Annual Report filed on Form 10-K (file no. 0-25634)
 including the inability to raise additional capital, the possibility that any
 or all of the company's products or procedures are found to be ineffective or
 unsafe, the possibility that third parties hold proprietary rights that
 preclude the company from marketing its products, the possibility that third
 parties will market a product equivalent or superior to the company's product
 candidates and the possibility that preclinical results may not be indicative
 of results in human clinical trials and that results achieved in early
 clinical trials are not necessarily indicative of the results that will be
 achieved in subsequent or expanded clinical trials.  This press release shall
 not constitute an offer to sell or the solicitation of an offer to buy the
 common stock nor shall there be any sale of these securities in any state in
 which such offer, solicitation or sale would be unlawful prior to registration
 or qualification under the securities laws of any such state.
 
                           VION PHARMACEUTICALS, INC.
                         (A Development Stage Company)
 
                       CONDENSED STATEMENTS OF OPERATIONS
                                  (Unaudited)
 
                                                       Three Months Ended
                                                             March 31,
                                                       2001          2000
 
     Revenues:
      Contract research grants                       $125,879       $151,462
      Technology license fees                          18,600         40,278
      Laboratory support services                          --          6,463
       Total revenues                                 144,479        198,203
 
     Operating expenses:
      Research and development                      2,428,954      2,010,670
      Clinical trials                               1,176,246        250,183
       Total research and development               3,605,200      2,260,853
      General and administrative                      729,661        804,054
 
     Interest income                                (464,458)      (151,846)
     Interest expense                                     101          4,946
      Net loss                                    (3,726,025)    (2,719,804)
 
     Preferred stock dividends and accretion               --      (358,178)
     Loss applicable to common shareholders      $(3,726,025)   $(3,077,982)
 
     Basic and diluted loss applicable
      to common shareholders per share                $(0.14)        $(0.16)
 
     Weighted-average number of shares of
      common stock outstanding                     26,176,637     19,739,294
 
                            CONDENSED BALANCE SHEET DATA
 
                                          March 31, 2001      December 31, 2000
                                           (Unaudited)
     Cash, cash equivalents and
      short-term investments              $20,447,911            $24,357,484
     Total assets                         $21,670,495            $25,659,744
     Total liabilities                     $2,668,783             $3,003,043
     Shareholders' equity                 $19,001,712            $22,656,701
 
     COMPANY CONTACT:  Vion Pharmaceuticals, Inc.
                       Alan Kessman, President and CEO
                       203-498-4210 ph
 
     FINANCIAL COMMUNICATIONS CONTACT:  Weber Shandwick Worldwide
                                        Sue L. Yeoh (investors)
                                        646-658-8375 ph
 
                                        Rubenstein Associates
                                        Robin Wagge (media)
                                        212-843-8006 ph
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X74574471
 
 

SOURCE Vion Pharmaceuticals, Inc.
    NEW HAVEN, Conn., April 30 /PRNewswire/ --
 Vion Pharmaceuticals, Inc. (Nasdaq:   VION) today announced results for the
 three-month period ended March 31, 2001.
     The Company reported a loss applicable to common shareholders of
 $3.7 million, or $0.14 per share for the first quarter of 2001, compared with
 $3.1 million, or $0.16 per share, for the same period in 2000 based on a
 weighted average number of shares of common stock outstanding of 26,176,637
 and 19,739,294 respectively.  Total operating expenses for the 2001 first
 quarter increased to $4.3 million from $3.1 million for the comparable 2000
 period primarily as a result of expanded clinical trials.
     "Having strengthened our balance sheet in 2000, we are pleased to report
 that we have been able to effectively manage our funds in the first quarter of
 2001, with cash reserves sufficient to complete already scheduled Phase I and
 Phase II clinical trials," commented Vion President and CEO Alan Kessman.
 
     Vion Pharmaceuticals, Inc. is a biotechnology company developing novel
 agents for the treatment of cancer. Vion's portfolio of agents includes TAPET,
 a modified Salmonella vector used to deliver anti cancer agents directly to
 tumors, currently in Phase I trials; Triapine, a potent inhibitor of a key
 step in DNA synthesis and repair, currently scheduled for Phase II single
 agent trials and Phase I combination studies; and VNP 40101M, a unique DNA
 alkylating agent currently schedule to begin Phase I clinical trials. For
 additional information on Vion and its research and product development
 programs, visit the company's Internet web site at http://www.vionpharm.com.
 
     Statements included in this press release, which are not historical in
 nature, are forward-looking statements made pursuant to the safe-harbor
 provisions of the Private Securities Litigation Reform Act of 1995.
 Forward-looking statements regarding the company's future business prospects,
 plans, objectives, expectations and intentions are subject to certain risks,
 uncertainties and other factors that could cause actual results to differ
 materially from those projected or suggested in the forward-looking
 statements, including, but not limited to those contained in Vion
 Pharmaceuticals' 2000 Annual Report filed on Form 10-K (file no. 0-25634)
 including the inability to raise additional capital, the possibility that any
 or all of the company's products or procedures are found to be ineffective or
 unsafe, the possibility that third parties hold proprietary rights that
 preclude the company from marketing its products, the possibility that third
 parties will market a product equivalent or superior to the company's product
 candidates and the possibility that preclinical results may not be indicative
 of results in human clinical trials and that results achieved in early
 clinical trials are not necessarily indicative of the results that will be
 achieved in subsequent or expanded clinical trials.  This press release shall
 not constitute an offer to sell or the solicitation of an offer to buy the
 common stock nor shall there be any sale of these securities in any state in
 which such offer, solicitation or sale would be unlawful prior to registration
 or qualification under the securities laws of any such state.
 
                           VION PHARMACEUTICALS, INC.
                         (A Development Stage Company)
 
                       CONDENSED STATEMENTS OF OPERATIONS
                                  (Unaudited)
 
                                                       Three Months Ended
                                                             March 31,
                                                       2001          2000
 
     Revenues:
      Contract research grants                       $125,879       $151,462
      Technology license fees                          18,600         40,278
      Laboratory support services                          --          6,463
       Total revenues                                 144,479        198,203
 
     Operating expenses:
      Research and development                      2,428,954      2,010,670
      Clinical trials                               1,176,246        250,183
       Total research and development               3,605,200      2,260,853
      General and administrative                      729,661        804,054
 
     Interest income                                (464,458)      (151,846)
     Interest expense                                     101          4,946
      Net loss                                    (3,726,025)    (2,719,804)
 
     Preferred stock dividends and accretion               --      (358,178)
     Loss applicable to common shareholders      $(3,726,025)   $(3,077,982)
 
     Basic and diluted loss applicable
      to common shareholders per share                $(0.14)        $(0.16)
 
     Weighted-average number of shares of
      common stock outstanding                     26,176,637     19,739,294
 
                            CONDENSED BALANCE SHEET DATA
 
                                          March 31, 2001      December 31, 2000
                                           (Unaudited)
     Cash, cash equivalents and
      short-term investments              $20,447,911            $24,357,484
     Total assets                         $21,670,495            $25,659,744
     Total liabilities                     $2,668,783             $3,003,043
     Shareholders' equity                 $19,001,712            $22,656,701
 
     COMPANY CONTACT:  Vion Pharmaceuticals, Inc.
                       Alan Kessman, President and CEO
                       203-498-4210 ph
 
     FINANCIAL COMMUNICATIONS CONTACT:  Weber Shandwick Worldwide
                                        Sue L. Yeoh (investors)
                                        646-658-8375 ph
 
                                        Rubenstein Associates
                                        Robin Wagge (media)
                                        212-843-8006 ph
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X74574471
 
 SOURCE  Vion Pharmaceuticals, Inc.