ViroPharma Incorporated Reports First Quarter Financial Results

Apr 26, 2001, 01:00 ET from ViroPharma Incorporated

    EXTON, Pa., April 26 /PRNewswire/ --
 ViroPharma Incorporated (Nasdaq: VPHM) reported today financial results for
 the first quarter ended March 31, 2001.
 
     For the quarter ended March 31, 2001, ViroPharma reported a net loss of
 $29.2 million compared to a net loss of $6.8 million for the same period in
 2000. Included in the quarter ended March 31, 2001, the company incurred a
 non-cash charge of $16.5 million resulting from the issuance of 750,000 shares
 of common stock to Sanofi-Synthelabo in exchange for the expansion of the
 company's intellectual property rights related to Picovir(TM), the company's
 most advanced product candidate. Net loss for the quarters ended March 31,
 2001 and 2000 were adjusted to reflect preferred stock dividends to arrive at
 net loss allocable to common stockholders. Net loss per share allocable to
 common stockholders for the quarter ended March 31, 2001 was $1.87 per share,
 basic and diluted, compared to $0.46 per share, basic and diluted for the same
 period in 2000. Without giving effect to the preferred stock dividends, net
 loss per share for the quarter ended March 31, 2001 was $1.86 per share, basic
 and diluted, compared to $0.45 per share, basic and diluted, for the same
 period in 2000. In the quarter ended March 31, 2001, the company earned
 license fee and milestone revenue of $2.3 million in connection with the
 hepatitis C collaboration with Wyeth-Ayerst Laboratories compared to $1.3
 million in the first quarter of 2000. Research and development expenses for
 the first quarter of 2001 were $11.9 million compared to $6.6 million for the
 same period in 2000.  The increase in expenses in the first quarter of 2001
 was due primarily to the completion of two large phase 3 trials with
 Picovir(TM) for the treatment of viral respiratory infection in adults. In
 addition, the company was conducting patient studies with VP50406 for the
 treatment of hepatitis C, safety studies with VP14637 for the treatment of
 respiratory syncytial virus (RSV) disease and conducting substantial discovery
 research activities on additional development candidates for both hepatitis C
 and RSV diseases. General and administrative expenses for the first quarter of
 2001 were $3.5 million compared to $2.1 million for the same period in 2000.
 The increase is due to pre-marketing expenses related to Picovir(TM), employee
 related expenses, and business development activities. As of March 31, 2001
 the company had approximately $190 million in cash, cash equivalents and
 short-term investments.
 
     ViroPharma Incorporated is committed to the commercialization, development
 and discovery of antiviral pharmaceuticals.  The company is focused on drug
 development and discovery activities in viral diseases including viral
 respiratory infection (VRI), hepatitis C and RSV disease. ViroPharma's most
 advanced product candidate, Picovir(TM), is in clinical development for the
 treatment of picornavirus diseases, and recently completed late stage clinical
 trials for VRI in adults.  ViroPharma also has product candidates in clinical
 trials for the treatment of hepatitis C and RSV diseases.
 
                            VIROPHARMA INCORPORATED
                         Selected Financial Information
                           Statements of Operations:
                     (in thousands, except per share data)
 
 
                                                         Three-months ended
                                                             March 31,
                                                       2001           2000
 
      Revenue                                          $2,250         $1,250
 
     Operating expenses:
     Research and development                          11,900          6,553
     Acquisition of technology rights                  16,500
     General and administrative                         3,547          2,061
 
     Total operating expenses                          31,947          8,614
     Interest income (net)                                528            594
 
     Net loss                                        $(29,169)       $(6,770)
 
     Net loss allocable to common stockholders:       (29,351)        (6,952)
 
     Net loss per share: basic and diluted              (1.86)         (0.45)
 
     Net loss per share allocable to common
      stockholders: basic and diluted                   (1.87)         (0.46)
 
     Shares used in computing per share amounts:
       basic and diluted                               15,664         15,113
 
     Balance Sheets: (in thousands)
 
 
                                                     March 31,    December 31,
                                                       2001           2000
 
     Cash, cash equivalents and
      short-term investments                         $190,070       $203,335
     Working capital                                  184,033        196,280
     Total assets                                     205,817        222,439
     Long-term obligations                            180,275        180,325
     Total stockholders' equity                        11,917         23,987
 
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SOURCE ViroPharma Incorporated
    EXTON, Pa., April 26 /PRNewswire/ --
 ViroPharma Incorporated (Nasdaq: VPHM) reported today financial results for
 the first quarter ended March 31, 2001.
 
     For the quarter ended March 31, 2001, ViroPharma reported a net loss of
 $29.2 million compared to a net loss of $6.8 million for the same period in
 2000. Included in the quarter ended March 31, 2001, the company incurred a
 non-cash charge of $16.5 million resulting from the issuance of 750,000 shares
 of common stock to Sanofi-Synthelabo in exchange for the expansion of the
 company's intellectual property rights related to Picovir(TM), the company's
 most advanced product candidate. Net loss for the quarters ended March 31,
 2001 and 2000 were adjusted to reflect preferred stock dividends to arrive at
 net loss allocable to common stockholders. Net loss per share allocable to
 common stockholders for the quarter ended March 31, 2001 was $1.87 per share,
 basic and diluted, compared to $0.46 per share, basic and diluted for the same
 period in 2000. Without giving effect to the preferred stock dividends, net
 loss per share for the quarter ended March 31, 2001 was $1.86 per share, basic
 and diluted, compared to $0.45 per share, basic and diluted, for the same
 period in 2000. In the quarter ended March 31, 2001, the company earned
 license fee and milestone revenue of $2.3 million in connection with the
 hepatitis C collaboration with Wyeth-Ayerst Laboratories compared to $1.3
 million in the first quarter of 2000. Research and development expenses for
 the first quarter of 2001 were $11.9 million compared to $6.6 million for the
 same period in 2000.  The increase in expenses in the first quarter of 2001
 was due primarily to the completion of two large phase 3 trials with
 Picovir(TM) for the treatment of viral respiratory infection in adults. In
 addition, the company was conducting patient studies with VP50406 for the
 treatment of hepatitis C, safety studies with VP14637 for the treatment of
 respiratory syncytial virus (RSV) disease and conducting substantial discovery
 research activities on additional development candidates for both hepatitis C
 and RSV diseases. General and administrative expenses for the first quarter of
 2001 were $3.5 million compared to $2.1 million for the same period in 2000.
 The increase is due to pre-marketing expenses related to Picovir(TM), employee
 related expenses, and business development activities. As of March 31, 2001
 the company had approximately $190 million in cash, cash equivalents and
 short-term investments.
 
     ViroPharma Incorporated is committed to the commercialization, development
 and discovery of antiviral pharmaceuticals.  The company is focused on drug
 development and discovery activities in viral diseases including viral
 respiratory infection (VRI), hepatitis C and RSV disease. ViroPharma's most
 advanced product candidate, Picovir(TM), is in clinical development for the
 treatment of picornavirus diseases, and recently completed late stage clinical
 trials for VRI in adults.  ViroPharma also has product candidates in clinical
 trials for the treatment of hepatitis C and RSV diseases.
 
                            VIROPHARMA INCORPORATED
                         Selected Financial Information
                           Statements of Operations:
                     (in thousands, except per share data)
 
 
                                                         Three-months ended
                                                             March 31,
                                                       2001           2000
 
      Revenue                                          $2,250         $1,250
 
     Operating expenses:
     Research and development                          11,900          6,553
     Acquisition of technology rights                  16,500
     General and administrative                         3,547          2,061
 
     Total operating expenses                          31,947          8,614
     Interest income (net)                                528            594
 
     Net loss                                        $(29,169)       $(6,770)
 
     Net loss allocable to common stockholders:       (29,351)        (6,952)
 
     Net loss per share: basic and diluted              (1.86)         (0.45)
 
     Net loss per share allocable to common
      stockholders: basic and diluted                   (1.87)         (0.46)
 
     Shares used in computing per share amounts:
       basic and diluted                               15,664         15,113
 
     Balance Sheets: (in thousands)
 
 
                                                     March 31,    December 31,
                                                       2001           2000
 
     Cash, cash equivalents and
      short-term investments                         $190,070       $203,335
     Working capital                                  184,033        196,280
     Total assets                                     205,817        222,439
     Long-term obligations                            180,275        180,325
     Total stockholders' equity                        11,917         23,987
 
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 SOURCE  ViroPharma Incorporated