Press Release Details

Cerus Corporation Announces Second Quarter Results

July, 27 1999

CONCORD, Calif., July 27 /PRNewswire/ -- Cerus Corporation (Nasdaq: CERS), a leading developer of systems to improve the safety of transfusion blood products through inactivation of viruses, bacteria and other pathogens, today announced results for the second quarter ended June 30, 1999.

Net revenue from development agreements and government grants for the quarter was $0.4 million, compared to $0.7 million for the second quarter of 1998. The net loss for the second quarter was $5.5 million, or $0.48 per share, compared to a net loss of $13.7 million, or $1.48 per share, for the second quarter of 1998. Operating results for the second quarter of 1998 included a one-time expense of $8.3 million related to the company's purchase of an increased share of future platelet pathogen inactivation system product revenue. At June 30, 1999, the company had cash, cash equivalents and short-term investments totaling $58.3 million.

Recent Cerus Corporation highlights include:

-- Platelet pathogen inactivation system: Initiation of enrollment in a

U.S. Phase 3 clinical trial;

-- Fresh frozen plasma pathogen inactivation system: Completion of a U.S.

Phase 2b clinical trial and initiation of enrollment in the first of

three planned U.S. Phase 3 clinical trials;

-- Red blood cell pathogen inactivation system: Completion of a U.S.

Phase 1a clinical trial and initiation of a U.S. Phase 1b clinical

trial;

-- Allogeneic cellular immune therapy (ACIT): Initiation of a U.S. Phase 1

clinical trial for patients undergoing bone marrow transplant.

In addition to systems to treat platelets, plasma and red blood cells intended for transfusion, Cerus is also developing a system to treat source plasma used for fractionation into various plasma products. Cerus has collaboration agreements with Baxter Healthcare and the Consortium for Plasma Science.

Statements in this news release regarding product development and clinical development are forward-looking statements that involve risks and uncertainties. Actual results could differ materially from the above forward-looking statements as a result of certain factors, including the uncertainty of the timing and results of any clinical trials, regulation by the FDA, the uncertainty of replication of animal data in humans, the uncertainty of market acceptance of any products, competitive conditions, the uncertainty of future financing and other factors discussed in the company's 1998 Annual Report on Form 10-K.

CERUS CORPORATION

SELECTED UNAUDITED FINANCIAL INFORMATION

Condensed Statements

of Operations

Three Months Ended Six Months Ended

 
(in thousands, except per 
 share information)June 30,   June 30, 
  1999  1998 1999 1998 
 
Revenue$434 $745$1,178   $2,357 
 
Operating expenses: 
Research and development  5,414   13,598 9,876   18,054 
General and administrative1,3451,073 2,3682,094 
Total operating expenses  6,759   14,67112,244   20,148 
Loss from operations(6,325) (13,926)  (11,066) (17,791) 
Interest income, net792  270 1,047  563 
Net loss   ($5,533)($13,656) ($10,019)($17,228) 
 
Net loss per share - 
 basic and diluted  ($0.48)  ($1.48)   ($0.95)  ($1.86) 
Shares used in computing 
 net loss per share - 
 basic and diluted   11,5539,24610,4969,239 
 
CONDENSED BALANCE SHEETSJune 30,December 31, 
(in thousands)   19991998 
 
Cash, cash equivalents and 
 short-term investments $58,325$19,802 
Other current assets233312 
Furniture and equipment, net of depreciation698725 
Other assets 94 95 
Total assets$59,350$20,934 
 
Accounts payable to a related party  $5,664$12,719 
Other current liabilities 8,047  6,859 
Capital lease obligation, less current portion8 12 
Redeemable convertible preferred stock5,000  5,000 
Stockholders' equity (deficit)   40,631(3,656) 
 
Total liabilities and 
 stockholders' equity (deficit) $59,350$20,934 

For more information, please contact Stephen Isaacs, President and CEO, or Greg W. Schafer, CFO, both of Cerus Corporation, 925-603-9071; or Investors - Ana Kapor, or Media - Amy Flood, both of Noonan/Russo Communications, Inc., 415-677-4455, for Cerus Corporation.

    Global Headquarters

  • 1220 Concord Avenue
  • Concord, CA US 94520
  • +1 925.288.6000

    European Headquarters

  • Stationsstraat 79-D
  • 3811 MH Amersfoort, Netherlands
  • +31 (0) 33 49 60 600