Press Release Details

Cerus Corporation Announces Third Quarter Results

October, 26 1999
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 third quarter ended September 30, 1999.

Net revenue from development agreements and government grants for the quarter was $1.0 million, compared to $0.3 million for the third quarter of 1998. The net loss for the third quarter was $5.5 million, or $0.47 per share, compared to a net loss of $6.1 million, or $0.65 per share, for the third quarter of 1998. At September 30, 1999, the company had cash, cash equivalents and short-term investments totaling $48.4 million.

Recent Cerus Corporation highlights include:

    - Platelet pathogen inactivation system: Initiation of platelet transfusions at three sites in a U.S. Phase 3 clinical trial;

    - Fresh frozen plasma pathogen inactivation system: Initiation of transfusions in patients in a U.S. Phase 3 clinical trial patient group;

    - Red blood cell pathogen inactivation system: Completion of a U.S. Phase 1b clinical trial;

    - Allogeneic cellular immune therapy (ACIT): Receipt of an $800,000 NIH research grant award for pre-clinical studies, and initiation of patient treatment in a U.S. Phase 1 clinical trial for patients undergoing bone marrow transplantation.

In addition to systems to treat platelets, plasma and red blood cells intended for transfusion, Cerus is developing a system to treat source plasma used for fractionation into plasma products. The company's platform technologies, which prevent viral, bacterial and other cellular replication, have potential applications in the health care field beyond pathogen inactivation in blood components. Cerus has collaboration agreements with Baxter Healthcare and the Consortium for Plasma Science.

Cerus Corporation
Selected Unaudited Financial Information

Condensed Statements of Operations
(in thousands, except per share information)

 
Three Months Ended
Nine Months Ended
 
Sept.30
Sept.30
 
1999
1998
1999
1998
Revenue
$ 992
$274
$ 2,170
$2,631
Operating expenses:    
Research and development
6,009
5,725
15,885
23,779
General and administrative
1,185
968
3,553
3,062
Total operating expenses
7,194
6,693
19,438
26,841
Loss from operations
(6,202)
(6,419)
(17,268)
(24,210)
Interest income, net
675
326
1,722
889
Net loss
$ (5,527)
$ (6,093)
$ (15,546)
$ (23,321)
Net loss per share - basic and diluted
$ (0.47)
$ (0.65)
$ (1.43)
$ (2.51)
Shares used in computing
net loss per share - basic and diluted
11,721
9,413
10,908
9,298

Condensed Balanced Sheets
(in thousands)

 
Sept. 30, 1999
Dec. 31, 1998
  
Cash, cash equivalents and short-term investments
$ 48,374
$19,802
Other current assets
162
312
Furniture and equipment, net of depreciation
923
725
Other assets
96
95
 Total assets
$49,555
$20,934
 
Accounts payable to a related party
$ 822
$12,719
Other current liabilities
8,448
6,859
Capital lease obligation, less current portion
123
12
Redeemable convertible preferred stock
5,000
5,000
Stockholders' equity (deficit)
35,162
(3,656)
Total liabilities and stockholders' equity (deficit)
$ 49,555
$ 20,934

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.

    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