Press Release Details

Cerus Corporation Announces Fourth Quarter And Year-End Results

January, 27 2000

CONCORD, Calif., Jan. 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 fourth quarter and year ended December 31, 1999.

For the quarter ended December 31, 1999, the company reported revenue from development agreements and government grants of $0.2 million and a net loss of $7.1 million, or $0.60 per share. These results compare with revenue of $0.3 million and a net loss of $6.2 million, or $0.66 per share for the quarter ended December 31, 1998.

The company also reported revenue of $2.4 million and a net loss of $22.6 million, or $2.04 per share for the year ended December 31, 1999. These results compare with revenue of $2.9 million and a net loss of $29.6 million, or $3.17 per share, for the year ended December 31, 1998.

As of December 31, 1999, the company had cash, cash equivalents and short- term investments totaling $40.4 million. In addition, the company announced on December 21, 1999 that it has entered into definitive agreements for the sale of an aggregate of 1,000,000 newly issued shares of common stock to selected institutional and other accredited investors, including Baxter Healthcare Corporation, at a purchase price per share of $25. The company's cash and investments balance at December 31, 1999 does not include any proceeds from this financing.

"I am pleased with the progress we have made in all of our programs here at Cerus in 1999," said Cerus President and Chief Executive Officer Stephen Isaacs. "We expect year 2000 to be pivotal for Cerus as we work towards completion of Phase 3 clinical trials of our systems to inactivate viruses, bacteria and other pathogens in platelet concentrates and fresh frozen plasma."

Cerus Corporation highlights for 1999 include:

-- Platelet pathogen inactivation system: Initiation of platelet

transfusions in a U.S. Phase 3 clinical trial and continued enrollment

of patients in a Phase 3 clinical trial in Europe;

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

Phase 2b clinical trial and initiation of transfusions in patients in a

U.S. Phase 3 clinical trial;

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

1a and Phase 1b clinical trials;

-- Allogeneic cellular immune therapy (ACIT): Initiation of patient

treatment in a U.S. Phase 1 clinical trial for patients undergoing bone

marrow transplantation, and receipt of an $800,000 NIH research grant

award for pre-clinical studies.

Cerus Corporation is developing systems to inactivate pathogens in platelets, plasma and red blood cells intended for transfusion. Baxter Healthcare Corporation is the company's development and commercialization partner for these activities. In addition, Cerus is developing a system to treat source plasma used for fractionation into various 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.

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 Financial Information

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

 

 
Three Months Ended
Year Ended
 
Dec. 31,
Dec. 31,
 
1999
1998
1999
1998
Revenue
$ 238
$272
$ 2,408
$ 2,903
Operating expenses:        
Research and development
6,629
6,004
22,514
29,783
General and administrative
1,284
779
4,837
3,841
Total operating expenses
7,913
6,783
27,351
33,624
Loss from operations
(7,675)
(6,511)
(24,943)
(30,721)
Interest income, net
593
274
2,315
1,163
Net loss
$ (7,082)
$ (6,237)
$ (22,628)
$ (29,558)
Net loss per share – basic and diluted
$ (0.60)
$ (0.66)
$ (2.04)
$ (3.17)
Shares used in computing
net loss per share
11,734
9,416
11,102
9,325

 

Condensed Balance Sheets
(in thousands)

 

 
Dec. 31,1999
Dec. 31,1998
Cash and cash equivalents
$40,419
$ 19,802
Other current assets
238
312
Furniture and equipment, net of depreciation
999
725
Other assets
124
95
Total assets
$ 41,780
$20,934
 
Accounts payable to a related party
$531
$12,719
Other current liabilities
8,175
6,859
Capital lease obligation, less current portion
115
12
Redeemable convertible preferred stock
$5,000
$5,000
Stockholders' equity (deficit)
$ 27,959
$ 3,656
Total liabilities and stockholders' equity (deficit)
$ 41,780
$ 20,934

CONTACT: Stephen Isaacs, President and CEO, or Greg W. Schafer, CFO of Cerus Corporation, 925-603-9071; or Amy Giller of Noonan-Russo Communications, Inc., 415-677-4455, Ext. 206

    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