Press Release Details

Cerus Corporation Announces Fourth Quarter and Year-end Results

January, 25 2001

Business Editors

CONCORD, Calif.--(BUSINESS WIRE)--Jan. 25, 2001

Cerus Corporation (Nasdaq: CERS) today announced results for the fourth quarter and year ended December 31, 2000.

The net loss for the fourth quarter was $10.9 million, or $0.77 per share, compared to a net loss of $7.1 million, or $0.60 per share, for the fourth quarter of 1999. For the year ended December 31, 2000, the company reported a net loss of $36.0 million, or $2.75 per share, compared to a net loss of $22.6 million, or $2.04 per share, for 1999. The increased net losses for the fourth quarter and year 2000 were primarily due to expanded research and development activities in support of the company's four programs in clinical trials. For the year ended December 31, 2000, revenue from development agreements and government grants was $1.9 million, compared to $2.4 million for 1999. At December 31, 2000, the company had cash, cash equivalents and short-term investments of $90.3 million.

Cerus Corporation highlights for 2000 include:

 
-- Intercept Platelet System: Submission of a CE Mark application for 
regulatory approval to market the system in Europe; 
 
-- Intercept Plasma System: Completion of a Phase IIIa clinical trial; 
 
-- Intercept Red Blood Cell System: Initiation of a Phase Ic clinical trial, 
for which subject enrollment was recently completed; 
 
-- Allogeneic Cellular Immune Therapy (ACIT): Determination of the target dose 
in a Phase I dose-ranging clinical trial. 

QUARTERLY CONFERENCE CALL

The company has scheduled its quarterly conference call for 4:30 p.m. EST today. Interested parties can access a live Internet broadcast at http://www.videonewswire.com/CERUS/012501. For those unable to listen to the live broadcast, the call will be archived.

ABOUT CERUS

Cerus Corporation is developing medical systems and therapeutics based on the company's proprietary Helinx technology for inactivating disease-causing agents. Helinx is designed to target and lock DNA or RNA, and has the ability to prevent the replication of viruses, bacteria and other pathogens and to control cellular proliferation. The company's most advanced programs are focused on systems to enhance the safety of the world's blood supply. These Intercept Blood Systems, based on the Helinx technology, are designed to inactivate viruses, bacteria and other pathogens. The Concord, California-based biopharmaceutical company, in collaboration with its development and commercialization partner Baxter Healthcare Corporation, has submitted a CE Mark application for marketing approval of the Intercept Platelet System in Europe, and has completed enrollment in a 600 patient U.S. Phase III clinical trial in the United States. In addition, the company is conducting clinical trials of the Intercept Blood Systems in the United States: a Phase III trial for plasma and a Phase Ic trial for red blood cells. The company also is collaborating with the Pharmaceutical Division of Kirin Brewery Co., Ltd. in the field of oncology to develop Helinx T-cells for therapeutic use with stem cell transplantation in Cerus' allogeneic cellular immunotherapy (ACIT) program.

Helinx is a trademark of Cerus Corporation Intercept Blood System, Intercept Platelet System, Intercept Plasma System and Intercept Red Blood Cell System are trademarks of Baxter International, Inc.

Statements in this news release regarding product development, clinical development, regulatory activity and product potential 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, action by regulatory authorities, the uncertainty of market acceptance of any products, competitive conditions, the uncertainty of future financing and other factors discussed in the company's 1999 Annual Report and Form 10-K and Prospectus dated November 1, 2000.

 
 
  
CERUS CORPORATION
SELECTED UNAUDITED FINANCIAL INFORMATION

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

                             Three Months Ended   Twelve Months Ended
                                December 31,          December 31,
                              2000       1999       2000       1999
                              ----       ----       ----       ----

Revenue                  $    195    $    238    $  1,851    $  2,408

Operating expenses:
 Research and
  development              10,623       6,629      34,823      22,514
 General and
  administrative            2,003       1,284       7,160       4,837
                         --------    --------    --------    --------
   Total operating
    expenses               12,626       7,913      41,983      27,351
                         --------    --------    --------    --------
  Loss from
   operations             (12,431)     (7,675)    (40,132)    (24,943)
Interest income, net        1,551         593       4,099       2,315
                         --------    --------    --------    --------
  Net loss               ($10,880)   ($ 7,082)   ($36,033)   ($22,628)
                         ========    ========    ========    ========
Net loss per share
 - basic and diluted     ($  0.77)   ($  0.60)   ($  2.75)   ($  2.04)
                         ========    ========    ========    ========
Shares used in computing
 net loss per share
 - basic and diluted       14,042      11,734      13,086      11,102
                         ========    ========    ========    ========


Condensed Balance Sheets
(in thousands)
                                  Dec. 31,    Dec. 31,
                                    2000        1999
                                    ----        ----

Cash, cash equivalents and
 short-term investments            $90,260   $40,419
Accounts receivable from
 a related party                       267      --
Other current assets                   512       238
Furniture and equipment, net         2,994       999
Other assets                           128       124
                                   -------   -------
   Total assets                    $94,161   $41,780
                                   =======   =======
Accounts payable to a
 related party                     $ 1,791   $   531
Other current liabilities           10,365     8,175
Capital lease obligation,
 less current portion                   84       115
Redeemable convertible
 preferred stock                     5,000     5,000
Stockholders' equity                76,921    27,959
                                   -------   -------
   Total liabilities and
    stockholders' equity           $94,161   $41,780
                                   =======   =======

    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