Press Release Details

Cerus Corporation Announces Second Quarter Results

July, 24 2001

Business Editors/Health & Medical Writers

CONCORD, Calif.--(BUSINESS WIRE)--July 24, 2001

Cerus Corporation (Nasdaq:CERS) today announced results for the second quarter ended June 30, 2001.

The net loss for the second quarter was $12.0 million, or $0.80 per share, compared to a net loss of $8.5 million, or $0.66 per share, for the second quarter of 2000. The increased net loss for the quarter was primarily due to expanded research and development activities in support of the company's four programs in clinical trials. Revenue from development agreements and government grants for the quarter was $1.6 million, compared to $0.5 million for the second quarter of 2000. At June 30, 2001, the company had cash, cash equivalents and short-term investments of $147.3 million.

"The second quarter of 2001 continued to yield positive developments for Cerus," said Stephen Isaacs, Cerus president and chief executive officer. "With the success of our late-stage clinical trials and our progress in regulatory submissions, we are well positioned to realize our goal of increasing the safety of the world's blood supply."

Recent Cerus Corporation highlights include:

 -- INTERCEPT Platelet System: Submitted the first module to the United States Food and Drug Administration as part of a modular pre-market approval (PMA) application; -- INTERCEPT Plasma System: Reported favorable results of a Phase IIIa clinical trial and continued enrollment in a Phase IIIc trial; -- INTERCEPT Red Blood Cell System: Presented the results a study showing efficacy in inactivating leukocytes; -- Helinx(TM) Technology: Received Discover Magazine's Editor's Choice Award as a top innovation in 2000. 

In collaboration with its partner, Baxter Healthcare Corporation, Cerus has completed Phase III trials for the INTERCEPT Platelet System and is conducting Phase III trials for the INTERCEPT Plasma System. Also in collaboration with Baxter, the company is preparing to begin a Phase III trial for the INTERCEPT Red Blood Cell System.

QUARTERLY CONFERENCE CALL

The company has scheduled its quarterly conference call for 4:30 p.m. EDT today. Interested parties can access a live Internet broadcast at http://www.videonewswire.com/event.asp?id=146. For those unable to listen to the live broadcast, the call will be archived for 72 hours at www.cerus.com.

ABOUT CERUS

Cerus Corporation is building on its leading position in the biopharmaceutical industry by developing medical systems and therapeutics to provide safer and more effective options to patients. The company is developing products based on its proprietary Helinx technology for controlling biological replication. Cerus' most advanced programs are focused on systems to enhance the safety of the world's blood supply. These INTERCEPT Blood Systems, based on the company's Helinx technology, are designed to inactivate viruses, bacteria, other pathogens and white blood cells. The Concord, California-based company also is pursuing therapeutic applications of Helinx technology to treat and prevent serious diseases.

Note to Editors: 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. (NYSE:BAX).

Statements in this news release regarding product development and product potential are forward-looking statements that involve risks and uncertainties. Actual results could differ materially from the forward-looking statements as a result of certain factors, including the risks and uncertainty of the timing and results of clinical trials and other development activities, actions by regulatory authorities at any stage of the development process, additional financing activities, market acceptance of any products, competitive conditions and other factors discussed in the company's most recent report on Form 10-Q and other filings with the Securities and Exchange Commission.

    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