Press Release Details

Cerus Corporation Announces Third Quarter Results

October, 23 2001

Business Editors

CONCORD, Calif.--(BUSINESS WIRE)--Oct. 23, 2001

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

The net loss for the third quarter was $12.7 million, or $0.81 per share, compared to a net loss of $9.2 million, or $0.69 per share, for the third quarter of 2000. The increased net loss for the quarter was primarily due to expanded research and development activities in support of INTERCEPT Blood Systems. Revenue from development agreements and government grants for the quarter was $517,000, compared to $488,000 for the third quarter of 2000. At September 30, 2001, the company had cash, cash equivalents and short-term investments of $137.9 million.

"In the third quarter, we were pleased to report positive Phase III clinical trial results in our INTERCEPT platelet and plasma programs," said Stephen Isaacs, Cerus president and chief executive officer. "We look forward to a successful launch of our first product, the INTERCEPT Platelet System, in Europe next year and have tremendous confidence in our commercialization partner, Baxter."

Recent Cerus Corporation highlights include:

 -- INTERCEPT Platelet System: Reported positive Phase III clinical trial results meeting the primary endpoint, completed enrollment in two ancillary clinical trials in Europe and reported preclinical data demonstrating efficacy in inactivating the parasite that causes Chagas' disease;  -- INTERCEPT Plasma System: Reported positive Phase IIIb clinical trial results meeting the primary endpoints and continued enrollment in a Phase IIIc clinical trial;  -- INTERCEPT Red Blood Cell System: Reported positive preliminary Phase Ic clinical trial results. 

Cerus and its partner, Baxter Healthcare Corporation, are collaborating on the development of the INTERCEPT Blood Systems to enhance the safety of blood transfusions. The companies are seeking U.S. and European approval of the INTERCEPT Platelet System and are conducting a Phase III trial of the INTERCEPT Plasma System. Also in collaboration with Baxter, the company is preparing to commence 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=1209. 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 developing medical systems and therapeutics based on its proprietary Helinx(TM) technology for controlling biological replication. Cerus' most advanced programs are focused on systems to enhance the safety of blood products used for transfusion. These INTERCEPT Blood Systems, utilizing 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.

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 and commercialization 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 reports on Forms 10-K, 10-Q and other filings with the Securities and Exchange Commission. Cerus does not undertake any obligation to update forward-looking statements.

                           CERUS CORPORATION
               SELECTED UNAUDITED FINANCIAL INFORMATION

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

                                 Three Months Ended  Nine Months Ended
                                    September 30,      September 30,
                                   2001        2000      2001    2000
                                   ----        ----      ----    ----

Revenue                      $    517   $    488   $  3,520   $  1,656

Operating expenses:
  Research and
   development                 12,194      9,129     35,598     24,200
  General and
   administrative               2,347      1,599      7,384      5,157
                             --------   --------   --------   --------
    Total operating expenses   14,541     10,728     42,982     29,357
                             --------   --------   --------   --------
    Loss from operations      (14,024)   (10,240)   (39,462)   (27,701)
Interest income, net            1,298      1,083      3,696      2,548
                             --------   --------   --------   --------
    Loss before income taxes  (12,726)    (9,157)   (35,766)   (25,153)
Provision for income taxes       --         --         (100)      --
                             --------   --------   --------   --------
    Net loss                 ($12,726)  ($ 9,157)  ($35,866)  ($25,153)
                             ========   ========   ========   ========

Net loss per share -
 basic and diluted           ($  0.81)  ($  0.69)  ($  2.41)  ($  1.97)
                             ========   ========   ========   ========
Shares used in computing
 net loss per share -
 basic and diluted             15,711     13,219     14,898     12,768
                             ========   ========   ========   ========



Condensed Balance Sheets
(in thousands)
                                    September 30, December 31,
                                         2001         2000
                                         ----         ----

Cash, cash equivalents and
 short-term investments               $137,903   $ 90,260
Accounts receivable from a
 related party                              63        267
Other current assets                       954        512
Furniture and equipment, net             2,717      2,994
Other assets                               162        128
                                      --------   --------

     Total assets                     $141,799   $ 94,161
                                      ========   ========


Accounts payable to a related party   $  7,873   $  1,791
Other current liabilities                9,260     10,365
Capital lease obligation,
 less current portion                       59         84
Redeemable convertible preferred
 stock                                   5,000      5,000
Stockholders' equity                   119,607     76,921
                                      --------   --------

     Total liabilities and
      stockholders' equity            $141,799   $ 94,161
                                      ========   ========

    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