Press Release Details

Cerus Corporation Announces First Quarter Results

April, 24 2001
Cerus Corporation (Nasdaq: CERS) today announced results for the first quarter ended March 31, 2001.

The net loss for the first quarter was $11.2 million, or $0.79 per share, compared to a net loss of $7.5 million, or $0.61 per share, for the first 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 $1.4 million, compared to $0.6 million for the first quarter of 2000. At March 31, 2001, the company had cash, cash equivalents and short-term investments of $80.1 million.

"Year to date, we have made significant progress in clinical trials of each of the INTERCEPT Blood Systems, including planning for Phase III clinical trials of the INTERCEPT Red Cell System to begin later this year," said Stephen Isaacs, Cerus president and chief executive officer. "We also entered into two very important strategic relationships which provide funding and access to scientific expertise for research and development programs that contribute to Cerus' product pipeline."

Recent Cerus Corporation highlights include:

  • INTERCEPT Platelet System: Completed enrollment in the U.S. Phase III SPRINT trial and initiated enrollment in two ancillary clinical trials of the system in Europe to qualify the commercial configuration for buffy coat platelets and to qualify the system for platelets collected by apheresis
  • INTERCEPT Plasma System: Completed enrollment in a Phase IIIb clinical trial
  • INTERCEPT Red Blood Cell System: Completed enrollment in a Phase Ic clinical trial and obtained concurrence from the FDA to proceed into Phase III clinical trials
  • Allogeneic Cellular Immune Therapy (ACIT): Completed a Phase I clinical trial and entered into a collaborative agreement with Kirin Brewery Co. Ltd. to develop and market products for stem cell transplantation
  • Cooperative Agreement with the U.S. Armed Forces: Received a $3.5 million award to develop pathogen inactivation technologies to improve the safety and availability of transfusion blood products

QUARTERLY CONFERENCE CALL

The company has scheduled its quarterly conference call for 4:30 p.m. EDT today.

ABOUT CERUS

Cerus Corporation is building on its leading position in the biopharmaceutical industry by offering medical systems and therapeutics that 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.

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, 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 2000 Annual Report on Form 10-K.

Cerus Corporation
Selected Unaudited Financial Information

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

 
Three Months Ended
March 31,
 
2001
2000
Revenue
$ 1,444
$627
Operating expenses: 
Research and development
11,318
7,071
General and administrative
2,379
1,739
Total operating expenses
13,697
8,810
Loss from operations
(12,253)
(8,183)
Interest income, net
1,188
665
Operating Loss
$ (11,065)
$ (7,518)
Provision for income taxes
(100)
-
Net loss
$ (11,165)
$ (7,518)
Net loss per share – basic and diluted
$ (0.79)
$ (0.61)
Shares used in computing
net loss per share - basic and diluted
14,097
12,282

Condensed Balance Sheets
(in thousands)

 
March 31,
2001
December 31,
2000
Cash, cash equivalents and short-term investments
$80,114
$90,260
Accounts receivable from a related party
177
267
Other current assets
1,161
512
Furniture and equipment, net
2,906
2,994
Other assets
127
128
Total assets
$84,485
$94,161
 
Accounts payable to a related party
$1,828
$1,791
Other current liabilities
10,908
10,365
Capital lease obligation, less current portion
74
84
Redeemable convertible preferred stock
5,000
5,000
Stockholders' equity
66,675
76,921
Total liabilities and stockholders' equity
$84,485
$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