Press Release Details

Cerus Corporation Announces First Quarter Financial Results

May, 01 2007

CONCORD, Calif.--(BUSINESS WIRE)--May 1, 2007--Cerus Corporation (NASDAQ:CERS) today announced financial results for the first quarter ended March 31, 2007.

Total revenue for the first quarter of 2007 was $4.7 million, down from $7.0 million for the first quarter of 2006. The decrease in revenue is attributable to no milestone payments or development funding recognized in the current quarter from our agreements with Baxter, BioOne and MedImmune as compared with $3.4 million in the first quarter of 2006. Product revenue was $1.2 million in the first quarter of 2007, up from $0.5 million in the first quarter of 2006. Total operating expenses for the first quarter of 2007 were $12.6 million, up from $10.0 million for the same period in 2006, primarily due to costs associated with our INTERCEPT commercialization efforts in Europe.

Net loss for the first quarter of 2007 was $6.8 million, or $0.21 per share, compared to a net loss of $0.9 million, or $0.04 per share, for the first quarter of 2006.

At March 31, 2007, the Company had cash, cash equivalents and short-term investments of $79.6 million.

"I am pleased to announce that product revenue for the first quarter of 2007 for our INTERCEPT Blood System was over one million dollars," said Claes Glassell, president and CEO of Cerus Corporation. "We believe that the interest in pathogen inactivation is increasing. By marketing the INTERCEPT system as a single system that treats both platelet and plasma donated blood components intended for transfusion, we believe that we can offer customers a solution that is operationally, economically and clinically superior to conventional screening and blood testing practices."

    RECENT HIGHLIGHTS

    --  Cerus to explore strategic alternatives for its immunotherapy
        business; and

    --  Cerus awarded grants for its Listeria-based infectious disease
        programs.

QUARTERLY CONFERENCE CALL

The company has scheduled its quarterly conference call for 4:30 p.m. Eastern time today. Interested parties can access a live Internet broadcast at www.cerus.com. For those unable to listen to the live broadcast, the call will be temporarily archived.

ABOUT CERUS

Cerus Corporation is developing and commercializing novel, proprietary products and technologies within the fields of blood safety and immunotherapy that are intended to provide safer, more effective medical options to patients in areas of substantial unmet medical needs. In the field of blood safety, the company is developing and commercializing the INTERCEPT Blood System, which is based on the company's proprietary Helinx technology and is designed to enhance the safety of donated blood components by inactivating viruses, bacteria, parasites and other pathogens, as well as potentially harmful white blood cells. In the field of immunotherapy, the company is employing its proprietary attenuated Listeria vaccine platform to develop a series of novel therapies to treat cancer, and it is applying its proprietary Killed But Metabolically Active technology platform in research and development of prophylactic and therapeutic vaccines for infectious diseases.

INTERCEPT, INTERCEPT Blood System and Helinx are trademarks of Cerus Corporation.

This press release contains forward-looking statements, including statements related to the potential efficacy the Company's products and technologies. For this purpose, any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "intends," "believes," "estimates," "expects," "plans" and similar words or expressions or the negative of these words or expressions are intended to identify forward-looking statements. Actual results could differ materially from these forward-looking statements as a result of certain factors, including, without limitation, the risks identified in the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2006. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company does not undertake any obligation to update any forward-looking statements as a result of new information, future events, changed assumptions or otherwise.

                          CERUS CORPORATION
                  CONDENSED CONSOLIDATED UNAUDITED
                       STATEMENTS OF OPERATIONS
             (In thousands except per share information)

                                            Three Months Ended
                                                 March 31,
                                      --------------------------------
                                           2007            2006
                                      --------------- ----------------
Revenue
 Government grant and cooperative
  agreements                          $        3,511  $         2,701
 Product revenue                               1,187              479
 Milestone and development funding                --            3,817
                                      --------------- ----------------
    Total Revenue                              4,698            6,997
                                      --------------- ----------------

Operating expenses
  Cost of product revenue                        824              182
  Research and development                     6,448            6,638
  Selling, general and administrative          5,322            3,160
                                      --------------- ----------------
   Total operating expenses                   12,594            9,980
                                      --------------- ----------------
Loss from operations                          (7,896)          (2,983)
Interest income and other, net                 1,088            2,053
                                      --------------- ----------------
   Net loss                           $       (6,808) $          (930)
                                      =============== ================

Net loss per share:
 Basic                                $        (0.21) $         (0.04)
 Diluted                              $        (0.21) $         (0.04)

Weighted average common shares
 outstanding used for basic and
 diluted income (loss) per share
 Basic                                        31,760           23,040
 Diluted                                      31,760           23,040
                          CERUS CORPORATION
                  CONDENSED CONSOLIDATED UNAUDITED
                            BALANCE SHEETS
                            (In thousands)

                                            March 31,    December 31,
                                               2007          2006
                                           ------------  -------------

Cash, cash equivalents, and short-term
 investments                               $    79,614   $     93,416
Accounts receivable and other current
 assets                                         10,880          7,494
Inventories                                      2,577          1,833
Furniture and equipment, net                     1,550          1,627
Other assets                                    11,543         11,447
                                           ------------  -------------
     Total Assets                          $   106,164   $    115,817
                                           ============  =============

Accounts payable and accrued liabilities   $    10,849   $     14,144
Deferred revenue                                   126             --
Deferred gain                                       91            586
Other current liabilities                           72             84
Other long-term liabilities                         27             32
                                           ------------  -------------
   Total liabilities                            11,165         14,846
                                           ------------  -------------
Stockholders' equity                            94,999        100,971
                                           ------------  -------------
     Total liabilities and stockholders'
      equity                               $   106,164   $    115,817
                                           ============  =============

CONTACT: Cerus Corporation
Myesha Edwards, 925-288-6017
Corporate Communications

SOURCE: Cerus Corporation

    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