COMPANY PRESS RELEASE: SUGEN, Inc. today announced its financial results for the quarter ended March 31, 1999. The Company reported revenues of $4.3 million and a net loss of $14.9 million, or $0.89 per share.
These results compare with revenues of $1.7 million and a net loss of $9.1 million, or $0.59 per share for the same period last year, and revenues of $5.8 million and a net loss of $9.7 million, or $0.59 per share, for the quarter ended December 31, 1998.
As of March 31, 1999, the Company had cash, cash equivalents and short-term investments of approximately $61.9 million, which included approximately $26.1 million in net proceeds received in connection with the 12% Senior Convertible Notes issued in March 1999.
"SUGEN's increase in expenditures and net loss were in line with our internal planning, and reflect primarily the acceleration of our three cancer products in clinical development," commented Stephen Evans-Freke, Chairman and CEO. "We are also committing significant investment to manufacturing scale-up and preparation for potential NDA filings for SU101 and SU5416 in 2000. Finally, this quarter was impacted by costs associated with the launch of SUGEN Europe, which we expect to finance independently going forward. As previously stated, we are confident that we will be able to provide for our capital needs going forward without having to resort to a public offering in the U.S. market."