antiquity
08-13-2002, 01:15 PM
Diacrin Announces Second Quarter Results
CHARLESTOWN, Mass.--(BW HealthWire)--Aug. 13, 2002--Diacrin, Inc. (Nasdaq:DCRN) reported today financial results for the second quarter and six months ended June 30, 2002. Net loss for the quarter was $1.8 million, or $.10 per share, compared to a net loss of $1.3 million, or
$.07 per share, for the quarter ended June 30, 2001. Net loss for the six months ended June 30, 2002 was $3.3 million, or $.18 per share, compared to a net loss of $2.1 million, or $.12 per share, for the six months ended June 30, 2001. Diacrin ended the quarter with cash and investments of $46.3 million.
"During the quarter we continued to focus on our Phase 1 clinical trials using human myoblasts for cardiac repair and have now transplanted 15 patients with encouraging results," said Thomas H. Fraser, Ph.D., President and CEO.
Diacrin is developing cell transplantation technology for treating human diseases that are characterized by cell dysfunction or cell death and for which current therapies are either inadequate or nonexistent. Products under development include: porcine spinal cord cells for spinal cord injury; porcine neural cells for stroke, focal epilepsy and intractable pain; NeuroCell(TM)-PD for Parkinson's disease; porcine liver cells for acute liver failure; human liver cells for cirrhosis; and human muscle cells for cardiac disease.
DIACRIN, INC.
SELECTED FINANCIAL DATA
Three Months Six Months
Ended June 30, Ended June 30,
2002 2001 2002 2001
REVENUES:
Research and development $ 46,853 $ 157,545 $ 79,441 $ 540,607
OPERATING EXPENSES:
Research and development 1,699,769 1,698,341 3,322,105 3,148,408
General and administrative 433,603 461,811 790,798 887,314
Total operating
expenses 2,133,372 2,160,152 4,112,903 4,035,722
OTHER INCOME (EXPENSE):
Equity in operations
of joint venture (39,175) (160,210) (70,585) (382,639)
Investment income 346,126 832,875 802,739 1,741,733
Interest expense (866) (3,859) (2,130) (9,043)
Total other income
(expense) 306,085 668,806 730,024 1,350,051
NET LOSS $(1,780,434)$(1,333,801)$(3,303,438)$(2,145,064)
BASIC AND DILUTED NET LOSS
PER COMMON SHARE $ (.10) $ (.07) $ (.18) $ (.12)
SHARES USED IN COMPUTING BASIC
AND DILUTED NET LOSS PER
COMMON SHARE 17,937,204 17,914,704 17,937,204 17,914,704
June 30, December 31,
2002 2001
Balance Sheet Data:
Cash, cash equivalents
and investments $ 46,282,414 $49,727,197
Total assets 47,124,439 50,681,496
Stockholders' equity 45,842,712 49,146,150
CONTACT:
Diacrin, Inc.
Kevin Kerrigan, 617/242-9100
SOURCE: Diacrin
Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: http://www.businesswire.com
08/13/2002 16:06 EASTERN
CHARLESTOWN, Mass.--(BW HealthWire)--Aug. 13, 2002--Diacrin, Inc. (Nasdaq:DCRN) reported today financial results for the second quarter and six months ended June 30, 2002. Net loss for the quarter was $1.8 million, or $.10 per share, compared to a net loss of $1.3 million, or
$.07 per share, for the quarter ended June 30, 2001. Net loss for the six months ended June 30, 2002 was $3.3 million, or $.18 per share, compared to a net loss of $2.1 million, or $.12 per share, for the six months ended June 30, 2001. Diacrin ended the quarter with cash and investments of $46.3 million.
"During the quarter we continued to focus on our Phase 1 clinical trials using human myoblasts for cardiac repair and have now transplanted 15 patients with encouraging results," said Thomas H. Fraser, Ph.D., President and CEO.
Diacrin is developing cell transplantation technology for treating human diseases that are characterized by cell dysfunction or cell death and for which current therapies are either inadequate or nonexistent. Products under development include: porcine spinal cord cells for spinal cord injury; porcine neural cells for stroke, focal epilepsy and intractable pain; NeuroCell(TM)-PD for Parkinson's disease; porcine liver cells for acute liver failure; human liver cells for cirrhosis; and human muscle cells for cardiac disease.
DIACRIN, INC.
SELECTED FINANCIAL DATA
Three Months Six Months
Ended June 30, Ended June 30,
2002 2001 2002 2001
REVENUES:
Research and development $ 46,853 $ 157,545 $ 79,441 $ 540,607
OPERATING EXPENSES:
Research and development 1,699,769 1,698,341 3,322,105 3,148,408
General and administrative 433,603 461,811 790,798 887,314
Total operating
expenses 2,133,372 2,160,152 4,112,903 4,035,722
OTHER INCOME (EXPENSE):
Equity in operations
of joint venture (39,175) (160,210) (70,585) (382,639)
Investment income 346,126 832,875 802,739 1,741,733
Interest expense (866) (3,859) (2,130) (9,043)
Total other income
(expense) 306,085 668,806 730,024 1,350,051
NET LOSS $(1,780,434)$(1,333,801)$(3,303,438)$(2,145,064)
BASIC AND DILUTED NET LOSS
PER COMMON SHARE $ (.10) $ (.07) $ (.18) $ (.12)
SHARES USED IN COMPUTING BASIC
AND DILUTED NET LOSS PER
COMMON SHARE 17,937,204 17,914,704 17,937,204 17,914,704
June 30, December 31,
2002 2001
Balance Sheet Data:
Cash, cash equivalents
and investments $ 46,282,414 $49,727,197
Total assets 47,124,439 50,681,496
Stockholders' equity 45,842,712 49,146,150
CONTACT:
Diacrin, Inc.
Kevin Kerrigan, 617/242-9100
SOURCE: Diacrin
Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: http://www.businesswire.com
08/13/2002 16:06 EASTERN