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AIDS vaccine developer reports increased cash due to financing.
2003 DEC 10 - (NewsRx.com & NewsRx.net) -- Epimmune, Inc., (EPMN) announced its financial results for the third quarter ended September 30, 2003.
During the quarter, cash and cash equivalents increased by $2.2 million to an ending balance of $8.1 million at September 30, 2003, from $5.9 million at June 30, 2003. The increase in cash and cash equivalents was primarily due to completion of an equity financing by the company in September 2003 that generated gross proceeds of $4.0 million, partially offset by cash used for operating expenses and non-recurring restructuring expenses.
Approximately $0.4 million of cash used during the third quarter was for one-time expenses related to the company's work force reduction in September. This included severance payments, payment of accrued vacation and outplacement services. Epimmune's operating expenses during the quarter ended September 30, 2003, continued to be focused primarily on three vaccine clinical trials, two directed at cancer therapies with the company's EP-2101 vaccine, and one at treatment of HIV with the company's EP HIV-1090 vaccine.
The company's net cash burn rate is expected to decrease in future quarters as a result of revenues associated with the company's recent 5-year, $16.7 million contract award from the National Institutes of Health for development of an HIV vaccine and reduced expenses associated with the September work force reductions.
Revenues were $2.0 million in the third quarter of 2003 compared to $1.7 million in the third quarter of 2002. The increase in third quarter 2003 revenue was primarily due to receipt of one-time payments for license fees and milestone achievement which were recognized as revenue during the quarter as well as higher contract and grant revenue over the corresponding period in 2002.
These increases were partially offset by lower related party revenue in 2003 as the company's collaboration with Genencor shifted focus from scientific research activities to preclinical development on the lead program in Hepatitis B in support of a late 2003 or early 2004 ...
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