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Crucell Announces 300% Jump In Third Quarter Revenues.(Brief Article)
2001 NOV 14 - (NewsRx.com & NewsRx.net) -- Dutch antibody and vaccine company Crucell saw its third quarter revenues increase by 300% compared with the same quarter last year. Contributing to third quarter results is a deal with Johnson & Johnson to produce a promising cancer antibody. The company further obtained patent protection for its MAbstract technology and appointed two renowned scientists.
Crucell (CRXL) said revenues for the quarter are EUR 3.2 million (U.S.$2.9 million), compared with EUR 0.8 million (US$0.7 million) for the quarter ended September 30, 2000.
Due to cash inflow resulting from business deals, the net cash burn for the quarter was EUR 1.5 million. Crucell ended the third quarter with EUR 123 million in cash (US$113.1 million).
The pro forma loss amounted to EUR 3.1 million (US$2.9 million), or EUR 0.09 per share (U.S. $0.08), compared with EUR 2.5 million (US$2.3 million) for the same period in 2000, or EUR 0.09 per share (US$0.08).
The pro forma results exclude a noncash charge of EUR 2.5 million (US$2.3 million) for amortisation of goodwill and other intangible assets, as well as a noncash charge relating to stock option plans of EUR 0.3 million (US$0.3 million).
Including noncash charges, the total loss for the third quarter was EUR 6.0 million (US$5.5 million), or EUR 0.17 net loss per share (US$0.16) compared with a net loss of EUR 20.7 million (US$19.0 million) for the third quarter of 2000, or EUR 0.77 per share (US$0.71).
In the third quarter, Crucell delivered on its earlier promise of a major antibody deal with the deal in August with Centocor Inc. for the development and commercialisation of ...
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Source: HighBeam Research, Crucell Announces 300% Jump In Third Quarter Revenues.(Brief Article)