Company reports 2001 financial results.(Cellegy Pharmaceuticals Inc.)(Brief Article)(Statistical Data Included)

2002 APR 18 - (NewsRx.com & NewsRx.net) -- Cellegy Pharmaceuticals, Inc., (CLGY) reported its year 2001 financial results. For the year ended December 31, 2001, revenues were $877,000, compared with $1,586,000 for the same period last year. Revenues in 2001 consisted of $660,000 in product sales to Gryphon Development, the product development arm of a major specialty retailer, and $217,000 in Rectogesic (nitroglycerin ointment) sales in Australia. Revenues for the year ended December 31, 2000 consisted of $1,389,000 in product sales to Gryphon development, $125,000 in Rectogesic sales and $72,000 in SBIR grant funding.

For the year ended December 31, 2001, Cellegy had a net loss of $19,718,000 or $1.27 per share based on 15,503,000 weighted average shares outstanding, compared with a 2000 net loss of $11,418,000 or $0.91 per share based on 12,542,000 weighted average shares outstanding. Cash and investments at December 31, 2001 were $17.2 million, compared with $15.9 million at December 31, 2000.

For the fourth quarter ended December 31, 2001, a one-time, non-cash in-process research and development charge of $3,507,000 was recorded relating to the acquisition of Vaxis Therapeutics in November 2001. The company also recorded research and development expenses of $750,000 for Cellegy common stock issued to Neptune Pharmaceuticals for two research milestones associated with Anogesic (nitroglycerin ointment) achieved by Cellegy in the fourth quarter of 2001. Excluding these non-cash expenses, Cellegy's net loss would have ...