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First quarter 2002 revenues increased 135%.(Crucell N.V.)(Brief Article)(Statistical Data Included)
2002 MAY 8 - (NewsRx.com & NewsRx.net) -- Dutch antibody and vaccine company Crucell (CRXL) saw its first quarter 2002 revenues increase by 135% compared with the same period last year. The pro forma loss increased by 60 %. The net loss decreased by 6%.
In 2002 the pro forma results exclude a noncash charge for developed technology of EUR 0.3 million (EUR 2.5 million in 2001) for amortization of goodwill, developed technology and workforce amortization, as well as a noncash charge relating to stock option plans of EUR 0.3 million (EUR 0.2 million in 2001).
Crucell's revenues for the first quarter of 2002 were EUR 2.2 million (US$ 1.9 million), a 135% increase over the revenues of EUR 0.9 million (US$0.8 million) in the same period last year. License revenues increased to EUR 1.9 million (US$ 1.7 million), compared with EUR 0.8 million (US$0.7 million) in the first quarter of 2001. Government grants amounted to EUR 0.3 million (US$0.2 million) in the first quarter of 2001, compared with EUR 0.1 million (US$0.1 million) in the same period last year. The increase in license revenues relates to a nonexclusive license agreement with Innogenetics N.V. for the manufacturing of monoclonal antibody products on Crucell's human cell line PER.C6 and to other license fees.
The pro forma loss amounted to EUR 4.7 million (US$4.1 million) compared with EUR 2.9 million (US$2.6 million) for the same period in 2001.
The increase in the pro forma net loss was mainly attributable to increased investment in research and development (R&D) activities. Total R&D expenses increased to EUR 5.3 million (US$4.6 million), compared with EUR 2.8 million (US$2.4 million) in the first quarter of 2001.
Selling, general and administrative expenses decreased to EUR 2.1 million (US$1.8 million), compared with EUR 2.7 million (US$2.3 million) as a result of ongoing strict cost control.
The pro forma results exclude a noncash charge of EUR 0.3 million (US$0.3 million) for developed ...
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