Tanox, Inc. Reports Fourth Quarter and 2000 Results.

Publication: PR Newswire

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COPYRIGHT 2001 PR Newswire Association LLC

HOUSTON, Jan. 31 /PRNewswire/ --

Tanox, Inc. (Nasdaq: TNOX) today announced its financial results for the fourth quarter and calendar year 2000.

CALENDAR YEAR RESULTS

Revenues for the year ended December 31, 2000 totaled $12,748,000 compared to $1,405,000 for the year 1999. The increase in revenues in 2000 resulted from the $12.0 million in milestone revenues earned in the second quarter under the company's agreements with Novartis Pharma AG and Genentech, Inc. when the Biologics Licensing Application (BLA) for Xolair (R) (the E25 anti- IgE antibody) was submitted to the FDA. The net loss for the year of 2000 was ($1,047,000) or ($0.03) for both basic and diluted earnings per share, compared to a net loss of ($23,346,000) or ($0.75) per share on both a basic and diluted basis for the year 1999. Total operating costs and expenses were $26,008,000 for the year 2000 compared to $25,745,000 for the year 1999. Operating expenses remained relatively flat for the two years as higher expenses for stock based compensation, the Pangenetics acquisition expenses, and the arbitration contingency in 1999, were offset by higher expenses in 2000 for technology license fees, clinical and product development, and personnel.

As of December 31, 2000, Tanox had $275,921,000 of cash and investments, an increase of $228,667,000 from December 31, 1999. Tanox completed its initial public offering (IPO) of common stock in the second quarter of 2000. In the offering, Tanox sold 8,568,000 shares of common stock at $28.50 per share for net proceeds, after underwriting discounts and offering expenses, of $225,800,000.

"Since mid-year, we have not burned cash, nor have we sacrificed any of our development programs, demonstrating our continued prudent fiscal management," states Michael A. Kelly, Tanox, Inc. CFO.

FOURTH QUARTER RESULTS

For the three months ended December...

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