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COPYRIGHT 2001 PR Newswire Association LLC
TANOX, INC. REPORTS FOURTH QUARTER AND 2000 RESULTS
Houston -- Tanox, Inc. (Nasdaq: TNOX) today nounced its financial results for the fourth quarter and calendar year 2000.
PR Newswire, London, January 31. This press release is transmitted on behalf of Tanox Inc.
Calendar Year Results
Revenues for the year ended December 31, 2000 totalled US dollars12,748,000 compared to US dollars1,405,000 for the year 1999. The increase in revenues in 2000 resulted from the US dollars12.0 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 (US dollars1,047,000) or (US dollars0.03) for both basic and diluted earnings per share, compared to a net loss of (US dollars23,346,000) or (US dollars0.75) per share on both a basic and diluted basis for the year 1999. Total operating costs and expenses were US dollars26,008,000 for the year 2000 compared to US dollars25,745,000 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,...
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