Allos Therapeutics Reports First Quarter 2004 Financial Results
May 06 2004 - 7:00AM
PR Newswire (US)
Allos Therapeutics Reports First Quarter 2004 Financial Results
WESTMINSTER, Colo., May 6 /PRNewswire-FirstCall/ -- Allos
Therapeutics, Inc. today reported financial results for the first
quarter 2004. For the three months ended March 31, 2004, the
Company reported a net loss of $5.1 million, or $0.17 per share.
This compares to a net loss of $7.1 million, or ($0.28) per share,
for the first quarter of 2003. Cash, cash equivalents, short-term
investments and long-term marketable securities as of March 31,
2004 were $41.5 million. First quarter highlights: * The U.S. Food
and Drug Administration (FDA) accepted for Priority Review the
Company's New Drug Application (NDA) to market RSR13 (efaproxiral)
as an adjunct to whole brain radiation therapy for the treatment of
brain metastases from breast cancer. On May 3, 2004, the FDA's
Oncologic Drugs Advisory Committee (ODAC) reviewed and voted not to
recommend approval of RSR13 for this indication. The FDA's Division
of Oncology Drug Products is expected to take final action on the
Company's NDA by June 4, 2004. * Allos launched the ENRICH trial, a
randomized, multi-center, open label Phase 3 trial of RSR13 as an
adjunct to whole brain radiation therapy for the treatment of brain
metastases from breast cancer. * The National Breast Cancer
Coalition (NBCC) partnered with Allos to support enrollment in the
ENRICH trial and to gain additional insight about how to improve
radiation treatment for women with brain metastases from breast
cancer. * Allos launched a Phase I clinical trial of RSR13
(efaproxiral) and supplemental oxygen with concurrent
chemoradiation therapy in patients with locally advanced,
unresectable (Stage IIIA/Stage IIIB) non-small cell lung cancer
(NSCLC). Conference Call Allos Therapeutics will host a conference
call to review the company's first quarter 2004 results at 11:00
a.m. EDT on Thursday, May 6, 2004. The dial in number for U.S.
residents to participate is 800-915-4836. International callers
should dial 1-973-317-5319. Conference Call Replay An audio replay
of the conference call will be available from 1:00 p.m. EDT on
Thursday, May 6, 2004 until midnight on May 12, 2004. To access the
replay, please dial 1-800-428-6051 (U.S./Canada); international
+1-973-709-2089; the conference ID number is 353018. Webcast Allos
Therapeutics will hold a live webcast of the conference call. The
webcast will be available from the homepage and the investor
relations section of the company's web site at
http://www.allos.com/ and will be archived for 30 days. About Allos
Therapeutics, Inc. Allos Therapeutics, Inc. is a biopharmaceutical
company focused on developing and commercializing innovative drugs
for improving cancer treatments. The company's lead clinical
candidate, RSR13 (efaproxiral), is a synthetic small molecule that
has the potential to sensitize hypoxic (oxygen deprived) tumor
tissues and enhance the efficacy of standard radiation therapy. In
addition, Allos is developing PDX, an injectable small molecule
chemotherapeutic agent that has a superior potency and toxicity
profile relative to methotrexate and other dihydrofolate reductase,
or DHFR, inhibitors. For more information, please visit the
company's web site at: http://www.allos.com/. This announcement
contains forward-looking statements that involve risks and
uncertainties. Future events may differ materially from those
discussed herein due to a number of factors, including, but not
limited to, risks and uncertainties related to the timing of the
FDA's action on the NDA, as well as other risks and uncertainties
detailed from time to time in the Company's SEC filings, including
its Annual Report on Form 10-K/A for the year ended December 31,
2003. All forward-looking statements are based on information
currently available to the company on the date hereof, and the
company assumes no responsibility to update such statements. ALLOS
THERAPEUTICS, INC. CONDENSED STATEMENTS OF OPERATIONS (in thousands
- except share and per share information) (unaudited) Three Months
Ended March 31, 2004 2003 Operating expenses: Research and
development $1,989 $3,406 Clinical manufacturing 783 2,080
Marketing, general and administrative 2,513 2,019 Total operating
expenses 5,285 7,505 Loss from operations (5,285) (7,505) Interest
and other income, net 138 372 Net loss $(5,147) $(7,133) Net loss
per common share: basic and diluted $(0.17) $(0.28) Weighted
average common shares -- basic and diluted 31,109,944 25,880,216
ALLOS THERAPEUTICS, INC. CONDENSED BALANCE SHEETS (in thousands)
(unaudited) March 31, 2004 December 31, 2003 ASSETS Cash, cash
equivalents and short-term investments $41,405 $45,447 Other
current assets 504 1,121 Long-term marketable securities 139 150
Equipment and leasehold improvements, net 1,318 1,456 Total assets
$43,366 $48,174 Liabilities and Stockholders' Equity Liabilities
$2,924 $2,763 Stockholders' equity 40,442 45,411 Total liabilities
and stockholders' equity $43,366 $48,174 DATASOURCE: Allos
Therapeutics, Inc. CONTACT: Monique M. Greer, VP, Corporate
Communications and Investor Relations of Allos Therapeutics,
+1-720-540-5241, ; or Media, Fern Lazar of Lazar Partners Limited,
+1-212-867-1762, , for Allos Therapeutics Web site:
http://www.allos.com/
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