SOURCE: Introgen Therapeutics, Inc.

March 14, 2005 15:11 ET

Introgen Therapeutics Reports Fourth Quarter 2004 and Annual Financial Results

Results in Line With Expectations

AUSTIN, TX -- (MARKET WIRE) -- March 14, 2005 -- Introgen Therapeutics, Inc. (NASDAQ: INGN) announced today its results for the quarter and year ended December 31, 2004, reporting progress during these periods in its research and development programs, clinical trial programs and regulatory milestones.

Introgen reported a net loss of $4.4 million, or $0.16 per share, for the quarter ended December 31, 2004. These results compare to a net loss of $7.0 million, or $0.26 per share, for the previous quarter ended September 30, 2004 and a net loss of $5.4 million, or $0.21 per share, for the comparable prior year quarter ended December 31, 2003.

During the quarter ended December 31, 2004, cash, cash equivalents and short-term investments increased $17.4 million as a result of net proceeds of $22.9 million from the sale of common stock during the quarter, offset by $5.7 million used to fund operations during the quarter. At December 31, 2004, Introgen had cash, cash equivalents and short-term investments of $38.2 million.

Revenue was $1.2 million for the quarter ended December 31, 2004, compared to revenue of $2,000 for the quarter ended December 31, 2003. Operating expenses were $5.8 million for the quarter ended December 31, 2004, compared to $7.4 million for the quarter ended September 30, 2004 and $5.6 million for the quarter ended December 31, 2003.

For the year ended December 31, 2004, Introgen reported a net loss of $24.4 million, or $0.91 per share, compared to a net loss for the year ended December 31, 2003 of $19.3 million, or $0.84 per share. Revenue for the year ended December 31, 2004 was $1.8 million, compared to revenue for the year ended December 31, 2003 of $0.3 million. Operating expenses were $27.1 million for the year ended December 31, 2004 compared to $21.1 million for the year ended December 31, 2003.

Quarterly Conference Call

Introgen has scheduled a conference call to discuss the financial results at 4:30 p.m. EST today. Interested parties can access a live Internet broadcast at www.introgen.com. For those unable to listen to the broadcast the call will be archived at Introgen's Website at www.introgen.com in the Investor Relations section.

Introgen is a leading developer of biopharmaceutical products designed to induce therapeutic protein expression using non-integrating gene agents for the treatment of cancer and other diseases. Introgen maintains integrated research, development, manufacturing, clinical and regulatory departments and operates a commercial-scale, CGMP manufacturing facility.

Certain statements in this press release that are not strictly historical may be "forward-looking" statements, which are based on current expectations and entail various risks and uncertainties. Such forward-looking statements include, but are not limited to, those relating to Introgen's future success with its clinical development program for treatment of cancer or other diseases. There can be no assurance that Introgen will be able to commercially develop gene-based drugs, that necessary regulatory approvals will be obtained or that any clinical trials or studies undertaken will be successful or that the proposed treatments will prove to be safe and/or effective. The actual results may differ from those described in this press release due to risks and uncertainties that exist in Introgen's operations and business environment, including, but without limitation, Introgen's stage of product development and the limited experience in the development of gene-based drugs in general, Introgen's dependence upon proprietary technology and current competition, history of operating losses and accumulated deficits, reliance on collaborative relationships, and uncertainties related to clinical trials, the safety and efficacy of Introgen's product candidates, the ability to obtain the appropriate regulatory approvals, patent protection and market acceptance, as well as other risks detailed from time to time in Introgen's filings with the Securities and Exchange Commission. Introgen undertakes no obligation to publicly release the results of any revisions to any forward-looking statements that reflect events or circumstances arising after the date hereof.

Editor's Note: For more information on Introgen Therapeutics, or for a menu of archived press releases, please visit Introgen's Website at www.introgen.com.


              INTROGEN THERAPEUTICS, INC. AND SUBSIDIARIES
                       CONSOLIDATED BALANCE SHEET

                                                 DECEMBER 31, DECEMBER 31,
                                                     2004         2003
                                                   -------      -------

                                                       (Thousands)

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS   38,180       36,397

OTHER CURRENT ASSETS                                   659          302

PROPERTY AND EQUIPMENT, NET                          7,277        7,502

GRANT RIGHTS ACQUIRED                                1,582            0

OTHER ASSETS                                           359          282
                                                   -------      -------

        TOTAL ASSETS                               $48,057      $44,483
                                                   =======      =======

ACCOUNTS PAYABLE, ACCRUALS AND
 OTHER CURRENT LIABILITIES                         $ 6,858      $ 5,608

NOTES PAYABLE, NET OF CURRENT PORTION                7,901        6,714

OTHER LONG TERM LIABILITIES                          1,132          876
                                                   -------      -------

        TOTAL LIABILITIES                           15,891       13,198
                                                   -------      -------

        TOTAL STOCKHOLDERS' EQUITY                  32,166       31,285
                                                   -------      -------

        TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $48,057      $44,483
                                                   =======      =======


              INTROGEN THERAPEUTICS, INC. AND SUBSIDIARIES
                  CONSOLIDATED STATEMENT OF OPERATIONS
                              (Unaudited)

                         THREE MONTHS ENDED              YEAR ENDED
                            DECEMBER 31,                DECEMBER 31,
                         2004          2003          2004          2003
                       --------      --------      --------      --------
                     (Unaudited)   (Unaudited)

                              (Thousands except per share information.)

CONTRACT SERVICES,
 GRANT AND OTHER
 REVENUE               $  1,217      $      2      $  1,808      $    304
                       --------      --------      --------      --------

OPERATING EXPENSES:
  RESEARCH AND
   DEVELOPMENT            4,497         4,102        20,474        14,973
  GENERAL AND
   ADMINISTRATIVE         1,296         1,503         6,597         6,102
                       --------      --------      --------      --------

      TOTAL OPERATING
       EXPENSES           5,793         5,605        27,071        21,075
                       --------      --------      --------      --------

      LOSS FROM
       OPERATIONS       (4,576)       (5,603)      (25,263)      (20,771)

INTEREST INCOME,
 INTEREST EXPENSE AND
 OTHER INCOME, NET          208           196           876         1,445
                       --------      --------      --------      --------

      NET (LOSS)        ($4,368)      ($5,407)     ($24,387)     ($19,326)
                       ========      ========      ========      ========

NET LOSS PER SHARE,
 BASIC AND DILUTED       ($0.16)       ($0.21)       ($0.91)       ($0.84)
                       ========      ========      ========      ========

SHARES USED IN
 COMPUTING BASIC AND
 DILUTED NET LOSS
 PER SHARE               27,886        24,562        26,943        22,902
                       ========      ========      ========      ========

Contact Information

  • Contact:
    Introgen Therapeutics, Inc.
    C. Channing Burke
    (512) 708 9310 Ext. 322
    Email: c.burke@introgen.com