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Cambridge NeuroScience Reports Third Quarter Loss, But CERESTAT(R) Development Shows Promise

Strategic Insights

— 1 min read

Cambridge NeuroScience, Inc. reported a net loss of $2.8 million for the third quarter ended September 30, 1995, a decrease of 38% from the comparable period in 1994. However, the company made significant progress in the clinical development of CERESTAT(R), a treatment for stroke and traumatic brain injury. The company's CEO, Elkan R. Gamzu, Ph.D., expressed satisfaction with the results of the CERESTAT(R) traumatic brain injury trials and the completion of enrollment in the multi-center Phase II study for stroke treatment.

Key Takeaways:

  • Cambridge NeuroScience reported a net loss of $2.8 million in the third quarter of 1995, a 38% decrease from the comparable period in 1994.
  • Total revenues were $1.3 million, a significant increase from $64,000 in the comparable 1994 period.
  • Revenues for the quarter were driven by reimbursement received from Boehringer Ingelheim International GmbH (BII) for CERESTAT(R) development expenses.
  • Operating expenses remained relatively flat at $4.3 million, compared to $4.2 million in the same period last year.
  • The company initiated a pivotal Phase III trial for CERESTAT(R) in traumatic brain injury in the fourth quarter of 1995.
  • CERESTAT(R) Phase II study for stroke treatment was completed on schedule, with enrollment achieved in a multi-center study.
  • Cambridge NeuroScience is developing a number of products to treat stroke, traumatic brain injury, and chronic neurodegenerative disorders such as peripheral neuropathies, muscular dystrophy, and other degenerative diseases.

Statistics:

  • Net loss: $2.8 million (Q3 1995) vs. (-$4.0 million) in Q3 1994 (down 38%)
  • Total revenues: $1.3 million (Q3 1995) vs. $64,000 in Q3 1994 (up 1,998%)
  • Operating expenses: $4.3 million (Q3 1995) vs. $4.2 million in Q3 1994 (up 2.4%)
  • Shares outstanding: increased to 12.2 million due to the sale to BII of 1.25 million shares in the first quarter of 1995

Sources:

  • Cambridge NeuroScience, Inc. press release dated November 8, 1995
  • (Nasdaq: CNSI)
  • PRNewswire, November 8, 1995

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