Neose Technologies Reports Strong Financial Results for First Quarter 2000

Strategic Insights -

Neose Technologies, a leading developer of proprietary technologies for the synthesis and manufacture of complex carbohydrates, today announced financial results for the first quarter ended March 31, 2000. The Company reported a net loss of $1,826,000, or $0.15 per share, compared to a net loss of $3,072,000, or $0.31 per share, for the same period in 1999. Revenues for the quarter totaled $1,947,000, primarily generated from collaborations with Bristol-Myers Squibb Company and Wyeth Nutritionals International. With $99.2 million in cash and marketable securities, Neose's financial position has never been stronger. The company is also pleased with the continued strengthening of its relationship with Bristol-Myers, which was highlighted at the BIO 2000 conference in March.

Key Takeaways:

  • Neose Technologies reported a net loss of $1,826,000 in the first quarter of 2000, a 41% decrease from the same period in 1999.
  • Revenues for the quarter totaled $1,947,000, primarily generated from collaborations with Bristol-Myers Squibb Company and Wyeth Nutritionals International.
  • The Company's financial position has never been stronger, with $99.2 million in cash and marketable securities.
  • Neose is pleased with the continued strengthening of its relationship with Bristol-Myers, as highlighted at the BIO 2000 conference in March.
  • The Company has developed proprietary technologies for the synthesis and manufacture of complex carbohydrates, enabling the rapid and cost-effective synthesis of a wide range of complex carbohydrates in commercial quantities.
  • Neose uses its broad, enabling technology to produce complex carbohydrates for pharmaceutical, biotechnology, nutritional, and consumer product applications.

Statistics:

  • Net loss: ($1,826,000) vs. ($3,072,000) in 1999 (41% decrease)
  • Revenues: $1,947,000 vs. $125,000 in 1999 (1,455% increase)
  • Cash and marketable securities: $99.2 million at March 31, 2000

Sources:

  • Business Wire, April 27, 2000
  • Neose Technologies' financial reports for 1999 and 2000 (unspecified dates)
  • Bristol-Myers Squibb Company's (NYSE: BMY) press releases
  • Wyeth Nutritionals International's press releases