Seragen Reports Third Quarter Net Loss of $5.6 Million
Seragen, Inc., a biotechnology company, has reported its third quarter financial results, showing a net loss of $5.6 million, or $0.34 per common share, compared to a net loss of $5.5 million in the same period last year. The company's total operating expenses for the third quarter of 1995 were $5.8 million, with the majority of expenditures dedicated to ongoing research and clinical trials for its fusion toxins.
Key Takeaways:
- Seragen's net loss for the third quarter of 1995 was $5.6 million, with a loss of $0.34 per common share on 16,461,616 common shares outstanding.
- The company's total operating expenses for the third quarter of 1995 were $5.8 million, consistent with the same period in 1994.
- Seragen's research efforts are focused on developing fusion toxins, a proprietary technology that targets specific receptors on the surface of disease-causing cells.
- The company's primary focus is in the fields of cancer and dermatology, with ongoing clinical trials for conditions such as cutaneous T-cell lymphoma, psoriasis, lymphoma, and HIV infection.
- Phase III clinical trials of IL-2 Fusion Toxin have begun for cutaneous T-cell lymphoma, with 23 sites initiated to date.
- Seragen's Phase II trial in psoriasis is currently underway, and planning is in progress for Phase II studies in lymphoma and HIV infection.
Statistics:
- Net loss for the third quarter of 1995: $5.6 million
- Net loss for the third quarter of 1994: $5.5 million
- Total operating expenses for the third quarter of 1995: $5.8 million
- Number of common shares outstanding as of September 30, 1995: 16,461,616
- Number of common shares outstanding as of September 30, 1994: 15,914,312
Sources:
- PRNewswire, "Seragen, Inc. Reports Net Loss for Third Quarter of 1995" (November 9, 1995)
- Seragen, Inc., Third Quarter 1995 Financial Statement