Texas Biotechnology Corporation Reports Financial Results for 1994

Strategic Insights -

Texas Biotechnology Corporation, a biopharmaceutical company, has announced its financial results for the fourth quarter and year ended December 31, 1994. The company's revenues for the fourth quarter of 1994 totaled $4,100,812, compared to $51,816 for the same quarter in 1993. The increase in revenues was largely due to a non-refundable license fee of $3,000,000 and research payments of $500,000 received from Synthelabo, which was completed in October 1994. The company also recorded revenues from research agreements, products, and services as a result of its acquisition of ImmunoPharmaceutics, Inc. (IPI) in July 1994. Operating expenses for the fourth quarter of 1994 were $3,372,178, compared to $2,537,654 for the same quarter in 1993.

Key Takeaways:

  • Revenues for the fourth quarter of 1994 totaled $4,100,812, a significant increase from $51,816 in the same quarter of 1993.
  • The company recorded a non-refundable license fee of $3,000,000 and research payments of $500,000 from Synthelabo, which was completed in October 1994.
  • Operating expenses for the fourth quarter of 1994 were $3,372,178, an increase from $2,537,654 in the same quarter of 1993, due in large part to ongoing expenditures in research and clinical development programs.
  • The company's net profit for the fourth quarter of 1994 was $1,064,984, or $0.07 per share, compared to a net loss of $2,444,679, or $0.26 per share, in the same quarter of 1993.
  • The company's acquisition of ImmunoPharmaceutics, Inc. (IPI) in July 1994 contributed to the increase in revenues and operating expenses.
  • The company's president and CEO, David McWilliams, expressed excitement about the company's progress, citing the initiation of a collaboration with Synthelabo in the area of restenosis and the anticipation of beginning Phase III and additional Phase II trials for NOVASTAN, the company's small molecule antithrombotic.

Statistics:

  • Revenues for the fourth quarter of 1994: $4,100,812
  • Operating expenses for the fourth quarter of 1994: $3,372,178
  • Net profit for the fourth quarter of 1994: $1,064,984
  • Net loss for the fourth quarter of 1993: $2,444,679
  • Revenues for the year ended December 31, 1994: $4,718,785
  • Operating expenses for the year ended December 31, 1994: $19,332,414
  • Net loss for the year ended December 31, 1994: $13,603,693

Sources:

  • Texas Biotechnology Corporation press release, March 2, 1995
  • Texas Biotechnology Corporation, Form 10-K for the year ended December 31, 1994