Therapeutic Discovery Corporation Reports Net Loss of $11.1 Million in Q2 1995

Therapeutic Discovery Corporation (TDC), a biotechnology company based in Palo Alto, California, has announced its second-quarter financial results for 1995. The company reported a net loss of $11.1 million, or $1.44 per common share, for the quarter ended June 30, 1995. This compares to a net loss of $6.4 million, or $0.83 per common share, for the same period in 1994. Revenues for the second quarter of 1995 were $3.9 million, primarily composed of interest income earned on invested funds. Research and development expenses for the quarter were $14.5 million, incurred under a development agreement with ALZA Corporation, with which TDC is developing over 20 products, including several in early clinical evaluation.

Key Takeaways:

• TDC reported a net loss of $11.1 million for the quarter ended June 30, 1995, compared to a net loss of $6.4 million for the same period in 1994.
• Revenues for the second quarter of 1995 were $3.9 million, consisting of net interest and other income.
• Research and development expenses for the quarter were $14.5 million, incurred under a development agreement with ALZA Corporation.
• TDC has over 20 products in development with ALZA, including several in early clinical evaluation.
• General and administrative expenses were $0.6 million for the second quarter of 1995.
• TDC intends to commercialize new human pharmaceutical products combining ALZA Corporation's proprietary drug delivery systems with various drug compounds.

Statistics:

• Net loss for Q2 1995: $11.1 million
• Net loss per common share for Q2 1995: $1.44
• Revenues for Q2 1995: $3.9 million
• Research and development expenses for Q2 1995: $14.5 million
• Number of products in development with ALZA: over 20
• Number of products in early clinical evaluation: several

Sources:

• PRNewswire, "Therapeutic Discovery Corporation Reports Net Loss of $11.1 Million in Q2 1995" (July 19, 1995)