Exhibit 99.1
Contacts: | | |
| | |
Cubist Pharmaceuticals, Inc. | | Euro RSCG Life NRP |
Jennifer LaVin | | Ashley Tapp – financial media |
Executive Director, Corporate Communications | | (212) 845-4247 |
(781) 860-8362 | | ashley.tapp@nrp-euro.com |
jennifer.lavin@cubist.com | | |
CUBIST PHARMACEUTICALS REPORTS SECOND-QUARTER 2003 RESULTS
CONFERENCE CALL & WEBCAST TODAY at 10:30 am ET
Lexington, MA, August 6, 2003 – Cubist Pharmaceuticals, Inc. (Nasdaq: CBST) today reported results for the second quarter ended June 30, 2003.
Cubist had no revenue for the second quarter ended June 30, 2003 as compared to $2.3 million for the same period in 2002. The revenue in the second quarter of 2002 included $1.4 million from Gilead Sciences, $0.6 million from Novartis and $0.3 million in funding from Small Business Innovation Research grants.
Total operating expenses for the quarter ended June 30, 2003 were $21.6 million, which was the same spending level as the second quarter of 2002. Net loss for the quarter ended June 30, 2003 was $24.3 million or $0.82 per share as compared to a net loss of $21.2 million or $0.74 per share for the second quarter of 2002.
The Company’s cash and investment balance was $103.0 million on June 30, 2003. The total number of common shares outstanding as of June 30, 2003 was 29,699,326.
Michael W. Bonney, President & CEO of Cubist commented on the quarter: “As expected, the second quarter of 2003 proved to be quite eventful for Cubist, particularly in the month of June. During the month, we completed our CEO succession plan, commenced U.S. human clinical trials for CAB-175, our investigational cephalosporin antibiotic, and received notification from the U.S. Food & Drug Administration (FDA) of an extension of the targeted action date on our New Drug Application for our investigational antibiotic Cidecin® (daptomycin for injection) to September 20, 2003.”
“All of the reformatted data sets requested by FDA have been submitted. In anticipation of final approval to market CIDECIN in the U.S.,” Mr. Bonney continued, “we have begun hiring our sales force, with the first of three groups having started employment at the Company this past Monday. At this time, we expect to have all territories filled by early September for a CIDECIN launch in early November. We invite you to join us on our quarterly conference call and webcast at 10:30 am Eastern Time today to hear a comprehensive update on Cubist.”
******************CONFERENCE CALL & WEBCAST INFORMATION******************
WHEN: Wednesday August 6, 2003 at 10:30 am ET
LIVE DOMESTIC & CANADA CALL-IN: (800) 404-1354
LIVE INTERNATIONAL CALL-IN: (706) 643-0825
24-HOUR REPLAY DOMESTIC & CANADA: (800) 642-1687 (#1916757)
24-HOUR REPLAY INTERNATIONAL: (706) 645-9291 (#1916757)
CALL WILL ALSO BE BROADCAST LIVE, LISTEN ONLY, VIA THE WEB AT:
www.cubist.com
Replay will be available for 30 days via the Internet;
a transcript of the call will be filed with the SEC and will also be available upon request
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Cubist Pharmaceuticals, Inc. is a biopharmaceutical company focused on the research, development and commercialization of antiinfective drugs. Cubist has submitted a New Drug Application (NDA) to the U.S. Food & Drug Administration (FDA) for Cidecin® (daptomycin for injection) for the treatment of complicated skin and skin structure infections. The NDA for CIDECIN is currently being reviewed by the FDA under priority review status. Cubist’s pipeline includes CAB-175, a next-generation parenteral cephalosporin antibiotic in Phase 1 trials, and an oral version of ceftriaxone (OCTX), a broad-spectrum cephalosporin antibiotic in pre-clinical development. Cubist is headquartered in Lexington, MA.
Cubist Safe Harbor Statement
Statements contained herein that are not historical fact may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements made by the Company. These factors include, but are not limited to: (i) the Company’s ability to successfully complete product research and development, including pre-clinical and clinical studies and commercialization; (ii) the Company’s ability to obtain required governmental approvals; (iii) the Company’s ability to attract and/or maintain manufacturing, sales, distribution and marketing partners; (iv) the Company’s ability to develop and commercialize its products before its competitors; and (v) the Company’s ability to finance its operations. Additional factors that would cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in the Company’s filings with the Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in the Company’s recent SEC filings.
Cidecin is a registered trademark of Cubist Pharmaceuticals, Inc.
Tables Follow
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CUBIST PHARMACEUTICALS, INC.
CONDENSED BALANCE SHEETS
UNAUDITED
| | June 30,
2003 | | December 31,
2002 | |
ASSETS | | | | | |
| | | | | |
Cash, cash equivalents and investments | | $ | 102,991,162 | | $ | 151,219,900 | |
Property and equipment, net | | 47,724,927 | | 48,267,760 | |
Other assets | | 18,661,713 | | 22,034,842 | |
| | | | | |
Total assets | | $ | 169,377,802 | | $ | 221,522,502 | |
| | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | |
Accounts payable | | $ | 2,278,344 | | $ | 9,599,490 | |
Accrued expenses | | 9,808,301 | | 6,289,058 | |
Deferred revenue | | 2,500,083 | | 2,500,083 | |
Debt and capital lease obligations | | 208,868,729 | | 210,033,493 | |
Total liabilities | | 223,455,457 | | 228,422,124 | |
| | | | | |
Total stockholders’ equity | | (54,077,655 | ) | (6,899,622 | ) |
| | | | | |
Total liabilities and stockholders’ equity | | $ | 169,377,802 | | $ | 221,522,502 | |
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CUBIST PHARMACEUTICALS, INC.
CONDENSED STATEMENTS OF OPERATIONS
UNAUDITED
| | Three months ended
June 30, | | Six months ended
June 30, | |
| | 2003 | | 2002 | | 2003 | | 2002 | |
| | | | | | | | | |
Total revenues | | $ | 0 | | $ | 2,327,125 | | $ | 357,153 | | $ | 4,646,853 | |
| | | | | | | | | |
Operating expenses: | | | | | | | | | |
Research and development | | 13,354,446 | | 15,536,419 | | 29,243,258 | | 29,031,833 | |
Sales and marketing | | 3,754,666 | | 1,791,016 | | 6,083,875 | | 3,290,000 | |
General and administrative | | 4,449,209 | | 4,249,505 | | 8,647,345 | | 9,602,841 | |
Total operating expenses | | 21,558,321 | | 21,576,940 | | 43,974,478 | | 41,924,674 | |
| | | | | | | | | |
Operating (loss) | | (21,558,321 | ) | (19,249,815 | ) | (43,617,325 | ) | (37,277,821 | ) |
| | | | | | | | | |
Interest income | | 644,867 | | 1,523,131 | | 1,311,790 | | 3,000,432 | |
Interest expense | | (3,414,248 | ) | (3,534,347 | ) | (6,825,958 | ) | (6,789,437 | ) |
Other income (expense) | | 57,591 | | 84,996 | | (130,322 | ) | 402,923 | |
Total other income (expense), net | | (2,711,790 | ) | (1,926,220 | ) | (5,644,490 | ) | (3,386,082 | ) |
| | | | | | | | | |
Net Loss | | (24,270,111 | ) | (21,176,035 | ) | (49,261,815 | ) | (40,663,903 | ) |
| | | | | | | | | |
Basic and diluted net loss per common share | | $ | (0.82 | ) | $ | (0.74 | ) | $ | (1.67 | ) | $ | (1.43 | ) |
| | | | | | | | | |
Weighted average number of common shares for basic and diluted net loss per common share | | 29,613,418 | | 28,519,475 | | 29,427,777 | | 28,463,255 | |
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Additional information can be found at the Company’s web site at www.cubist.com
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