EXHIBIT 99.54
FOR IMMEDIATE RELEASE
CONTACT: Dale A. Sander, Chief Financial Officer
Larry Bymaster, Chief Executive Officer
(619) 550-3900
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XYTRONYX, INC. REPORTS FISCAL YEAR 1996 RESULTS
SAN DIEGO, CA, JUNE 17, 1996 -- Xytronyx, Inc. (AMEX: XYX) today announced
results for the fiscal year ended March 31, 1996.
Revenues for the fourth quarter ended March 31, 1996 were $32,000 compared to
$49,000 for the same period of the prior year. Net loss for the quarter was
$1,015,000 or $0.12 per share, compared to a loss of $1,252,000 or $0.24 per
share for the fourth quarter of the prior year.
Revenues for the fiscal year ended March 31, 1996 were $379,000, compared to
$1,201,000 for Fiscal 1995. Net results were a loss of $3,256,000, or $0.52 per
share, compared to a loss of $3,755,000, or $0.74 per share, for the same period
of the prior year. Prior year revenues included proceeds from a one-time
transaction associated with the Company's photochromic technology.
Xytronyx, Inc. is engaged in the development and commercialization of medical
products with a primary focus on cancer.
(table follows)
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XYTRONYX, INC. AND SUBSIDIARY (A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
THREE MONTHS ENDED TWELVE MONTHS ENDED
MARCH 31, MARCH 31,
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1996 1995 1996 1995
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REVENUES
Product sales $1,927 $3,456 $13,657 $616,200
License fees and royalties - - 150,000 330,000
Contract research - - 45,000 99,151
Marketing rights 5,000 20,000 60,000 20,000
Interest and other 25,033 25,262 110,159 135,804
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Total revenues 31,960 48,718 378,816 1,201,155
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COSTS AND EXPENSES
Cost of product sales 30,022 24,583 124,530 419,032
Product development 693,200 634,426 1,853,899 2,118,247
General and administrative 291,779 383,545 1,257,722 1,570,768
Business development
and marketing 30,119 241,831 372,316 790,233
Interest and other 1,489 16,032 26,252 57,843
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Total costs and expenses 1,046,609 1,300,417 3,634,719 4,956,123
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Net loss ($1,014,649) ($1,251,699) ($3,255,903) ($3,754,968)
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Net loss per share
of common stock ($0.12) ($0.24) ($0.52) ($0.74)
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Weighted average
shares outstanding 8,051,029 5,263,029 6,222,832 5,106,454
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BALANCE SHEET DATA AS OF
MARCH 31, 1996 MARCH 31, 1995
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Cash, Cash Equivalents and
short-term investments $1,697,757 $1,850,078
Total assets 2,174,468 2,304,937
Long-term liabilities 20,670 24,353
Stockholders' equity 1,548,049 1,883,809
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