EXHIBIT 99.1
CONTACT: FOR IMMEDIATE RELEASE
Kathleen Stafford (investors)
IntraBiotics Pharmaceuticals, Inc.
(650) 845-6204
Carolyn Baumgartner (media)
Weisscom Partners, Inc.
(415) 362-5018
INTRABIOTICS REPORTS THIRD QUARTER 2004 FINANCIAL AND OPERATING RESULTS
PALO ALTO, CA, NOVEMBER 10, 2004 - IntraBiotics Pharmaceuticals, Inc. (Nasdaq:
IBPI) today reported financial and operating results for the third quarter and
nine months ended September 30, 2004.
IntraBiotics reported a net loss applicable to common stockholders of $4.0
million for the third quarter of 2004, or $0.46 per basic and diluted share.
Research and development expenditures totaled $2.1 million, due primarily to the
winding-down of the discontinued clinical trial of iseganan for the prevention
of VAP. General and administrative expenses totaled $1.1 million, and a
restructuring charge of $0.8 million was recorded for involuntary employee
termination benefits, the termination of operating leases and the write-off of
leasehold improvements.
In June 2004, we discontinued our clinical trial of iseganan for the prevention
of VAP following a recommendation of the independent data monitoring committee.
We have since terminated our iseganan development program, and are now
evaluating our strategic options, including mergers, acquisitions, in-licensing
opportunities, and liquidation of the Company.
On September 30, 2004, the Company had a total of $53.3 million in cash, cash
equivalents, restricted cash and short-term investments. Current liabilities
totaled $2.0 million. The Company has no long-term debt or other long-term
obligations. Based upon currently projected expenses for the remainder of 2004,
the Company expects to have available cash and investments of between
approximately $46 million and $50 million at December 31, 2004, after providing
for current liabilities. There can be no assurance that such a range will be
achieved, as actual expenditures may differ significantly from projected
expenditures.
Approximately 10.6 million common equivalent shares were issued and outstanding
on September 30, 2004, including 1.7 million shares underlying outstanding
convertible preferred stock. Assuming the net exercise of in-the-money warrants
and options at the closing price of the Company's stock as quoted on the Nasdaq
National Market as of
September 30, 2004, approximately 11.2 million common equivalent shares would be
outstanding on September 30, 2004.
The foregoing statements regarding anticipated cash and investments at year-end
are forward-looking. Actual results could differ materially, depending on a
variety of factors, including the following: actual expenses incurred in
terminating the clinical trials; fluctuations in headcount; costs associated
with pursuing various strategic alternatives, and pending litigation. Moreover,
the enumeration of potential strategic alternatives in this release does not
mean that the Company will be able to achieve any of them successfully.
-More-
IntraBiotics Pharmaceuticals, Inc.
Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
--------------------------- ------------------------
2004 2003 2004 2003
------------ ------------ ------------- ----------
Operating expenses:
Research and development.................................. $ 2,146 $ 3,641 $ 11,019 $ 5,261
General and administrative................................ 1,070 1,125 3,759 3,833
Restructuring charge...................................... 791 - 791 -
------------ ------------ ------------- ----------
Total operating expenses............................... 4,007 4,766 15,569 9,094
------------ ------------ ---------- ----------
Operating loss......................................... (4,007) (4,766) (15,569) (9,094)
Interest income........................................... 221 28 408 99
Other expense............................................. (175) - (175) -
------------ ------------ ----------- ------------
Net loss..................................................... (3,961) (4,738) (15,336) (8,995)
Non-cash deemed dividend related to beneficial conversion
feature of Series A preferred stock.................... - - - (1,418)
Dividends on Series A preferred stock..................... (65) (70) (195) (117)
------------ ------------ ----------- ------------
Net loss applicable to common stockholders................... $ (4,026) $ (4,808) $(15,531) $(10,530)
============ ============ =========== ============
Basic and diluted net loss per share applicable to common
stockholders.............................................. $ (0.46) $ (1.46) $ (2.18) $ (3.22)
============ ============ =========== ============
Shares used to compute basic and diluted net loss per share
applicable to common stockholders.......................... 8,844 3,283 7,121 3,274
============ ============ ========== ============
IntraBiotics Pharmaceuticals, Inc.
Condensed Balance Sheet Data
(In thousands)
(Unaudited)
SEPTEMBER 30, DECEMBER 31,
2004 2003
------------ ------------
Cash, cash equivalents, short term investments and restricted cash.......... $ 53,332 $ 26,644
Total assets................................................................ 53,810 27,326
Total stockholders' equity.................................................. $ 51,830 $ 25,628
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