ID Biomedical reports third quarter results

• Published in: PR Newswire p. 1
• Format: Newsletter
• Language: English
• Published: New York PR Newswire Association LLC 15.11.2004
• Subjects: Administrative expenses; Financial performance; Income taxes; Interest income; Investments; Licenses; Net losses; R&D; Research & development; Tax credits; Vaccines; British Columbia

Research and development contract revenue in the amount of $2.9 million was recorded for the three months ended September 30, 2004 compared to $1.4 million for the same period in 2003. Research and development contract revenue for the nine months ended September 30, 2004 was $5.8 million compared to $3.3 million for the same period in 2003. Research and development contract revenue includes revenue recognized as a result of the Shire Funding Facility for funding to support the development of the pre-clinical vaccine candidates acquired from Shire. These amounts totaled $2.8 million for the three and nine months ended September 30, 2004. Other research and development contract revenue is a result of agreements executed during 2003 with Dynport Vaccine Company for the development of an antigen for a subunit plague vaccine. Net research and development expenses increased $2.0 million, or 28%, to $9.1 million for the three months ended September 30, 2004 compared to the three months ended September 30, 2003. Net research and development expenses for the nine months ended September 30, 2004 increased 59% to $26.9 million compared to the same period in 2003. The increase in net research and development expenses in 2004, compared to the same period in 2003 is a result of the Shire acquisition and the cost of advancing our lead products into clinical development. Included in net research and development expenses is stock-based compensation expense totaling $0.4 million and $1.4 million for the three and nine months ended September 30, 2004 respectively. The information in this news release contains so-called "forward- looking" statements. These include statements regarding ID Biomedical's expectations and plans relating to the integration of the vaccine business acquired from Shire, statements about ID Biomedical's expectations, beliefs, intentions or strategies for the future, which may be indicated by words or phrases such as "anticipate", "expect", "intend", "plan", "will", "we believe", "ID Biomedical believes", "management believes", and similar language. All forward-looking statements are based on ID Biomedical's current expectations and are subject to risks and uncertainties and to assumptions made. Important factors that could cause actual results to differ materially from those expressed or implied by such forward- looking statements include: (i) the company's ability to successfully integrate the Shire vaccine business; (ii) the company's ability to successfully complete preclinical and clinical development of its products; (iii) the company's ability to manufacture its products; (iv) the seasonality of the flu-vaccine business and related fluctuations in the company's revenues from quarter to quarter; (v) decisions, and the timing of decisions, made by the health regulatory agencies regarding approval of its products for human testing; (vi) the company's ability to enter into distribution agreements for its products, and to complete and maintain corporate alliances relating to the development and commercialization of its technology and products; (vii) market acceptance of its technologies and products; and (viii) the competitive environment and impact of technological change and other risks detailed in the company's filings with the Securities and Exchange Commission. ID Biomedical bases its forward-looking statements on information currently available to it, and assumes no obligation to update them.