11
BioTech Navigator, March 1998
Selected Balance Sheet Data Year Ends Dec 31
Income Statement Year Ends Dec 31
Quarterly Income Statement
Magainin Pharmaceuticals Inc.
ally applied Cytolex should provide a
better safety profile, as a topical cream
bypasses dosing complications and the
lack of systemic activity reduces poten-
tial complications from drug interac-
tions. And lastly, topical application
may foster greater compliance and fol-
low up on the wound because it requires
daily attention.
Other anti-infective indications for
Cytolex could include wound healing,
bed sore or leg ulcers burns and surgical
wounds. While Cytolex's positive ef-
fects on wound healing need to be vali-
dated through a full clinical trial, encour-
aging data was collected on wound heal-
ing as part of the DFU studies.
(Clearing the infection in an ulcer is a
prerequisite for effective wound heal-
ing.) Wound healing is another huge
market and Magainin has formed a com-
mercial partnership with SmithKline
Beecham for the potential marketing of
Cytolex. SmithKline Beecham has es-
tablished a strong presence in the antibi-
otic area.
Magainin has started Phase I safety
studies with squalamine in breast and
lung cancer patients and results from
this study may be available in the second
half of 1998. Squalamine's novel mech-
anism works by blocking the formation
of new blood vessels necessary for tumor
growth.
Magainin is also developing a ge-
nomics program centered around
asthma, having identified several genes
that are thought to be implicated in
asthma. Over the next several quarters,
we anticipate potential scientific publi-
cations describing their asthma studies
and the possibility for Magainin to es-
tablish a corporate partnership in this
area.
Magainin is poised to achieve several
milestones in the coming quarters in-
cluding: new drug application for the
submission of Cytolex, potential clinical
trial data on squalamine possibly by the
second half of 1998, and establishment
of a corporate partner in the asthma area.
BTN anticipates Magainin's future to be
bright and promising.
Q1 3-97
Q2 6-97
Q3 9-97
Q4 12-97
Revenue
EPS
5,037
-.01
5,038
-.06
13
-.35
0
-.31
Q1 3-98 (E)
Q2 6-98 (E)
Q3 9-98 (E)
Q4 12-98 (E)
Revenue
EPS
0
-.21
5,000
-.21
5,000
-.21
0
-.21
1997
1996
1995
Assets
Cash & Equivalent Assets
Inventory
Total Current Assets
Net property, Plant and Equipment
Total Assets
39,061
0
39,541
2,824
42,444
33,340
0
33,794
2,506
36,376
43,666
0
44,175
1,476
45,727
Liabilities & Shareholders' Equity
Current Liabilities
Long Term Debt
Shareholders' Equity
Total Liabilities & Shareholders' Equity
6,478
1,096
34,870
42,444
5,518
915
29,943
36,376
4,230
304
4,534
45,727
1997
1996
1995
Revenue
Product Sales
Royalties
Contract Revenue & Fees
Total Revenue
0
0
10,088
10,088
0
0
150
150
0
0
2,336
2,336
Expenses
Cost of Goods Sold
Research & Development
Selling, Gen. & Admin.
Total Expenses
0
22,875
3,246
26,121
0
22,326
3,488
32,894
0
18,160
3,137
21,297
Income (loss) before Taxes
Net Loss
Earnings per Share
Shares outstanding (mil)
(16,033)
(14,381)
(.73)
19,679
(32,744)
(30,620)
(1.71)
17,938
(18,961)
(17,215)
(1.17)
14,696
