WORCESTER, Mass., Dec. 19, 1995 -- href="chap11.cambridge.html">Cambridge Biotech
Corporation today reported audited financial results for the year
ending December 31, 1994. The audit was completed by Coopers &
Lybrand, which was retained by the company in November 1994.
Management noted that audited financials are required for re-
listing the company's stock on NASD and this audit is an important
step forward. The company's previous auditors resigned in March
1994, following concerns regarding several transactions in prior
years, without completing the 1993 audit, and withdrew their opinion
on the company's 1992 financial statements. On July 7, 1994,
Cambridge Biotech filed for protection under Chapter 11 of the U.S.
Bankruptcy Code.
For the year ended December 31, 1994, the company reported total
revenues of $22.1 million. The company's revenues included $16.7
million in product sales, of which approximately $16 million
represented sales of diagnostic products. The company reported
expenses of $33.5 million in 1994, and a loss from continuing
operations of $12.5 million, or $0.48 per share. There was a net
loss of $22.3 million, or $0.86 per share, which included a $9.8
million loss related to the sale in November 1994 of the company's
wholly-owned Irish subsidiary. The company ended 1994 with
approximately $8.5 million in cash and cash equivalents.
Cambridge Biotech Corporation, which filed for protection under
Chapter 11 of the U.S. Bankruptcy Code on July 7, 1994, is a
therapeutics and diagnostics company involved in developing
vaccines, adjuvants, and diagnostics for infectious diseases and
cancer in humans and animals.
CONSOLIDATED STATEMENT OF OPERATIONS 1994
Revenue $22,099,859
Costs and Expenses $33,498,511
Interest Income/Other (Net) ($472,582)
Reorganization items ($868,754)
Income Tax Benefit $207,396
Loss from Discontinued Operations ($9,743,674)
Loss from Continuing Operations ($12,532,592)
Net Income (Loss) ($22,276,266)
Net Loss per Weighted Average Share ($0.86)
Weighted Average Shares Outstanding 25,858,608
CONSOLIDATED BALANCE SHEET
December 31, 1994
Cash and Cash Equivalents $8,537,791
Total Current Assets $16,307,980
Total Assets $28,502,670
Total Current Liabilities $7,421,513
Total Liabilities $19,834,989
Total Shareholders' Equity $8,667,681
Total Liabilities and
Shareholders' Equity $28,502,670