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Allos Therapeutics Reports Second Quarter 2001 Financial Results (PR Newswire) ... randomized study of RSR13 combined with standard whole brain radiation therapy versus standard whole brain radiation...... Phase 3 trial for the treatment of metastatic brain tumors with its lead clinical candidate,......By increasing tumor oxygenation,... - Jul 19 8:04 AM ET


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Posted on: 07/19/2001

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Thursday July 19, 8:05 am Eastern Time

Press Release

SOURCE: Allos Therapeutics, Inc.

Allos Therapeutics Reports Second Quarter 2001 Financial Results

DENVER, July 19 /PRNewswire/ -- Allos Therapeutics, Inc. (Nasdaq: ALTH - news) today reported financial results for the second quarter 2001. For the three months ended June 30, 2001, the Company reported a net loss of $5.3 million, or $0.23 per share, compared to a net loss of $3.3 million, or $0.15 per share, for the same quarter in 2000. The Company recorded $0.9 million, or $0.04 per share in amortization of deferred stock compensation for the three months ended June 30, 2001, which is included in the net loss for the period.

For the six months ended June 30, 2001, the Company reported a net loss of $9.6 million, or $0.42 per share, compared to a net loss of $14.8 million, or $1.13 per share, for the same period last year. Included in the net loss for the six months ended June 30, 2001 was deferred stock amortization compensation of $1.8 million, or $0.08 per share.

Cash, cash equivalents and marketable securities as of June 30, 2001 were $78.7 million.

Stephen J. Hoffman, M.D., Ph.D., Chief Executive Officer and President of Allos, said, "During the quarter, we continued to make good progress in the patient accrual for our Phase 3 randomized study of RSR13 combined with standard whole brain radiation therapy versus standard whole brain radiation therapy alone for the treatment of patients with brain metastases. Other accomplishments included the reporting of positive response rate and survival results from a Phase 2 study of RSR13 combined with radiation therapy in patients with non-small cell lung cancer. The updated response and survival data were presented during a poster presentation at the annual meeting of the American Society of Clinical Oncology (ASCO) in San Francisco."

About Allos Therapeutics

Allos Therapeutics, Inc. is a pharmaceutical company focused on developing and commercializing innovative small molecule drugs, initially for improving cancer treatments. Allos has initiated its first pivotal Phase 3 trial for the treatment of metastatic brain tumors with its lead clinical candidate, RSR13. RSR13 is a synthetic small molecule that increases the release of oxygen from hemoglobin, the oxygen carrying protein contained within red blood cells. The presence of oxygen in tumors is an essential element for the effectiveness of radiation therapy and some chemotherapy agents in the treatment of cancer. By increasing tumor oxygenation, RSR13 has the potential to enhance the efficacy of standard radiation therapy and certain chemotherapeutic drugs. Unlike chemotherapeutics or other radiosensitizers, RSR13 does not have to cross the blood brain barrier and enter the tumor for efficacy. Enhancement of oxygen release from hemoglobin to oxygenate the tumor is the means of enhancing the effectiveness of radiation therapy and chemotherapy.

This announcement contains forward-looking statements that involve risks and uncertainties. Future events may differ materially from those discussed herein due to a number of factors, including, but not limited to, risks and uncertainties related to the Company's ability to complete enrollment in its current clinical trials, begin additional clinical trials on schedule, and adequately demonstrate the safety and efficacy of RSR13 for the treatment of brain metastases or any other type of cancer, as well as other risks and uncertainties detailed from time to time in the Company's SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2000. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company assumes no responsibility to update such statements.

                             ALLOS THERAPEUTICS, INC.
                          (a development stage company)
                        CONDENSED STATEMENTS OF OPERATIONS
             (in thousands ~ except share and per share information)
                                   (unaudited)

                               Three-months ended        Six-months ended
                                    June 30,                 June 30,
                                2001        2000         2001        2000

    Operating expenses:
     Research and development  $3,064       $2,033      $5,846       $5,880
     Clinical manufacturing     1,191          802       2,206        1,147
     General and
      administrative            2,260        1,961       4,395        9,361

      Total operating expenses  6,515        4,796      12,447       16,388

    Loss from operations       (6,515)      (4,796)    (12,447)     (16,388)
    Interest and other
     income, net                1,256        1,467       2,809        1,582

    Net loss                  $(5,259)     $(3,329)    $(9,638)    $(14,806)

    Net loss per common
     share:                    $(0.23)      $(0.15)     $(0.42)      $(1.13)
    Weighted average common
     shares - basic and
     diluted               22,958,087   22,837,154  22,957,534   13,053,937


                             ALLOS THERAPEUTICS, INC.
                          (a development stage company)
                             CONDENSED BALANCE SHEETS
                                  (in thousands)

                                                      June 30,  December 31,
                                                        2001        2000
                                                    (unaudited)
    ASSETS
     Cash, cash equivalents and short-term
      investments                                     $61,541       $61,777
     Other current assets                               1,471           233
     Long-term marketable securities                   17,144        23,906
     Equipment and leasehold improvements, net            395           326
     Other assets                                           4            17
      Total assets                                    $80,555       $86,259

    LIABILITIES AND STOCKHOLDERS' EQUITY
     Liabilities                                       $4,958       $ 2,848
     Stockholders' equity                              75,597        83,411
      Total liabilities and stockholders' equity      $80,555       $86,259

SOURCE: Allos Therapeutics, Inc.

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