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Allos Therapeutics Reports Third Quarter 2001 Financial Results (PR Newswire) ...``Patient accrual for our Phase III randomized study of RSR13 combined with standard whole brain radiation therapy versus standard whole brain radiation therapy alone for the treatment of......The Company is conducting a pivotal Phase III trial for the treatment of metastatic brain tumors with its lead clinical candidate, RSR13.......By increasing tumor oxygenation, RSR13 has the potential to enhance the efficacy of standard radiation therapy... - Oct 18 9:02 AM ET


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Posted on: 10/18/2001

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Thursday October 18, 9:02 am Eastern Time

Press Release

SOURCE: Allos Therapeutics, Inc.

Allos Therapeutics Reports Third Quarter 2001 Financial Results

DENVER, Oct. 18 /PRNewswire/ -- Allos Therapeutics, Inc. (Nasdaq: ALTH - news) today reported financial results for the third quarter 2001. For the three months ended September 30, 2001, the Company reported a net loss of $5.1 million, or $0.22 per share. This compares to a net loss of $3.6 million, or $0.16 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 September 30, 2001, which is included in the net loss for the period.

For the nine months ended September 30, 2001, the Company reported a net loss of $14.8 million, or $0.64 per share, compared to a net loss of $18.4 million, or $1.13 per share, for the same period last year. Included in the net loss for the nine months ended September 30, 2001 was amortization of deferred stock compensation of $2.7 million, or $0.12 per share.

Cash, cash equivalents and short-term investments and long-term marketable securities as of September 30, 2001 were $74.0 million.

Stephen J. Hoffman, Ph.D., M.D., Chief Executive Officer and President of Allos, said, "Patient accrual for our Phase III 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 was on track for the quarter. As previously reported, we anticipate completing enrollment of this trial during the second half of 2002. Looking ahead, we will present updated Phase II non-small cell lung cancer data in a poster presentation at the American Society of Therapeutic Radiology and Oncology (ASTRO) on November 6 and 7, 2001 in San Francisco."

About Allos Therapeutics

Allos Therapeutics, Inc. is a pharmaceutical company focused on developing and commercializing innovative small molecule drugs for improving cancer treatments. The Company is conducting a pivotal Phase III 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. For more information about the Company, please consult www.allos.com.

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, non-small cell lung cancer 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         Nine-months ended
                                   September 30,             September 30,
                                 2001        2000         2001           2000
    Operating expenses:
     Research and
      development              $3,344       $2,024        $9,191      $7,904
     Clinical manufacturing       640          959         2,846       2,105
     General and
      administrative            2,412        2,104         6,807      11,465

       Total operating
        expenses                6,396        5,087        18,844      21,474
    Loss from operations       (6,396)      (5,087)      (18,844)    (21,474)
    Interest and other
    income, net                 1,268        1,483         4,078       3,064

    Net loss                  $(5,128)     $(3,604)     $(14,766)  $ (18,410)
    Net loss per
      common share:            $(0.22)      $(0.16)       $(0.64)     $(1.13)
     Weighted average
      common shares -
       basic and diluted   22,961,185    22871,795    22,958,765  16,350,444


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

                                                 September 30,   December 31,
                                                      2001           2000
                                                  (unaudited)
    ASSETS
     Cash, cash equivalents and short-term
      investments                                    $57,168        $61,777
     Other current assets                                935            233
     Long-term marketable securities                  16,815         23,906
     Equipment and leasehold improvements, net         1,671            326
     Other assets                                          4             17
       Total assets                                  $76,593        $86,259

    Liabilities and Stockholders' Equity
     Liabilities                                      $5,261         $2,848
     Stockholders' equity                             71,332         83,411
       Total liabilities and stockholders' equity    $76,593        $86,259

SOURCE: Allos Therapeutics, Inc.

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