Cell Genesys Reports Fourth Quarter and Full Year 2004 Results
Cell Genesys, Inc. reported a net loss for the quarter ended December 31, 2004 of $26.5 million, or $0.59 per share, and a net loss for the year then ended of $97.5 million, or $2.23 per share. This compares with a net loss of $17.3 million and a net loss of $56.6 million in the same quarter and full year of 2003, respectively. The company's increase in net loss for 2004 is due to the combination of continued investment in multiple clinical-stage product development programs and lower revenues compared to 2003 due to the non-recurrence of certain one-time payments from collaboration agreements.
Cell Genesys ended 2004 with $175.0 million in cash, cash equivalents and short-term investments, compared with $160.3 million at the end of 2003. Additionally, Cell Genesys continued to hold 6.6 million shares of its former subsidiary, Abgenix, Inc., at the end of 2004.
Research and development costs were $23.7 million and $92.1 million in the fourth quarter and year ended December 31, 2004, respectively, compared with $21.3 million and $85.3 million for the comparable periods of 2003. The annual increase can be attributed primarily to the company's expanding clinical programs for both its GVAX(R) cancer vaccines and oncolytic virus therapies.
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