Creative BioMolecules, Inc. Reports Third Quarter Results

Hopkinton, MA, November 7, 1997--Creative BioMolecules Inc. (Nasdaq: CBMI) today announced financial results for the third quarter of fiscal 1997, ended September 30, 1997. Revenues for the three month period were $4,319,000 and expenses were $7,863,000, resulting in a net loss of $3,544,000 or $0.11 per share. Comparable numbers for the quarter ending September 30, 1996 were revenues of $4,114,000, expenses of $6,050,000 and a net loss of $1,936,000, or $0.06 per share. For the nine months ended September 30, 1997, the Company reported revenues of $11,882,000 compared to $9,614,000 for the same period in 1996. Net loss for the nine month period ended September 30, 1997 was $11,516,000 or $0.35 per share, compared to $7,768,000 or $0.26 per share in 1996.

The increase in revenues during the third quarter of 1997, as compared to the third quarter of 1996, reflects research payments received by the Company from its renal disease partnership with Biogen, Inc., and funding from Stryker Corporation in support of the planned Pre-Market Approval (PMA) application filing for the NOVOS™ bone graft substitute device. Increases in expenses are attributed to expanded research and development activities. These activities included preparatory work for the planned Stryker PMA filing, renal disease therapy research, as well as research into proprietary new therapies for stroke and other neurological disorders.

Creative BioMolecules, Inc. is a discovery and development company focused on proprietary protein-based therapeutics for human tissue regeneration and restoration. The Company's therapeutics are based on proteins that act as signals in initiating and regulating the cellular events involved in tissue regeneration and organ formation.

This news release includes forward-looking statements that involve risks and uncertainties. Factors which could cause actual results to differ from the Company's expectations include, without limitation, the course of the research and development programs, including the achievement of development milestones by the Company and completion of clinical testing, the impact of competitive products, the timely receipt of regulatory clearances required for clinical testing, manufacturing and marketing of products and the other risks and uncertainties detailed from time to time in the Company's periodic reports.

NOTE: Creative BioMolecules, Inc. makes available its latest news releases on the Internet at http://www.prnewswire.com or by facsimile by calling Fax On Demand at 1-800-758-5804, extension 212213.

Creative BioMolecules, Inc. and Subsidiary
Consolidated Statements of Operations (Unaudited)
 

Three Months Ended

Nine Months Ended

Sept. 30, 1997

Sept. 30, 1996

Sept. 30, 1997

Sept. 30, 1996

REVENUE
Research and development contracts

$3,763,000

$1,767,000

$9,652,000

$3,935,000

Manufacturing contracts

0

$1,889,000

$394,000

$4,214,000

License fees and royalties

0

$101,000

0

$622,000

Interest and other

$556,000

$357,000

$1,836,000

$843,000

Total revenues

$4,319,000

$4,114,000

$11,882,000

$9,614,000

COSTS AND EXPENSES
Research and development

$6,343,000

$3,391,000

$18,359,000

$10,819,000

Cost of manufacturing contracts

0

1,563,000

274,000

3,391,000

General and administrative

1,468,000

1,042,000

4,607,000

3,009,000

Interest

52,000

54,000

158,000

163,000

Total costs and expenses

7,863,000

6,050,000

23,398,000

17,382,000

NET LOSS

($3,544,000)

($1,936,000)

($11,516,000)

($7,768,000)

NET LOSS PER COMMON SHARE

($0.11)

($0.06)

($0.35)

($0.26)

WEIGHTED AVERAGE NUMBER OF COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING

33,110,299

30,932,154

32,993,795

29,681,685

Balance Sheet Data (Unaudited) Sept. 30, 1997

Cash, Cash Equivalents and Marketable Securities

$35,311,000

Total Assets

$62,968,000

Total Stockholders' Equity

$57,297,000

###

For additional information on this news release, please contact the Company.


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Last modified: November 10, 1998
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