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Exhibit 99.1
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ANESTA CORP. REPORTS 2000 SECOND QUARTER RESULTS; ACTIQ(R) NET PRODUCT SALES
INCREASE 79%
07/24 13:15
SALT LAKE CITY, July 24 /PRNewswire/ -- Anesta Corp. (Nasdaq: NSTA) reported
revenue for the second quarter was $3,341,914, compared to $1,573,783 for the
same period a year ago. Product sales and royalties were $3,085,248, compared to
product sales and royalties of $1,123,783 for the same period a year ago.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990914/ANESTALOGO)
Net loss for the quarter ended June 30, 2000 of $6,848,394, or $0.51 a share,
compared to $2,564,483, or $0.19 a share for the quarter ended June 30, 1999.
The increase in net loss resulted primarily from increased sales and marketing
expenses related to the direct sales and marketing of Actiq(R) (oral
transmucosal fentanyl citrate).
For the six months ended June 30, 2000, the company's net loss was $9,665,402 or
$0.72 a share, compared to $5,454,118 or $0.41 per share for the first six
months of 1999. Revenue was $4,671,496 versus $1,779,020 a year ago. Product
sales and royalties were $4,019,271, compared to $1,157,872 for the same period
a year ago.
At June 30, 2000, Anesta had cash, cash equivalents, marketable securities and a
certificate of deposit totaling $41,710,258.
Actiq Prescription and Sales Update
Second quarter Actiq prescriptions were 6,080 total prescriptions, compared to
4,488 total prescriptions during Q1/00, representing a 35% increase in
prescriptions. Anesta net product sales were $3.041 million, compared to $1.696
million for Q1/00, an increase of 79%. Actiq inventory (measured as
months-on-hand in the total distribution channel) continued to decline to a
level of 1.3 months of inventory as of June 2000.
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Actiq(R) Quarterly Net Product Sales
<TABLE>
<CAPTION>
Q4/99 Q1/00 Q2/00
<S> <C> <C> <C>
Actiq(R) Sales $1,022 $1,696 $3,041
</TABLE>
Actiq(R) Quarterly Prescriptions
<TABLE>
<CAPTION>
Q2/99 Q3/99 Q4/99 Q1/00 Q2/00
<S> <C> <C> <C> <C> <C>
TRx (IMS) 779 1,826 2,939 4,488 6,080
</TABLE>
Actiq(R) Monthly Inventory Levels
<TABLE>
<CAPTION>
Apr Jul Oct Jan Feb Mar Apr May Jun
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Months-on-Hand 9.3 7.2 3.8 2.8 2.1 1.6 1.6 1.3 1.3
</TABLE>
Anesta Proposed Merger with Cephalon, Inc.
On July 17, 2000, Cephalon, Inc. (Nasdaq: CEPH) and Anesta announced that
Cephalon will acquire all of the outstanding shares of Anesta in a tax-free,
stock-for-stock transaction intended to be accounted for as a pooling of
interests. Upon completion of the transaction, Anesta shareholders will receive
0.4765 shares of newly-issued Cephalon common stock for each share of Anesta
they own. The merger is subject to the approval of Anesta shareholders,
regulatory agencies and customary closing conditions. The merger is expected to
be completed during the fourth quarter of 2000.
Anesta is a leader in the development of new oral transmucosal pharmaceutical
products. The Company's lead product is Actiq. In August 1999, Anesta U.K. LTD
submitted a United Kingdom Marketing Approval Application for Actiq. During 1998
and 1999, Anesta entered into agreements with four European companies to market
and distribute Actiq in the countries of the European Union. The Company has
additional investigational product candidates in clinical development; OTS(TM)
nicotine for smoking cessation, OTS fentanyl for acute pain management, OTS
etomidate for short-acting sedation, OTS piroxicam for mild to moderate pain,
OTS droperidol and OTS prochlorperazine for nausea and vomiting, and OTS
scopolamine for motion sickness.
This news release 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 the uncertainties related to market
acceptance of Actiq and uncertainties related to the proposed merger with
Cephalon, Inc. Additional factors are more fully discussed in the Company's
Annual Report on Form 10-K for the year ended December 31, 1999 and its Current
Report on Form 8-K dated July 21, 2000. In addition, the Company's results could
also be affected by a number of other risks and uncertainties which are more
fully discussed under the headings "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations" in the Company's
Annual Report on Form 10-K for the year ended December 31, 1999.
Further information is available on the Anesta homepage at www.anesta.com.
Financial Summary ($, unaudited)
<TABLE>
<CAPTION>
Three Months Ended June 30 Six Months Ended June 30
2000 1999 2000 1999
<S> <C> <C> <C> <C>
Product sales and
royalties 3,085,248 1,123,783 4,019,271 1,157,872
License agreements 256,666 450,000 652,225 621,148
Total Revenues 3,341,914 1,573,783 4,671,496 1,779,020
</TABLE>
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<TABLE>
<CAPTION>
Three Months Ended June 30 Six Months Ended June 30
2000 1999 2000 1999
<S> <C> <C> <C> <C>
Operating costs
and expenses 10,816,549 5,183,355 15,890,830 9,267,540
Interest income,
net 631,950 1,052,898 1,585,262 2,048,640
Net loss (6,848,394) (2,564,483) (9,665,402) (5,454,118)
Net loss per
common share (0.51) (0.19) (0.72) (0.41)
Shares used in
computing net
loss per share 13,385,565 13,220,051 13,372,861 13,170,944
</TABLE>
<TABLE>
<CAPTION>
June 30, 2000 June 30, 1999
<S> <C> <C>
Cash, cash equivalents, marketable
securities and certificate of deposit 41,710,258 75,000,533
</TABLE>
