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[Cartman24]

FOR IMMEDIATE RELEASE

GENOME THERAPEUTICS REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER AND FISCAL 2000

-FY 2000 revenues increased 10%; Net loss decreased 55% from previous year-

Waltham, Mass., October 19, 2000 -- Genome Therapeutics Corp. (Nasdaq: GENE) today reported financial results for the fourth quarter and fiscal year 2000, which ended August 31, 2000.


For fiscal 2000, the Company reported total revenues of $26,424,000 compared to $24,018,000 during fiscal 1999. Net loss in fiscal 2000 was ($2,816,000), or ($0.14) per share, compared to a net loss of ($6,328,000), or ($0.34) per share, in fiscal 1999. Weighted average shares outstanding increased from 18,382,707 to 20,277,076, year over year, reflecting the increased shares issued in connection with the sale of common stock, including the exercise of employee stock options.


The Company`s cash and cash equivalents, restricted cash and investments totaled approximately $75,884,000 at August 31, 2000.


"We are very pleased with the financial results for the past year," said Robert J. Hennessey, Chairman and CEO of Genome Therapeutics. "Not only did our revenues grow, but our operating expenses were in line with last year`s level, thereby reducing our net loss. We were also able to take advantage of the financing window that was open for a short time period and raised additional capital, ending the year with $75.9 million, which is the strongest in the Company`s history. This infusion of capital provides us with the financial resources to invest in research and development, particularly in our commercial programs of Drug Rescue™ and our Infectious Disease."


Total revenues for the fourth quarter of fiscal 2000 were $6,106,000 compared to $6,203,000 in the same period of fiscal 1999. Net loss in the fourth quarter of fiscal 2000 was ($1,732,000), or ($.08) per share, compared to a net loss of ($1,101,000), or ($.05) per share, for the same period in fiscal 1999.


Fiscal year 2000 highlights include:


Entered into GTC`s highest potential value genomics alliance to date ($118 million) with Wyeth-Ayerst for the commercialization of genomics platform in osteoporosis
Extended three alliances with Schering-Plough through 2001, for Asthma, S. aureus, and antifungals
Expanded PathoGenome™ Database`s market penetration via the Internet with its launch through Compugen Inc.`s LabOnWeb.com
Participated in the first draft of the human genome as the only commercial company involved in NIH`s Human Genome Project and selected as one of two primary centers to the Rat Genome Sequencing Program
Raised $44.7 million in additional capital through the sale of common stock
Receiving a $12.9 million award to participate in the Mouse Genome Sequencing Network over the next three years


Genome Therapeutics (www.genomecorp.com) is a leader in the commercialization of genomics-based drug discovery. The Company`s gene discovery strategy is to identify and characterize human genes associated with major diseases and elucidate microbial genes as novel drug targets against many serious infectious organisms. Together with its strategic partners, including Schering-Plough, AstraZeneca, Wyeth-Ayerst and bioMérieux, Genome Therapeutics is using genomic information to develop a new generation of genomics-based pharmaceutical, vaccine and diagnostic products.


# # #

Statements in this press release that are not strictly historical are "forward looking" statements as defined in the Private Securities Litigation Reform Act of 1995. A number of important factors could cause actual results to differ materially from those projected or suggested in the forward looking statement including, but not limited to, the ability of the Company and its alliance partners to (i) successfully develop products based on the Company`s genomic information, (ii) obtain the necessary governmental approvals, (iii) effectively commercialize any products developed before its competitors and (iv) obtain and enforce intellectual property rights, as well as the risk factors described in the Company`s Annual Report on Form 10-K.

--tables follow--

GENOME THERAPEUTICS CORP. AND SUBSIDIARIES
STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)

Thirteen Weeks Ending 52 Weeks Ending
August 31,
2000 August 31 1999 August 31,2000 August 31,
1999
Revenues:
Contract research, licenses and subscription fees $ 6,106 $ 6,203 $ 26,424 $ 24,018






Costs and expenses:
Research and development 6,778 6,385 24,821 26,700
Selling, general and administrative 1,807 998 5,818 4,279
Total costs and expenses 8,585 7,383 30,639 30,979






Loss from operations (2,479) (1,180) (4,215) (6,961)






Interest income 957 333 2,226 1,587
Interest expense (210) (163) (827) (954)






Net loss $ (1,732) $ (1,010) $ (2,816) $ (6,328)











Basic/diluted net loss per common share $ (0.08) $ (0.05) $ (0.14) $ (0.34)
Basic/diluted weighted average number of common shares outstanding 21,710,257 18,492,968 20,277,076 18,382,707


SELECTED BALANCE SHEET DATA
(in thousands) (unaudited)

August 31,
2000 August 31,
1999
Cash, cash equivalents, restricted cash and investments $75,884 $25,062
Total assets 91,336 39,485
Long-term obligations, net of current maturities 4,543 5,925
Shareholders` equity 74,275 23,411




Contacts:
Christopher Taylor
Sr. Director of Investor Relations
Genome Therapeutics Corp.
[phone] Douglas MacDougall
Sr. Vice President
Feinstein Kean Partners
[phone]

[Togotom]

Was bedeuten diese Zahlen denn im Klartext. Wer kann mir das etwas näher erklären.

[robby13]

Hallo Freunde von Genome Therapeutics !
Wie am Freitag vorab bekanntgegeben wurde,will Global Biotech Investing den Wert am Montag erneut ins Musterdepot aufnehmen.
Robby13

[trendwatcher]

Bei "GBI" bin ich eher skeptisch ...

Doch (vgl. Suntrade vom 10.10.) der Zeitpunkt für einen Einstieg
bei Genome Therapeutics (WKN 867669) scheint jetzt interessant.

Hoffentlich geht es nun nicht nur wegen der "GBI"-Empfehlung aufwärts ...

trendwatcher