Cerus Corporation Announces First Quarter 2020 Results

About this update from Cerus Corporation

[{"type":"text","content":" CONCORD, Calif.--(BUSINESS WIRE)--\nCerus Corporation (Nasdaq: CERS) today announced financial results for the first quarter ended March 31, 2020.\n\n\nRecent developments and highlights include:\n\n\n\nTotal first quarter 2020 revenue of $24.6 million\n\n\nQuarterly product revenue of $18.6 million, a 6% increase compared to the prior year quarter\n\n\nGlobal demand for INTERCEPT kits grew during the first quarter with the calculated number of treatable platelet doses up 14% compared to the same period in 2019\n\n\nGovernment contract revenue of $6.0 million\n\n\n\n\nReaffirming 2020 full year product revenue guidance range of $89 million to $93 million representing an approximately 20% to 25% increase over 2019 reported product revenue.\n\n\nStrengthened balance sheet with a $63.3 million public offering of common stock. At March 31, 2020, the Company had cash, cash equivalents and short-term investments of $133.1 million.\n\n\nAnnounced strategic organizational changes to align teams around key commercial growth and product portfolio pipeline development targets.\n\n\nFormed a collaborative research group with the aim of optimizing the characteristics and dosing of convalescent plasma as a potential therapy for COVID-19 patients.\n\n\nFurther strengthened the Company’s collaboration with the Biomedical Advanced Research and Development Authority (BARDA) with an incremental $14 million available under the contract.\n\n\n\n“First quarter product revenue of $18.6 million exceeded our internal expectations despite the tumultuous macro environment created by the global COVID-19 pandemic. The emergence of SARS-CoV-2 has highlighted the need for comprehensive preparedness planning for healthcare systems and the corresponding obligation to safeguard the blood supply chain. The INTERCEPT Blood System has played a critical role for many blood centers by reducing the risk of transfusion transmitted infections,” said William ‘Obi’ Greenman, Cerus’ president and chief executive officer. “In the face of this crisis, I am proud of the actions taken by the Cerus employees designed to make sure that the blood centers and hospitals have access to INTERCEPT Blood System, even in the regions hardest hit by the pandemic.”\n\n\n“It is unclear as to the extent and duration that the COVID-19 impact will have on the global transfusion medicine indus...

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