Cerus Corporation Reports Third Quarter 2012 Results

ABOUT CERUS

Cerus Corporation is a biomedical products company focused on commercializing the INTERCEPT Blood System to enhance blood safety. The INTERCEPT system is designed to reduce the risk of transfusion-transmitted diseases by inactivating a broad range of pathogens such as viruses, bacteria and parasites that may be present in donated blood. The nucleic acid targeting mechanism of action enables INTERCEPT treatment to inactivate established transfusion threats, such as hepatitis B and C, HIV, West Nile virus and bacteria, and is designed to inactivate emerging pathogens such as influenza, malaria and dengue. Cerus currently markets and sells the INTERCEPT Blood System for both platelets and plasma in Europe, The Commonwealth of Independent States, the Middle East and selected countries in other regions around the world. The INTERCEPT Blood System for red blood cells is in clinical development. See http://www.cerus.com for more information.

INTERCEPT and the INTERCEPT Blood System are trademarks of Cerus Corporation.

Forward-Looking Statements

Except for the historical statements contained herein, this press release contains forward-looking statements concerning Cerus’ products, prospects and results, including statements concerning Cerus’ expectations regarding its 2012 revenue guidance, future operating expenses and cash used to support operations, statements relating to the planned submission of a modular PMA to the FDA for the INTERCEPT Blood System for plasma, including the timing thereof, the sufficiency of existing clinical data to enable a modular PMA submission and the possibility of obtaining an early resolution of PMA deficiencies if identified by the FDA, prospects for regulatory approvals of the Company’s products and other future regulatory matters, and statements relating to planned preparation and initiation of clinical trials and the timing thereof, and the future development of the INTERCEPT Blood System for red blood cells. Actual results could differ materially from these forward-looking statements as a result of certain factors, including, without limitation, risks associated with the commercialization and market acceptance of, and customer demand for, the INTERCEPT Blood System, the uncertain and time-consuming clinical development and regulatory process, including the risks that planned clinical trials for the INTERCEPT Blood System for red blood cells may not occur on the timeframe discussed herein or otherwise in a timely manner, or at all, that Cerus may be unable to reach agreement with the FDA on the planned modular PMA submission for the INTERCEPT Blood System for plasma or may be required to conduct additional clinical development of the plasma system, and that if additional clinical development of the plasma system is required it may be impractical to perform or require funding that Cerus does not currently have, adverse market and economic conditions, adverse fluctuations in foreign exchange rates, Cerus’ reliance on third parties to market, sell, distribute and maintain its products, Cerus’ ability to maintain an effective manufacturing supply chain, intellectual property protection, as well as other risks detailed in Cerus’ filings with the Securities and Exchange Commission, including Cerus’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 filed with the SEC on August 8, 2012. Cerus disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release.

CERUS CORPORATION CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS (in thousands except per share information)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2012				2011				2012				2011
Revenue:
Product revenue	$	8,252			$	7,770			$	26,167			$	20,706
Government grant and cooperative agreements		--				1,479				91				1,915
Total revenue		8,252				9,249				26,258				22,621
Cost of product revenue		4,411				4,726				15,499				12,329
Gross profit		3,841				4,523				10,759				10,292
Operating expenses:
Research and development		1,903				1,814				5,439				5,616
Selling, general and administrative		6,219				5,380				18,871				17,115
Amortization of intangible assets		50				51				151				152
Total operating expenses		8,172				7,245				24,461				22,883
Loss from operations		(4,331	)			(2,722	)			(13,702	)			(12,591	)
Non-operating income (expense), net		871				4,982				(499	)			3,344
Net income (loss)	$	(3,460	)		$	2,260			$	(14,201	)		$	(9,247	)
Net income (loss) per common share:
Basic	$	(0.06	)		$	0.05			$	(0.26	)		$	(0.19	)
Diluted	$	(0.08	)		$	0.05			$	(0.26	)		$	(0.19	)
Weighted average common shares outstanding used for
computing net income (loss) per common share:
Basic		54,875				47,710				54,130				47,600
Diluted		55,377				48,820				54,130				47,600

CERUS CORPORATION CONDENSED CONSOLIDATED UNAUDITED BALANCE SHEETS (in thousands)
			September 30, 2012			December 31, 2011
Cash, cash equivalents, and short-term investments			$	26,661		$	25,784
Accounts receivable and other current assets				7,193			7,511
Inventories				9,682			6,444
Property and equipment, net				1,801			2,032
Goodwill and intangible assets				2,913			3,064
Other assets				403			532
Total assets			$	48,653		$	45,367
Accounts payable and accrued liabilities			$	13,787		$	10,505
Deferred revenue				716			111
Debt - current				4,919			2,519
Warrant liability				7,876			7,979
Debt - non-current				3,307			4,697
Other non-current liabilities				1,132			1,243
Total liabilities				31,737			27,054
Stockholders’ equity				16,916			18,313
Total liabilities and stockholders’ equity			$	48,653		$	45,367

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