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Maxim Pharmaceuticals Announces Fiscal 2002 Financial Results.

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Business Editors & Health/Medical Writers

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SAN DIEGO--(BUSINESS WIRE)--Dec. 19, 2002

Maxim Pharmaceuticals, Inc. (Nasdaq NM: MAXM, SSE: MAXM) today announced financial results for the fourth quarter and the year ended September 30, 2002. The net loss applicable to common stock for the fourth quarter ended September 30, 2002 totaled $11.1 million, or $0.48 per share, compared to a net loss applicable to common stock of $8.2 million, or $0.35 per share, for the same period of the prior year.

The net loss before cumulative effect of accounting change applicable to common stock for the year ended September 30, 2002, totaled $36.1 million, or $1.55 per share compared to a net loss before cumulative effect of accounting change applicable to common stock of $37.3 million, or $1.61 per share, for the prior year.

The Company had cash, cash equivalents and investments totaling $111.5 million at September 30, 2002, and used net cash of $32.4 million in its operations during the year ended September 30, 2002.

Effective October 1, 2001, the beginning of the Company's fiscal year, the Company adopted the provisions of a newly required accounting standard, Statement of Financial Accounting Standard ("SFAS") No. 142, Goodwill and Other Intangible Assets. SFAS No. 142 requires that goodwill and intangible assets with indefinite useful lives no longer be amortized, but instead be tested for impairment at least annually. Under the provisions of...