PONTE VEDRA BEACH, Fla., May 20 /PRNewswire/ -- SunPharm Corporation (Nasdaq: SUNP) today announced its results for the first quarter of 1999. The Company recorded a net loss for the quarter of $969,000, or $0.15 per share, compared to a loss of $1,039,000, or $0.18 per share in the first quarter of 1998. The decrease in net loss was due primarily to a reduction in general and administrative expenses. At March 31, 1999 the Company recorded cash and investments of $1,390,186. "The Company continues to make steady progress in advancing its product pipeline," said Stefan Borg, President and Chief Executive Officer of SunPharm. "With two compounds in Phase II trials and several additional compounds expected to enter Phase I trials within the next twelve months, SunPharm remains focused on establishing new corporate collaborations and obtaining further funding for our programs." The Company recently announced the expansion of clinical trials of its lead anti-cancer drug DENSPM (CI-1006), by its corporate partner Warner- Lambert, demonstrating the increased commitment by Warner-Lambert to the CI- 1006 program. Interim results from the ongoing multicenter Phase II study were included in the published proceedings of the recent annual meeting of the American Society of Clinical Oncology (ASCO). Separately, Warner-Lambert has decided to expand the current clinical studies by combining CI-1006 with other approved anti-tumor agents. Warner-Lambert discussed the CI-1006 program at their annual analyst meeting in New York this week. SunPharm is engaged in the development of small-molecule pharmaceutical products consisting of novel polyamine analogues and metal chelators, invented at the University of Florida and licensed exclusively to the Company for the development of products for treating cancer, AIDS-related diarrhea, gastrointestinal inflammation, iron overload and other indications. SunPharm's lead polyamine analogue is DENSPM for cancer, which is undergoing Phase II trials in six solid tumor indications under the direction of the Parke-Davis Pharmaceutical Research division of Warner-Lambert Company. Certain statements in this news release regarding the potential therapeutic utility of polyamine analogues and metal chelators, as well as the Company's development plans for these compounds, may be regarded as forward- looking statements. Such statements involve risk and uncertainties which could cause actual results to differ materially from the statements made, including the success of clinical trials, the uncertainty of product approvals, competitive products under development, the establishment of new corporate alliances, the ability to raise capital on acceptable terms when needed, and other risks listed from time to time in SunPharm's SEC filings, including those described in the Company's most recently filed annual report on Form 10-KSB. These forward-looking statements represent SunPharm's best judgment, as of the date of this release, and SunPharm disclaims any intent to update these forward-looking statements. SunPharm Corporation (A Development-Stage Company) Condensed Statements of Operations (unaudited) Three Months Ended March 31, 1999 1998 Total Revenues $18,963 $48,939 Total Expenses 988,125 1,088,065 Net Loss (969,162) (1,039,126) Net loss per share $(0.15) $(0.18) Weighted average shares 6,677,210 5,747,049 Condensed Balanced Sheets (unaudited) March 31, December 31, 1999 1998 ASSETS Cash and Marketable Securities $1,390,186 $1,699,200 Other Current Assets 137,427 162,734 Property equipment and other 191,803 192,073 1,719,416 2,054,007 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities $519,673 $451,913 Stockholders' Equity 1,199,743 1,602,094 $1,719,416 $2,054,007  