BioSphere Medical Releases its First Results
MARLBOROUGH, Mass.--(BUSINESS WIRE)--July 30, 1999--BioSphere Medical, Inc. (NASDAQ:BSMD - news)
announced today results of the second quarter of 1999.
For the three months ended June 30, 1999, BioSphere Medical recorded net revenues of $713,000 and a net loss from continuing operations of $1,025,000 or
$0.12 per share. In the comparable period of 1998, net revenues were $47,000 with a net loss from continuing operations of $211,000.
For the six months ended June 30, 1999, BioSphere Medical reported net revenues of $993,000 and a net loss from continuing operations of $1,564,000 or $0.18
per share, compared with net revenues of $117,000, and a net loss from continuing operations of $436,000, or $0.05 per share, for the same period in 1998.
In releasing these results, Mr. John Carnuccio, the Company's President and CEO said: ''This was the first quarter in which we conducted business as a newly
created medical device company, BioSphere Medical, Inc. With the sale of the BioSepra chromatography business in May, we established an entirely new business
strategy and management team, focused on microspheres for medical applications.
It is essential that the comparative results for both the quarter and the half-year be considered in light of these changes. While our results have been restated to
include only our new business, they do not reflect the impact of promotional efforts the Company expects to launch after FDA approval is obtained to market our
first product in the U.S. Embosphere microspheres are currently CE Mark approved in Europe. In May 1999, we filed a 510(k) for approval in the U.S.
''We believe that microspheres are a broad technology platform with potential applications in embolotherapy, bulking, drug delivery, and tissue repair. Our initial
focus will be on embolization of arteriovenous malformations, hypervascularized tumors including uterine fibroids, and other vascular defects. This application of our
technology alone addresses a growing worldwide market in neurological and vascular interventions with sales potential in excess of $500 million.
BioSphere Medical, Inc. is a new, therapeutic device company that has pioneered the use of microscopic spheres to treat tumors and vascular disease by inhibiting
blood flow, a procedure known as embolization. |
