DiagnoCure loses four cents per share in Q1
DiagnoCure Inc CUR
Shares issued 17,498,032 Mar 27 close $1.35
Tue 27 Mar 2001 News Release
Mr. Pierre Desy reports
DiagnoCure held its annual general meeting in Montreal.
Both Pierre Desy, president and chief executive officer of DiagnoCure, and
Dr. Yves Fradet, executive vice-president, made presentations illustrating
the continued growth and achievements of the company, particularly with
respect to sales of ImmunoCyt and the development of uPM3, an innovative,
non-invasive test for prostate cancer.
"We are pleased with the steady progress DiagnoCure has made towards
becoming a leading developer of early stage cancer diagnostics. We will
continue to maintain our three-pronged approach -- in-licensing gene
markers for new, innovative diagnostic tests, out-licensing non-core
therapeutic assets, and strategically partnering with synergistic genomics
and proteomics companies -- which to date has been effective in the ongoing
realization of our vision," said Mr. Desy. "Furthermore, we intend to
proceed with our strategy of developing a platform for each product,
placing great emphasis on the area of pathology. Using these approaches, we
expect the value of this company to continue to grow."
According to Dr. radet, the development of the uPM3 test for prostate
cancer is continuing according to plan as the company is already in
discussion with several companies about the possibility of partnering for
the commercialization of the test.
First quarter/fiscal 2001
During the first quarter ended Jan. 31, 2001, DiagnoCure made further gains
in:
promoting the company and its products to the investment communities of
Toronto, Vancouver and Calgary;
establishing partnerships with major reference laboratories such as LabCorp
and AmeriPath for the sale of ImmunoCyt;
increasing the sales volume of ImmunoCyt in accordance with an agreement
with its partner DAKO Corp.;
expanding the ImmunoCyt market to industrial screening, in accordance with
an agreement with ALCOA;
initiating the automation of ImmunoCyt, and
proceeding with confidential disclosure agreements with nine companies for
the development of the uPM3 test.
Financial results
First quarter 2001 revenues amounted to $260,182, compared with $100,267
for the same period last year. This increase of 159 per cent owes to
continued increase in the sales of ImmunoCyt and the increase in investment
income following the private financing of last spring.
Sales and operating expenses in the first quarter of 2001 totalled $931,476
compared with $915,844 for the first quarter last year. Research and
development costs, net of refundable tax credits, were $265,892 compared
with $297,265 last year, a slight decrease due to the completion of
specific research projects and to the starting of certain target programs
in accordance with strategic trends of the company.
General and administration fees went from $253,685 for the first quarter of
2000 to $318,256 for the same quarter of 2001. The company hired key
personnel to reach the objectives of its strategic plan.
Net loss for the quarter amounted to $671,294 or four cents per share,
compared with $815,577 or five cents per share in the previous year.
As at Jan. 31, 2001, DiagnoCure's cash, cash equivalents and short-term
investments amounted to $4,382,151 compared with $5,294,794 as at Oct. 31,
2000.
FINANCIAL DATA
Three months ended Jan. 31
2001 2000
Revenues $260,182 $100,267
Cost of sales and
operating expenses 931,476 915,844
Gross R&D costs 338,921 361,828
Premanufacturing
costs 136,426 123,886
Net (loss) (671,294) (815,577)
(Loss) per share $(0.04) $(0.05)
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
