Hi Robin:
Friday August 15 4:52 PM EDT
Company Press Release
Source: Paracelsian Inc.
Paracelsian Inc. Reports Third-Quarter Results; $1.33
Million Cash On Hand
ITHACA, N.Y., Aug. 15 /PRNewswire/ -- Paracelsian Inc. (Nasdaq:PRLN) announced today a
third quarter net loss of ($0.09) per share, compared with a net loss of ($0.10) per share for the
third quarter in 1996. The Company also noted that it had $1,332,149 in cash and cash equivalents
as of June 30, 1997.
``We are exploring a number of long-term strategies for the Company, including the pursuit of a
partner with distribution capabilities or a partner with product development strengths,'' said Keith A.
Rhodes, Paracelsian's Chairman and President. ``Our cash position and cost-reduction program will
carry us through this year, by which time we expect that our current strategies will result in success.''
Paracelsian held its annual meeting on Aug. 13, 1997, in Ithaca, New York, and reported that over
ninety percent of the votes cast were for the proposed board members, Lee Henderson, Ph.D. and
Theodore Nikolis.
The Company's balance sheet highlights and results of operations follow:
PARACELSIAN, INC.
RESULTS OF OPERATIONS
BALANCE SHEET HIGHLIGHTS
(Unaudited) (Audited)
June 30, 1997 September 30, 1996
Total Current Assets $1,660,385 $4,449,769
Cash and Equivalents 1,332,149 4,171,402
Total Current Liabilities 353,686 630,062
Stockholders' Equity $3,208,627 $6,073,590
(Unaudited) (Unaudited)
Three Months Ended Nine Months Ended
EARNINGS RECAP June 30, June 30,
1997 1996 1997 1996
Total Sales $475 $9,563 $4,595 $33,505
Research and Product
Engineering $400,232 $409,437 $ 1,257,598 $976,302
Net (Loss) Profit $(1,094,137) $(1,012,298) $(2,837,870)$(2,628,779)
Net (Loss) Profit per
Common Share $(0.09) $(0.10) $(0.24) $ (0.34)
Weighted Average Number
of Common Stock
Outstanding 11,937,510 10,148,511 11,935,891 7,802,257
Paracelsian is a biotechnology company engaged in the discovery of useful products from herbal
sources. Its discoveries are accomplished by applying the Company's proprietary screening
technology, based in signal transduction, to its library of extracts used in Traditional Chinese
Medicine.
SOURCE: Paracelsian Inc. |
