There was no mention of sales related to the ImmunoCyt bladder cancer test in the most recent quarterly report. I can only assume that if there were any sales it was insignificant.
Although I believe the technology does have benefits over alternative tests, the evidence to date suggests that it will take a long time for the medical community to fully embrace. In fact the test has been approved in Europe and Canada for years now with no mention sales there either. I guess we will need to hope for some announcements related to the prostate cancer test.
John
DiagnoCure Reduces Loss in Second Quarter
QUEBEC CITY, June 20 /CNW/ - During the second quarter ended April 30, 2000, DiagnoCure Inc. completed a $5 million placement of 1.25 million special warrants with a group of Canadian investors. Each warrant is redeemable for one common share of the Company, without additional payment.
This capital injection will allow the Company to intensify the development of its PCA3 technology, and in particular its highly promising uPM3(TM) urine test for the detection of prostate cancer. ``These funds will also enable us to complete preclinical studies on nanoErythrosomes, thereby strengthening our position in our search for a partner interested in the therapeutic applications of this drug delivery system,'' explained Chief Executive Officer Pierre D‚sy.
As for its operations, DiagnoCure is proud to have implemented a quality assurance system designed to meet very stringent U.S. good manufacturing practices (GMP). The implementation of this system has substantially increased the reliability of manufacturing operations for ImmunoCyt, Diagnocure's diagnostic test for bladder cancer, which also includes procedures guiding the development of new products, notably the uPM3(TM) prostate cancer detection test.
FINANCIAL RESULTS
Revenues for the second quarter of fiscal 2000 amounted to $121,115 compared to $190,789 for the same period last year. The decrease in revenues is due to a drop in Company investment income.
Due to focused efforts on research and development for the second quarter of fiscal 1999, research and development costs, net of tax credits, declined substantially from $429,437 for the second quarter of 1999 to $236,342 for the quarter under review.
Sales and operating expenses totalled $956,206 for the second quarter of 2000, a decrease of $285,769 compared to last year. The net loss for the second quarter was $835,091 or $0.05 per share, compared to $1,051,186 or $0.06 per share for the same period in 1999.
For the six months ended April 30, 2000, revenues amounted to $221,382 compared to $302,638 for the same period in 1999, while sales and operating expenses, including net research and development costs, came to $1,872,050 compared to $2,451,117 last year. The net loss was therefore $1,650,668 or $0.09 per share, compared to $2,148,479 or $0.12 per share for the first six months of 1999.
As of April 30, 2000, DiagnoCure's cash and cash equivalents amounted to $6,690,065.
FINANCIAL DATA
_________________________________________________________________________
For the period Three months ended Six months ended
April 30 April 30
_________________________________________________________________________
2000 1999 2000 1999
_________________________________________________________________________
Revenues 121,115 $190,789 221,382 $302,638
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Sales and operating
expenses 956,206 $1,241,975 1,872,050 $2,451,117
_________________________________________________________________________
Gross R&D costs 275,971 $536,058 637,799 $1,051,797
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Production costs 163,301 $180,824 287,187 $310,894
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Net loss (835,091) ($1,051,186) (1,650,668) ($2,148,479)
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Loss per share 0.05 ($0.06) 0.09 ($0.12)
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Weighted average number
of common shares
outstanding 17,552,383 $17,498,032 17,524,909 $17,498,032
_________________________________________________________________________
Cash or cash
equivalents 6,690,065 $4,644,215 6,690,065 $4,644,215
_________________________________________________________________________
DiagnoCure is a biopharmaceutical company specializing in technologies
for diagnostic tests and in therapies for cancers, particularly of the
genito-urinary system. DiagnoCure's shares are listed on the Toronto
Stock Exchange and are traded under the symbol CUR.
For further information
Pierre D‚sy, CEO, DiagnoCure Inc., (418) 527-6100, Email: diagnocure@diagnocure.com
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