i try and not get tooooooo excited by this stock but it is hard for me to keep the lid on...i think it is all here for a big play...approx 4.7m shares outstanding...this today plus yest earn report...trading around 2.00...my opinion only:
(PR Wires) PRW: SpectruMedix Corporation Awarded Grant From National Insti
PRW: SpectruMedix Corporation Awarded Grant From National Institute of Health
STATE COLLEGE, Pa., Nov. 15 /PRNewswire/ -- SpectruMedix Corporation (OTC
Bulletin Board: SMDX) has received a grant from the National Human Genome
Research Institute of the National Institute of Health to further develop
and test its 384-capillary DNA sequencing instrument. The grant provides
for the reimbursement of up to $700,000 of direct research and development
expenses plus an additional amount for indirect expenses.
SpectruMedix received the grant as part of the NHGRI's movement to support
the development of advanced high-throughput technologies for genomic
research. The NHGRI, in partnership with other organizations, is involved in
the "Human Genome Project."
Dr. Jeffrey A. Schloss, program director for Technology Development
Coordination for the NHGRI at the NIH, outlined the Human Genome Project's
highest priority as, "providing a complete, high-quality sequence of human
genomic DNA to the research community as a freely, publicly available
resource."
Dr. Schloss said the project aims to "develop technologies for and collect
information leading to the full interpretation and use of that sequence."
Technology for high-throughput analysis at a reduced cost can make reaching
those goals possible. SpectruMedix's development of a 384-capillary
sequencing instrument is a significant step toward meeting those goals.
According to SpectruMedix, the instrument will produce accurate results at a
substantially greater volume in a considerably shorter amount of time at an
almost 50% cost savings. SpectruMedix's target is to achieve 1,000 base
reads in fewer than two hours.
Dr. Qingbo Li, principal investigator and senior scientist at SpectruMedix
said, "I am extremely pleased that SpectruMedix has been awarded this
funding. It represents recognition from the genomics community of
SpectruMedix's position in developing high-throughput DNA sequencing
technology. This program will produce the most reliable, fully automated
384-capillary DNA instrument system on the DNA market. It will also make
available to both the genomics community and the pharmaceutical industry,
the first-of-its-kind, integrated analytical platform for several other very
high-throughput screening applications. And all of this with remarkable
cost savings."
SpectruMedix's SCE9610 system, which employs 96 capillaries in a highly
versatile, robust, reliable and economical instrument system, is already in
commercial use.
"This award reaffirms SpectruMedix's position as a major presence in the
genomics research arena. We are delighted to be recognized and called upon
by the NIH to further its work in completing reference human DNA sequences
-- something the world has been anxiously awaiting for years," said Dr.
Joseph Adlerstein, CEO of SpectruMedix.
SpectruMedix is a U.S. company focused on the commercialization and sales of
two principal products, high-speed and high throughput DNA sequencing and
genetic analysis instrumentation for the acquisition, analysis, and
management of complex genetic information, and high throughput screening,
massive parallel capillary electrophoresis systems for drug discovery. The
DNA sequencing and high throughput screening instrumentation were developed
in part from research efforts conducted at the United States Department of
Energy's Ames Laboratory, which is operated by Iowa State University's
Institute for Physical Research and Technology. In addition, a result of
initial research conducted at the University of Pennsylvania Medical Center
in Philadelphia, the Company is involved in the development of
instrumentation and methodology to rapidly and accurately diagnose all
pulmonary diseases as well as assess and monitor pulmonary function in order
to optimally treat such patients.
Except for historical information contained herein, the statements made in
this release constitute forward-looking statements that involve certain
risks and uncertainties. Certain factors may cause actual results to differ
materially from those contained in the forward-looking statements, including
the ability of SpectruMedix to commercialize and market its instrumentation,
the availability of funding to realize SpectruMedix's plans and other risks
detailed from time to time in SpectruMedix's reports on file at the
Securities and Exchange Commission, including SpectruMedix's Form 10-KSB for
the fiscal year ended March 31, 2000. SpectruMedix disclaims any intention
or obligation to update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise.
/CONTACT: Joseph Adlerstein of SpectruMedix, 814-867-8000/
09:46 EST
*** end of story ***
(PR NEWSWIRE) SpectruMedix Corporation Reports Second Fiscal Quarter Results
SpectruMedix Corporation Reports Second Fiscal Quarter Results
STATE COLLEGE, Pa., Nov. 14 /PRNewswire/ -- SpectruMedix Corporation
(OTC Bulletin Board: SMDX) filed today its quarterly report on Form 10-QSB for
its second fiscal quarter ended September 30, 2000.
The Company had total sales of $253,033 and $45,353 for the three months
ended September 30, 2000 and 1999, respectively. The increase in sales of
$207,680, or approximately 458%, was due primarily to the sale of a DNA/gene
sequencing instrument. Sales for 1999 reflect sales of mass spectrometer
components, Luminoscopes and other products, and the Company is no longer
devoting its resources to the development and marketing of such products.
In addition to its sales revenue, the Company recorded sublicense and
consulting revenue of $476,191 and $111,111 for the three months ending
September 30, 2000 and 1999, respectively, relating to the sublicense and
consulting agreements that the Company entered into in July 1999 with PE
Biosystems.
Research and development expenses increased $95,381 or 61% in 2000 to
$250,632 from $155,251 in 1999. The Company's research and development
expenses in 1999 were offset by the receipt of a Small Business Innovative
Research grant.
General and administrative expenses were $479,476 and $215,234 during the
three months ended September 30, 2000 and 1999, respectively, an increase of
$264,242, or approximately 123%. Approximately 57% and 47% of general and
administrative expenses for the three months ended September 30, 2000 and
1999, respectively, were attributable to payroll, payroll taxes, employee
benefits and professional and consulting services. The increase was due
primarily to the hiring of a national sales director and an increase in legal
and accounting expenses.
Interest expense of $3,574 and $11,514 for the three months ended
September 30, 2000 and 1999, respectively, resulted from borrowings. Interest
expense decreased primarily as a result of repayment of the majority of such
borrowings in September 1999.
Interest income decreased $9,117 to $16,111 in 2000 from $25,228 in 1999
as a result of the decrease in cash deposits.
SpectruMedix is a U.S. company focused on the commercialization and sales
of two principal products, high-speed and high throughput DNA sequencing and
genetic analysis instrumentation for the acquisition, analysis, and management
of complex genetic information, and high throughput screening, massive
parallel capillary electrophoresis systems for drug discovery. The DNA
sequencing and high throughput screening instrumentation were developed in
part from research efforts conducted at the United States Department of
Energy's Ames Laboratory, which is operated by Iowa State University's
Institute for Physical Research and Technology. In addition, a result of
initial research conducted at the University of Pennsylvania Medical Center in
Philadelphia, the Company is involved in the development of instrumentation
and methodology to rapidly and accurately diagnose all pulmonary diseases as
well as assess and monitor pulmonary function in order to optimally treat such
patients.
Except for historical information contained herein, the statements made in
this release constitute forward-looking statements that involve certain risks
and uncertainties. Certain factors may cause actual results to differ
materially from those contained in the forward-looking statements, including
the ability of SpectruMedix to commercialize and market the DNA sequencer and
high throughput screening instrumentation, the availability of funding to
realize SpectruMedix's plans and other risks detailed from time to time in
SpectruMedix's reports on file at the Securities and Exchange Commission,
including SpectruMedix's Form 10-K for the fiscal year ended March 31, 2000
and the Quarterly Report on Form 10-QSB for the quarter ended September 30,
2000, each as filed with the Securities and Exchange Commission. SpectruMedix
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.
SPECTRUMEDIX CORPORATION
CONDENSED BALANCE SHEETS
ASSETS
September 30, March 31,
2000 2000
(Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $621,341 $2,183,458
Accounts receivable 251,026 181,137
Inventories 1,041,351 617,191
Prepaid expenses 32,662 14,642
TOTAL CURRENT ASSETS 1,946,380 2,996,428
Property and equipment, net 576,555 475,855
Patent fees 588,593 490,902
License and license options, net of
accumulated amortization of
$138,177 and $121,675 respectively 4,024 20,525
Security deposit 8,479 8,479
TOTAL ASSETS $3,124,031 $3,992,189
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable and accrued expenses $2,104,367 $1,719,278
Current portion of long-term capital
lease obligations 59,250 37,915
Current portion of deferred revenue 666,667 1,238,096
TOTAL CURRENT LIABILITIES 2,830,284 2,995,289
Long-term capital lease obligations,
net of current portion 161,188 83,222
Deferred revenue, net current portion 555,556 888,889
STOCKHOLDERS' EQUITY (DEFICIT):
Preferred stock, $.00115 par value,
2,000,000 shares authorized at
September 30, 2000 and March 31, 2000
Series A Preferred stock, 2,000 shares
issued and outstanding in September 30
and March 31, 2000, (liquidation preference
of $2,000,000) 2 2
Series B Preferred stock, 103.125 shares issued
and outstanding in September 30 and
March 31, 2000, (liquidation preference
of $103,125) - -
Common stock, $.00115 par value, 23,000,000 shares
authorized 4,265,256 and 4,241,989 shares issued
and outstanding, respectively 4,904 4,877
Note receivable arising from issuance
of common stock (37,500) (37,500)
Additional paid-in capital 12,683,200 12,498,434
Accumulated deficit (13,073,603) (12,441,024)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (422,997) 24,789
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT) $3,124,031 $3,992,189
SPECTRUMEDIX CORPORATION
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
SIX AND THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
Six Months Ended Three Months Ended
September 30, September 30,
2000 1999 2000 1999
SALES $301,639 $95,720 $253,033 $45,353
SUBLICENSE AND
CONSULTING 1,071,429 111,111 476,191 111,111
REVENUE
1,373,068 206,831 729,224 156,464
COST OF SALES 526,975 157,262 336,598 27,805
GROSS PROFIT 846,093 49,569 392,626 128,659
OPERATING EXPENSES:
Research and
development costs,
net 503,144 359,869 250,632 155,251
General and
administrative
expenses 1,012,975 461,720 479,476 215,234
TOTAL OPERATING
EXPENSES 1,516,119 821,589 730,108 370,485
LOSS FROM
OPERATIONS (670,026) (772,020) (337,482) (241,826)
OTHER INCOME (EXPENSE):
Interest income 43,030 25,324 16,111 25,228
Interest expense (5,583) (23,796) (3,574) (11,514)
TOTAL OTHER INCOME
(EXPENSE) 37,447 1,528 12,537 13,714
NET LOSS $(632,579) $(770,492) $(324,945) $(228,112)
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING USED
FOR BASIC AND DILUTED
LOSS PER SHARE 4,251,064 3,640,288 4,259,369 3,658,041
BASIC AND DILUTED
LOSS PER SHARE $(.15) $(.21) $(.08) $(.06)
SOURCE SpectruMedix Corporation
-0- 11/14/2000
/CONTACT: Joseph Adlerstein of SpectruMedix, 814-867-8600/
/Web site: spectrumedix.com /
(SMDX)
CO: SpectruMedix Corporation
ST: Pennsylvania
IN: MTC
SU: ERN
*** end of story *** |
