This is a very interesting situation that has rapidly growing rev and now a profit...unusual for young companies in this field...here is latest release followed by some earlier releases to round things out...trades around 1 7/16 on OTC BB:
SpectruMedix Corporation Reports Net Income for the
Third Quarter
STATE COLLEGE, Pa., Feb. 14 /PRNewswire/ -- SpectruMedix Corporation (OTC Bulletin Board: SMDX - news) announced
today that its net income for the three months ended December 31, 2000 was $54,459 as compared to a loss of $287,110 for the
comparable period in the prior year. The net income is attributable to the growth in sales of SpectruMedix' core products, its DNA
Sequencer and High-Throughput Screening instrument, as well as license income. SpectruMedix began marketing its core
products in 2000. This is the first time SpectruMedix has reported net income since going public in 1997.
Dr. Joseph Adlerstein, President and Chief Executive Officer said: ``Our ability to generate net income in the third quarter is an
exciting testimonial to the increasing acceptance of our products and technology. Purchasers of our products during the past
several months have used them for a variety of diverse applications in Genetic Analysis and High Throughput Screening, taking
full advantage of the remarkable flexibility of our instrumentation and the dedication and skill of our scientific and technical staff.
We look forward to working even harder in the coming quarters to build on our most recent success.''
SpectruMedix Corporation also announced that it filed its quarterly report on Form 10-QSB for its third fiscal quarter ended
December 31, 2000. In addition to its net income, SpectruMedix reported that:
The Company had total sales of $819,477 and $11,803 for the three months ended December 31, 2000 and 1999, respectively. The
increase in sales of $807,674, or approximately 6,843%, was due primarily to the sale of two DNA Sequencers and one
HTS-MPCE system during the three months ended December 31, 2000, and the sale of approximately $103,614 of the Company's
other products. During the three months ended December 31, 1999, the Company devoted almost all of its efforts to the
development of the DNA Sequencer and the HTS-MPCE system and sales for that period reflect sales of mass spectrometer
components, Luminoscopes and other products. 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 $416,667 and $166,667 for the three
months ending December 31, 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 decreased $31,192 or 25% in 2000 to $95,529 from $126,721 in 1999. The research and
development expenses for the three months ended December 31, 2000 and 1999 are net of research grants of $214,207 and
$112,955, respectively. Such grants offset the research and development expenses borne by the company.
General and administrative expenses were $486,958 and $239,861 during the three months ended December 31, 2000 and 1999,
respectively, an increase of $247,097, or approximately 103%. Approximately 64% and 55% of general and administrative
expenses for the three months ended December 31, 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 other administrative staff in April 2000 and an increase in legal and accounting expenses.
Interest expense of $22,867 and $4,077 for the three months ended December 31, 2000 and 1999, respectively, resulted from
borrowings. Interest expense increased primarily as a result of interest payable to Dr. Joseph Adlerstein, the Company's President
and Chief Executive Officer, in respect of amounts advanced by Dr. Adlerstein to the Company from December 1998, a time
when the Company could not secure financing from other sources. Such advances were used to pay payroll and for other working
capital purposes. In December 2000, Dr. Adlerstein converted all amounts due to him into shares of the Company's Series B
Preferred Stock.
Interest income decreased $24,951 to $7,600 in 2000 from $32,551 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.
(COMTEX) B: SpectruMedix Corp. Reports Rise in Instrument Sales
B: SpectruMedix Corp. Reports Rise in Instrument Sales
STATE COLLEGE, Pa., Jan 12, 2001 /PRNewswire via COMTEX/ -- SpectruMedix Corp.
(OTC Bulletin Board: SMDX) reports an increase in the pace of instrument sales,
selling three of its new series of instruments in the quarter ending Dec. 31,
2000.
Among the uses of the recently placed systems are high-throughput,
quality-control based analysis of various DNA products, as well as high-
throughput binding/activity studies of drug candidate-target systems, where the
drug candidates may be protein-based, synthetic compounds or derived from
natural resources (plants, animals, bacteria, etc.).
Dr. Thomas Kane, senior scientist at SpectruMedix said, "SpectruMedix has begun
to break the mold of traditional genetic analysis instrumentation. We believe
there are a number of significant markets that are not being served by our
competitors, either because of the inadequacy of the underlying technologies or
because the companies in question have not expended the necessary effort to make
these applications work. We are very excited by the opportunity to fill these
niches, and these latest sales bear witness to the acceptance of our
technologies for these novel applications."
The SCE9610 System features high-throughput, cost-cutting sequencing
capabilities, which is designed for handling a range of mutation screening,
fragment analysis and genotyping applications in both the research and clinical
arenas. The SCE9610 represents a major improvement over slab-gel methodology by
making the process highly automated, efficient and economical. It also offers
additional features not offered by competing instrumentation.
The HTS9610 is designed to enhance productivity in the pharmaceutical industry.
This novel system employs the capillary zone electrophoresis (CZE) process and
is capable of simultaneously separating and analyzing up to 96 drug-screening
samples, including proteins, (e.g. enzymes and antibodies), peptides and drug
candidates, in fewer than 10 minutes.
"Efficiency, adaptability, utility, consumer compatibility and flexibility are
the hallmarks of our success. We are a company that thrives on working with our
customers for their full satisfaction. Not only do our versatile and robust
machines perform a large number of diverse applications, but also we will work
closely with our customers to meet their application needs in a timely manner,"
said Dr. Joseph Adlerstein, president and 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.
SOURCE SpectruMedix Corp.
CONTACT: Joseph Adlerstein of SpectruMedix Corp., 814-867-8600
URL: spectrumedix.com
prnewswire.com
(C) 2001 PR Newswire. All rights reserved.
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KEYWORD: Pennsylvania
INDUSTRY KEYWORD: MTC
SUBJECT CODE: SLS
*** end of story ***
(COMTEX) B: SPECTRUMEDIX CORP - Awarded Grant From National Institute
B: SPECTRUMEDIX CORP - Awarded Grant From National Institute of Health
New York, New York, Nov. 15, 2000 (Market News Publishing via COMTEX) --
SpectruMedix Corporation 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.
______________________________________
___________________________________________________________________
(c) Market News Publishing Inc. Tel:(604) 689-1101
All rights reserved. Fax:(604) 689-1106
MarketbyFax(tm) - To get the NEWS as it happens, call (604)
689-3041.
-0-
*** end of story ***
(COMTEX) B: SPECTRUMEDIX CORP - Ships SCE9610 System to Major Europea
B: SPECTRUMEDIX CORP - Ships SCE9610 System to Major European Seed Company
Svalof Weibull AB
New York, New York, Oct. 04, 2000 (Market News Publishing via COMTEX) --
SpectruMedix Corporation has sold its SCE9610 Genetic Analysis System to Svalof
Weibull AB, an international plant breeding company engaged in varietal
development, production and marketing of canola, peas, cereals, forage crops and
potatoes.
Based in Sweden, Svalof Weibull is one of the major seed companies in Europe. It
has a broad base of breeding lines and holds a leading position in the world
with its spring oilseed rape varieties.
"I am delighted by the dual aspects of this transaction: the sale of the SCE9610
to Svalof Weibull not only expands our presence to the international arena, but
into the plant-breeding marketplace, as well. This is a robust, highly reliable,
fully automated system designed to make labs more efficient and provide high
quality data -- whether it's analyzing human genes or plant genes," said Dr.
Joseph Adlerstein, CEO of SpectruMedix Corp.
Svalof Weibull sells seeds to farmers -- but before they can be sold, the
company needs to be certain of the product's homogeneity. Purity of the seed
lines is determined by quality assurance procedures at the company's research
and development Nilsson-Ehle Laboratory using proprietary molecular markers. In
order to screen the large amount of material required, this process needs to be,
and is, highly automated. The integration of the SCE9610 system into the lab
will enable and enhance this automation.
Christophe Dayteg of Svalof Weibull said he expects the implementation of the
SCE9610 will increase the analysis ability to about 5,000 samples per day --
almost three times the laboratory's current throughput.
"Svalof Weibull chose the SCE9610 system because it is the most easily
integrated and adapted into their fully automated, robotic sample preparation
system," said Dr. Thomas Kane, director of technology commercialization for
SpectruMedix Corp.
SpectruMedix develops and manufactures 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 U.S. Department of Energy's Ames
Laboratory, which is operated by Iowa State University's Institute for Physical
Research and Technology. SpectruMedix is also involved in the development of
instrumentation and methodology to rapidly assess lung function in all pulmonary
diseases, in order to improve evaluation, diagnosis and treatment in 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.
__________________________________________________
___________________________________________________________________
(c) Market News Publishing Inc. Tel:(604) 689-1101
All rights reserved. Fax:(604) 689-1106
MarketbyFax(tm) - To get the NEWS as it happens, call (604)
689-3041.
-0-
*** end of story ***
(COMTEX) B: SpectruMedix Awarded SBIR Phase II Grant from the Nationa
B: SpectruMedix Awarded SBIR Phase II Grant from the National Heart, Lung And
Blood Institute to Develop a "Rapid, Automated Method for MIGET By Mass
Spectrometry"
STATE COLLEGE, Pa., Sep 14, 2000 /PRNewswire via COMTEX/ -- SpectruMedix
Corporation (OTC Bulletin Board: SMDX) has been awarded a Phase II Small
Business Innovation Research (SBIR) grant from the National Heart, Lung, and
Blood Institute at the National Institutes of Health. The $750,000 grant was
awarded to support the development of a "Rapid, Automated Method for MIGET by
Mass Spectrometry."
In collaboration with researchers at the University of Pennsylvania,
SpectruMedix is developing technology designed to enable the accurate and rapid
assessment of pulmonary function, as well as identifying any of a long list of
lung diseases and conditions in real time. This analytic method is based on the
patented Micropore Membrane Inlet Mass Spectrometry ("MMIMS") technology.
MIGET by MMIMS is designed to detect impairments associated with acute and
chronic pulmonary disorders such as adult respiratory distress syndrome,
pneumonia, asthma, chronic bronchitis and emphysema. The technique is expected
to greatly increase the speed, accuracy and sensitivity required to make
diagnostic, prognostic and treatment decisions for patients with pulmonary
disease.
"We're very proud to be a part of not only improving the quality of lives, but
saving them, as well, and in very significant numbers," said Dr. Joseph
Adlerstein, CEO and president of SpectruMedix. "Every year Acute Respiratory
Distress Syndrome claims hundreds of thousands of lives due to delays in
diagnosis. This technology addresses this problem directly." |
