DiagnoCure loses four cents per share in Q2
DiagnoCure Inc CUR
Shares issued 17,498,032 Jun 14 close $1.75
Fri 15 Jun 2001 News Release
Mr. Pierre Desy reports
DiagnoCure has released results from its second quarter of 2001.
Building on the increasing success of bladder cancer test ImmunoCyt,
DiagnoCure continues to make inroads into becoming a recognized leader in
the development of innovative, non-invasive cancer diagnostics. The sales,
which increased almost fivefold as compared with the same period last year,
significantly supports the partnership entered into with DAKO Corporation.
Its improving revenue position and overall progress owes much to the
company's continuing efforts to strengthen its established leadership in
the emerging field of cancer diagnostics based on gene and protein markers.
Concurrently, the speed and dimension of advances in the fields of genomics
and proteomics will continue to provide substantial opportunity to broaden
our product pipeline.
The company intends to further maximize its growth by taking full advantage
of the industry trend toward the use of theranostics, which links
diagnostics with pharmaceutical treatments by identifying which patients
would be most suited to a particular drug therapy. The company anticipates
that this trend will grow in importance and allow to both expand its
product portfolio and markets accordingly.
This fiscal quarter was marked by several achievements, including:
presentation of DiagnoCure at several high-profile conferences in Europe
and North America including BioFinance 2001, contributing to the growing
awareness of the company, its expertise and technology platform;
receipt of results from the continuing ImmunoCyt testing of ALCOA's
employees worldwide for bladder cancer;
positive clinical performance obtained by Dr. Michael Marberger, from the
University of Vienna, with ImmunoCyt when used in conjunction with cytology
in the detection of upper urinary tract transitional cell carcinoma;
progress in the targeting and investigation of industrial markets for
ImmunoCyt such as petrochemicals, rubber, leather and others;
continued progress, as per the scheduled timeline, toward the product
development and automation of the uPM3 diagnostic test for prostate cancer;
and
continuing discussions with several potential partners for the
commercialization of the uPM3 test. Starting at the end of this month,
DiagnoCure will be conducting preliminary clinical trials on 200 patients,
from which results should be available by September.
In closing, DiagnoCure will continue to progress, as planned, toward the
achievement of its goal of becoming an established leader in the field of
innovative cancer diagnostics in a market with exponential development
opportunities.
Financial results
The company continues to make progress. Second quarter revenues amounted to
$241,867 compared with $121,115 for the same period last year. This
increase is largely due to the continued sales increase of the company's
test to detect bladder cancer.
Research and development costs, net of tax credits, amounted to $296,897
for the current fiscal quarter, an increase attributable to the decision of
the company to focus its efforts on developing the uPM3 test to detect
prostate cancer.
Sales and operating expenses totalled $1,015,971 for the second quarter of
2001, an increase of $59,765 compared with last year. The resulting net
loss for the second quarter was $774,104 or four cents per share, compared
with $835,091 or five cents per share for the same period in 2000. At April
30, 2001, the company had cash and short-term investments of $3,341,726 as
compared with $5,294,794 for the fiscal year ended Oct. 31, 2000.
For the six months ended April 30, 2001, revenues amounted to $502,049,
compared with $221,382 for the same period in 2000, while sales and
operating expenses, including net research and development costs, came to
$1,947,447 compared with $1,872,050 last year. The net loss was therefore
$1,445,398 or eight cents per share, compared with $1,650,668 or nine cents
per share for the first six months of 2000.
FINANCIAL DATA
Three months ended April 30
2001 2000
Revenues $241,867 $121,115
Cost of sales
and operating
expenses $1,015,971 $956,206
Gross R&D costs $60,745 $275,971
Manufacturing
costs $142,277 $163,301
Net loss $774,104 $835,091
(Loss) per share ($0.04) ($0.05)
FINANCIAL DATA
Six months ended April 30
2001 2000
Revenues $502,049 $221,382
Cost of sales
and operating
expenses $1,947,447 $1,872,050
Gross R&D costs $699,666 $637,799
Manufacturing
costs $278,703 $287,187
Net loss $1,445,398 $1,650,668
(Loss) per share ($0.08) ($0.09)
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