ATA .94 up .05...company is morphing into nanotechnology...bottom put in some weeks ago...chart strong since then...this PyraDerm delivery technology they are working on offers a lot of advantages as explained in the pr.....they are also moving forward with sonsor technology, something they have had in the works for a few years now....11m shares out....trades tight.....
bigcharts.marketwatch.com
(BSNS WIRE) Apogee Reports Third Quarter Results
Apogee Reports Third Quarter Results
Business Editors
NORWOOD, Mass.--(BUSINESS WIRE)----
Apogee Technology, Inc. (AMEX: ATA), an emerging micro-systems and
nanotechnology company that designs, develops and commercializes
medical devices and sensor products, today reported its results for
the third quarter ended September 30, 2006. Revenue for the three
months ended September 30, 2006 was $509,000 compared with $1.5
million for the same period in 2005. The Company's net loss for the
third quarter of fiscal year 2006 was $739,000 or ($0.06) per share,
compared to net loss of $1.6 million or ($0.13) per share for the
third quarter of 2005.
For the nine-month period ended September 30, 2006, the Company
reported revenue of $1.8 million and a loss of $2.4 million or ($0.20)
per share. This compares to revenue of $3.9 million and net loss of
$4.6 million or ($0.39) per share for the same period in 2005. The
decline in revenue is related to the selling of certain assets of the
Company's former audio division, including the DDX(R) technology and
associated royalties to SigmaTel, Inc. in October 2005.
Research and Development ("R&D") expenditures were $421,000 for
the third quarter of 2006, compared to $785,000 for the third quarter
of 2005. Selling, General and Administrative expenditures were
$817,000 in the third quarter of 2006, compared to $1.2 million for
the same period last year. The decrease in expenses reflects a
reduction in the Company's human resource expenses in connection with
the SigmaTel transaction and one-time costs associated with the
restatement of the Company's financial statements, which was completed
in 2005.
David Meyers, Apogee's Chief Operating Officer said, "In the
Medical Group, we are developing advanced transdermal drug delivery
products and technologies designed for pain-free, self-administration
of both FDA-regulated and non-regulated applications. In the regulated
area we are in preclinical development of our PyraDerm(TM) intradermal
delivery platform. This injection-free solution utilizes precision
micro-needle containing nano and micro-structured polymer drug
delivery formulations. The system is designed to create micro-channels
through the outer layer of the skin, or stratum corneum, to deliver
drugs and vaccines into the viable epidermis, which is potentially a
needle-free alternative for fast and efficient drug delivery. Over the
last several months, we have made significant progress toward the
development of this platform in the areas of intellectual property
protection and the development of our drug formulation technologies.
"In September, we expanded our intellectual property base by
filing five U.S. provisional patent applications. Three of these
applications pursue the protection of methods and compositions for the
delivery of therapeutics, vaccines and cosmetic compounds. Two patent
applications relate to novel drug delivery formulations and
micro-fabrication methods to coat our microneedles and similar medical
devices. If issued, we believe these patents will provide us a broad
proprietary position to pursue a range of drug delivery applications.
"In the past several months we have worked in cooperation with
four leading Universities to optimize our drug/polymer coating
formulations as well as the related manufacturing processes. When
fully developed we believe our approach will allow for fast
dissolution time resulting in rapid drug onset, efficiency of drug
encapsulation, high formulation stability and ease of storage. In
order to accelerate these efforts and to support the transition from
the research to development phase, we have retained leading
researchers and begun the installation of a formulation laboratory at
our Norwood facility. Our team now includes Dr. Alexander Andrianov,
Vice President of Research and Development and Dr. Alexander Marin,
Senior Polymer Scientist, who are experts in polymer/drug delivery
technology. When completed we believe our new laboratory will allow us
to accelerate our development progress at a lower cost while providing
better control over our intellectual property developments."
Dr. Alexander Andrianov, Apogee's Vice President of Research and
Development said, "Our laboratory is being designed to carry out a
broad range of formulation and analytical activities. This laboratory
will be critical to the support of the upcoming in vivo evaluation of
our PyraDerm delivery system. The purpose of this testing will be to
demonstrate the advantages of our delivery system with a model vaccine
antigen compared to traditional needle injections. Upon the successful
completion of these tests, we plan to pursue licensing and development
partnerships with leading pharmaceutical companies. We believe that
PyraDerm can potentially address key market needs such as patient
compliance, self-administration, increased product shelf life and the
protection of market share by extending drug patent life through new
transdermal formulations. In particular, we intend to focus our
partnership efforts on companies that have, or are developing, small
dosage, protein therapeutics which could benefit from a transdermal
delivery. Many such proteins are currently being used to treat such
diseases as diabetes, osteoporosis, hepatitis and cancer.
"In addition, we believe PyraDerm can provide additional
advantages for vaccine delivery. This is because our systems are
designed to follow the natural pathway for protection by targeting the
epidermis rich in immunocompetent cells. We believe that this approach
has the potential to improve vaccine efficacy or conversely to allow a
lower dose to achieve the same efficacy, thereby increasing the number
of people who can be treated from a limited vaccine supply. This
benefit may be critical in a flu epidemic or bioterrorism attack.
Stability of our solid state formulation is another benefit that can
be especially important for viability and utility of such vaccines."
Dr. Nena Golubovic-Liakopoulos, Vice President of Medical Products
said, "In addition to FDA regulated markets for our drug delivery
technologies, we plan to commercialize non regulated topical delivery
products. Our strategy is to leverage our delivery technologies to
create products for the cosmeceutical and netraceutical markets that
could potentially generate near term revenue growth for the Company.
The key technology we plan to leverage is our polymer delivery system
formulated in a specialized patch to deliver active ingredients to the
skin. Potential product applications are the delivery of polypeptide
and protein treatments, which could potentially serve the skincare
market, estimated to be $7 billion in the US."
David Meyers continued, "In the Sensor Group, we are focusing our
efforts on the qualification and marketing of Sensilica(R) die
products as well as the development of packaged sensor solutions.
Sensilica devices are produced using a unique "all-silicon"
manufacturing approach that reduces cost and size while improving
reliability over more traditional pressure sensor designs. We believe
these benefits can meet a wide range of pressure measurement
applications from vacuum to 1000 PSI including, barometric pressure
measurement, engine control and blood pressure monitoring. We recently
completed the qualification of our low-pressure sensor die and began
qualification testing of our medium and high-pressure die. We are also
working with several customers to develop customized packaged
solutions to meet their specific requirements. As an example, we
recently shipped samples of a metal packaged sensor to a company
developing medical products. Our strategy is to have a vertically
integrated sensor product line to support customer applications and
reduce time to market."
About Apogee Technology, Inc.
Apogee Technology designs, develops and commercializes proprietary
medical device and sensor products using its MEMS and nanotechnology
for the medical, automotive, industrial and consumer markets. The
Company is developing its PyraDerm(TM) solution for enhanced
intradermal drug delivery and has introduced a family of pressure
sensors under the Sensilica(TM) brand. Apogee's goal is to provide
value-added and cost-savings solutions for our customers and, in so
doing, to become a global leader in the sensor and medical device
fields. For more information please visit our web site at:
apogeemems.com.
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