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Quantech Announces Results for 1996 Fiscal Year
ST. PAUL, Minn., Aug. 21 /PRNewswire/ -- Quantech Ltd. (OTC Bulletin Board: QQQQ), a
development stage company, today reported a net loss of $2.4 million, equal to 7 cents per share,
for the fiscal year ended June 30, 1996. This compares with a loss of $2.1 million, equal to 31 cents
per share, in fiscal 1995.
Joseph Shaw, president and chief executive officer, said the increased loss resulted mainly from an
increase in research and development expense, which nearly doubled to $991,701 in 1996 as the
company moved nearer to completion of its diagnostic system. Other costs were basically
unchanged despite staff additions.
"Fiscal 1996 represented a turning point for the company," Shaw said. "With adequate financing in
place, it was the first 12-month period in our history that all efforts and energy could be focused on
the development of the system. We currently anticipate filing our 510(k) application with the U.S.
Food and Drug Administration by year-end and we are planning for U.S. market introduction in
spring of 1997."
Based in St. Paul, Minn., Quantech is a development stage company working to commercialize its
surface plasmon resonance (SPR) technology for the point-of-care medical diagnostic market. The
company's diagnostic system is being designed for hospital critical care units to provide rapid,
quantitative results using whole blood. The first test planned for introduction will detect and quantify
cardiac markers that aid physicians in assessing whether a patient has suffered a heart attack. Plans
call for the development of additional tests that will allow the system to provide a range of
capabilities.
This release contains forward-looking information. A number of important factors, discussed in more
detail in Quantech's filings with the Securities and Exchange Commission, may affect the company's
timing and actual commercialization of its system. These include its ability to complete prototype
development of its system and necessary testing for submission of its FDA filing, and delays it may
encounter with the FDA in its review of the Quantech system.
CHART:
QUANTECH LTD. (A Development Stage Company)
STATEMENTS OF OPERATIONS
Years ended June 30,
1996 1995
Interest income $ 42,038 $ --
Expenses:
General and administration 1,218,674 1,193,285
Research and development 991,701 503,375
Minimum royality expense 125,000 175,000
Financing 103,626 198,632
Total expenses 2,439,001 2,070,292
Loss before income taxes (2,396,963) (2,070,292)
Net loss $(2,396,963) $(2,070,292)
Loss per common share $ (.07) $ (.31)
Weighted average common shares
outstanding 31,991,150 6,786,986
CONDENSED BALANCE SHEETS
June 30, June 30,
ASSETS 1996 1995
Current assets $2,984,140 $41,498
Property and equipment, net 204,401 54,090
Other assets
License agreement, at cost, less
amortization 2,320,334 2,544,110
Organization expenses, at cost,
less amortization 4,675 19,825
Deferred offering costs -- 76,437
Total other assets 2,325,009 2,640,372
Total assets $5,513,550 $2,735,960
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $193,026 $4,445,099
Long-term obligations
Minimum royality commitment 37,500 --
Stockholders' equity
Common stock, $.01 par value; authorized
60,000,000 shares; shares outstanding,
46,900,759 and 6,840,000 in 1996 and
1995, respectively 469,008 68,400
Additional paid-in capital 15,296,856 6,328,338
Subscriptions receivable -- (20,000)
Deficit accumulated during the
development stage (10,482,840) (8,085,877)
Total stockholders' equity 5,283,024 (1,709,139)
Total liabilities and stockholders'
equity $5,513,550 $2,735,960
SOURCE Quantech Ltd.
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