More from Chemtrak:
SUNNYVALE, Calif., Oct. 17 /PRNewswire/ -- ChemTrak, Inc. (Nasdaq:
CMTR),during the third quarter experienced further development of its
proprietary home diagnostic products, selected Foote, Cone &
Belding/San Francisco as the Company's advertising agency of record
and announced the addition of Robert P. Kiley to its Board of
Directors. ChemTrak is a full service personal diagnostics company
which develops and manufactures medical testing systems for home use
or clinical applications.
Revenues for the three month period ending September 30, 1996, were
$583,000 resulting in a net loss of $1,868,000 or $0.18 per share.
Results for the comparable period in FY 1995 were $486,000 in revenues
and a net loss of $1,241,000 or $0.13 per share.
Revenues of $2,195,000 for the first nine months are comprised
mostly of CholesTrak(R) home cholesterol retail sales in the U.S.
market. The resulting net loss for the first nine months of 1996 was
$5,497,000 or $0.56 per share compared with $4,723,000 or $0.49 per
share for the same period in 1995.
ChemTrak has shown progress in the third quarter in the development of
its retail distribution system and acceptance of its CholesTrak(R)
home test by the nation's leading drug stores. The Company is also
moving toward the completion of the scale-up of production of its
one-step, whole blood H. pylori test to be distributed in the United
States by Astra Merck Pharmaceuticals. As has been previously
announced, ChemTrak is awaiting final FDA approval of its home HIV
test.
Since joining the company earlier this year, ChemTrak President and
COO, Ed Covell, has enacted a variety of sales supportive and product
development measures designed to push ChemTrak to the forefront of the
home diagnostics market. "Robert P. Kiley recently joined our Board.
Bob has a lifetime of consumer healthcare products experience and was
part of the Tambrands Inc. team that successfully launched the First
Response line of home diagnostics and drove it to market leadership.
ChemTrak is making all the necessary commitments to establish our
market position in the consumer diagnostics segment both domestically
and internationally," said Covell.
In the coming months, ChemTrak will be initiating a national
advertising and marketing support campaign. "With preliminary market
research accomplished, it's time for ChemTrak to develop a
far-reaching consumer and professional promotion program.
Consequently, we reviewed some of the nation's top creative agencies
and have joined hands with the team at Foote, Cone & Belding/San
Francisco. The firm has extensive consumer products experience
through clients as Levi Strauss & Co., Disney and Coors, and a
thorough understanding of medical markets as evidenced by their
management of programs for Merck, Glaxo and Neutrogena. We believe
that their expertise and energy will prove critical to the success of
our AWARE(R) Home HIV Test System which is currently awaiting FDA
approval," Covell added.
Currently, ChemTrak is in the domestic and international marketplace
with the CholesTrak(R) Home Cholesterol Test, the first FDA-approved
product of its kind. ChemTrak has also received FDA marketing
clearance for its single-use, whole blood, physician's office test for
Helicobacter pylori (H. pylori), the bacterium now recognized as a
contributor to duodenal and peptic ulcers in humans. The Company
anticipates FDA clearance for its HIV home collection test in the near
future.
Statements in this release that relate to product performance,
customer acceptance, market conditions, and new product plans are
forward-looking statements. Actual results might differ materially
from these statements due to risks and uncertainties -- including
determinations by the FDA, the impact of competitive product and
pricing, the timely development and acceptance of new products, and
medical market condition.
CHEMTRAK INCORPORATED
SUMMARY STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Third Quarter ended Nine months ended
September 30 September 30
1996 1995 1996 1995
Net revenues:
Product Sales $583 $271 $2,020 $1,935
Funded research and other 0 215 175 1,125
Total revenues 583 486 2,195 3,060
Cost and expenses:
Cost of product revenues 920 518 2,475 2,555
Research and development 447 807 1,920 2,057
Marketing, general
and administrative 1,064 465 3,337 1,892
Purchase of in-process
research and development --- --- --- 1,500
Total costs and expenses 2,431 1,790 7,732 8,004
Operating income (loss) (1,848) (1,304) (5,537) (4,944)
Interest income, net (20) 63 40 221
Net income (loss) $(1,868) $(1,241) (5,497) $(4,723)
Net per share $(0.18) $(0.13) $(0.56) $(0.49)
Shares used in calculating
per share data 10,192 9,699 9,808 9,624
CHEMTRAK INCORPORATED
BALANCE SHEET DATA
(In Thousands)
Sept. 30, 1996 Dec. 31, 1995
Cash, cash equivalents
and short-term investments $6,161 $6,254
Working capital 6,108 5,944
Property and equipment, net 2,894 3,248
Total assets 10,335 10,383
Total stockholders' equity 5,400 9,018
SOURCE ChemTrak, Inc.
CO: ChemTrak, Inc.; Foote, Cone & Belding
ST: California
IN: HEA
SU: ERN |
