Roger, Happy Man, you have time to answer..
INCL: My calculation of "real" assets is a little different from Philip, about 11-12 M, but did not spend enough time yet.
Additional interesting things:
Very interesting PR (May 14):
go2net.newsalert.com
1. 3 TOP OFFICERS, including CFO, LEFT.
2. European spending cut, which should allow Co to "to focus on European clinical trials".
Looks like spending in Europe was increased less than 6 mos before, but "to increase sales and marketing personnel".
From 10Q, (ended March 31, means 45 days before)
SALES AND MARKETING EXPENSES
Sales and marketing expenses for the quarters ended March 31, 1998 and 1997 were
$1.6 million and $1.1 million, respectively. The increase is primarily related
to increased sales and marketing personnel, particularly in the Company's
European subsidiaries. These additional personnel have been hired to support the
commercial release and ongoing distribution of the Company's products in Europe.
Sales and marketing expenses in future periods will be primarily dependant on
the number of sales and marketing personnel and related activities in both the
United States and Europe that the Company maintains to support the sales and
distribution of the Company's products.
Interesting that
"InControl expects its cash needs will continue at similar levels in future
periods due to the Company's planned investment in research and development,
anticipated increases in spending on clinical studies and trial activities and
expansion of marketing, sales and manufacturing capabilities."
10Q:
"The Company believes that its existing cash, cash equivalents, securities
available-for-sale and interest thereon, including the proceeds of the April
offerings, will be sufficient to meet its capital requirements into the third
quarter of 1998. "
Good thing is :
"
IMPACT OF YEAR 2000
Based on these early indications from the Company's assessment, there
appears to be no material business or financial risk to the Company."
Now 2 questions, for 64K or 2 c:
1. Why price went up recently
2. Why Co rejected convertables deal?
Have a nice evening.
That's PR:
InControl Announces Organizational
Changes and Restructuring of Certain
Operations
PR Newswire - May 14, 1998 20:37
REDMOND, Wash., May 14 /PRNewswire/ -- InControl, Inc. (Nasdaq:
INCL) announced today that the Company has elevated three key
members of the management team. In addition, the Company has acted
to reduce expenditures associated with its European distribution
organization and to improve the efficiency of U.S. operations. These
changes will allow the Company to focus on obtaining U.S. approval of
the Metrix(TM) System and to bring the next generation of atrial
fibrillation ("AF") devices to the marketplace. The Company will take a
one-time charge against second quarter earnings as a result of the
restructuring activities.
As part of the reorganization, Philip A. Okeson has been promoted to
Treasurer and Secretary, and has been elected an officer of the
Company. He has served as Controller for InControl since 1994. Philip
D. Foshee, Jr., Vice President of Engineering, will assume the
responsibility for managing all of the Company's engineering activities.
Mr. Foshee was previously Vice President of Design Engineering and
has been with InControl since 1991. W. A. "Tack" Tacker, M.D., Ph.D.,
formerly Professor of Physiology and Biomedical Engineering at Purdue
University, will lead InControl's research efforts. Dr. Tacker has been
involved in biomedical research for over twenty years. "These talented
and experienced individuals have made tremendous contributions to
InControl and will continue to drive our success," said Kurt C.
Wheeler, President and CEO.
InControl also announced that it has taken action to bring the expense
of its European distribution organization into line with device implant
rates. These organizational changes will allow the Company to focus on
European clinical trials for reimbursement approvals and therapy
acceptance. These changes, along with a slimming of the U.S.
organization, will affect approximately 10% of the Company's
worldwide workforce, with the majority of the reductions occurring in
administrative functions in Europe.
Separately, InControl announced that three officers will be leaving the
Company. John M. Adams, Executive Vice President of Engineering,
Clifton A. Alferness, Vice President for Research, and Donald F. Seaton,
Vice President and Chief Financial Officer, are leaving to pursue other
opportunities. Mr. Adams and Mr. Alferness will remain associated
with the Company in consultancy roles and will continue to contribute
to the development of new products. "We value the contributions each
of these individuals have made," said Mr. Wheeler.
"These organizational and restructuring changes will allow us to focus
on obtaining U.S. approval for the Metrix(TM) and developing new AF
devices. We now have about 174 Metrix implants worldwide,"
commented Mr. Wheeler. Data on these patients were presented at the
19th Scientific Sessions of the North American Society of Pacing and
Electrophysiology ("NASPE"). Approximately 45 are utilizing the
devices in patient-activated mode, thereby enjoying the benefits of
atrial defibrillation therapy without having to visit their physicians or
medical centers. "We believe that the recent meetings included the
most exciting series of scientific presentations regarding implantable
device therapy for the treatment of AF to date. We are convinced that
this therapy will be appropriate for a number of people suffering with
AF and as such represents new growth business opportunity in the
cardiac rhythm management arena."
InControl is a leader in developing new therapies for atrial fibrillation,
one of the most common heart rhythm disorders. AF affects over five
million people in the U.S. and Europe and accounts for more
hospitalizations each year than any other heart rhythm disorder. The
Company's Metrix atrial defibrillators are placed and programmed by
physicians using techniques similar to those used for implanting ICDs.
The Metrix defibrillator is designed to detect the presence of atrial
fibrillation and deliver a low-energy shock to convert the heart to
normal rhythm. This new therapy is intended for patients suffering
from persistent symptomatic episodes of atrial fibrillation. The Metrix
atrial defibrillator is the first of its kind to enter clinical investigation in
the U.S. and abroad.
InControl maintains corporate headquarters in Redmond, Washington,
and European headquarters in Brussels, Belgium.
This release includes forward-looking statements relating to the
development of the Company's products and future operating results
that are subject to certain risks and uncertainties that could cause actual
results to differ materially from those projected. Factors that could affect
the Company's actual results are described in the Company's latest
Annual Report on Form 10-K filed with the SEC. The reader is
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release. The
Company undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events or
circumstances after the date of this release or to reflect the occurrence of
unanticipated events.
SOURCE InControl, Inc.
/CONTACT: Kurt C. Wheeler, President, CEO of InControl, Inc.,
425-861-9800, ext. 544/
/Web site: incontrol.com |
