TEX) B: QUANTECH LTD. RELEASES FIRST QUARTER RESULTS FOR FISCAL Y
B: QUANTECH LTD. RELEASES FIRST QUARTER RESULTS FOR FISCAL YEAR 1999
ST. PAUL, Minn., Nov. 17 /PRNewswire/ -- Quantech Ltd. (OTC Bulletin
Board: QQQQ), a development stage company, today reported a net loss
for the three months ended Sept. 30, 1998, of $1,543,318, equal to 60
cents per share, compared with a loss of $588,420, equal to 24 cents
per share, for the first quarter in fiscal 1998.
The company said the increase in the net loss was primarily due to a
$546,902 one-time non-cash interest expense charge related to the
conversion feature of promissory notes, together with expenses for test
development, preparation of 510(k) submissions to the FDA and
engineering design work on Quantech's DBx commercial instrument and
related disposables.
"The interest charge distorts the net loss as it had to be booked when
Quantech's convertible notes could have been converted at a discount to
market price," said Robert Case, Quantech's CEO. "Instead, the notes
were converted at market price in the second quarter, but this does not
change the non-cash charge for the prior period. Excluding the interest
charge, the increased loss in the first quarter reflects stepped-up
activity that has resulted from the tremendous technical progress we
have made since last year. Expenses will continue to increase as
Quantech accelerates test development and related FDA submissions and
completes commercial development of its testing instrument."
Based in St. Paul, Minn., Quantech is completing development of its
DBx system for the emergency department STAT testing market. Quantech's
proprietary digital biosensor surface plasmon resonance (SPR) detection
technology allows the DBx, on a single user-friendly instrument, to
perform a menu of tests that traditionally has required a number of
different systems run by trained laboratory personnel. Quantech's first
tests will be used to detect and quantify cardiac markers, which aid
physicians in assessing whether a patient has suffered a heart attack,
and pregnancy. Additional tests are under development to provide the
DBx with a complete menu of clinically related, whole blood STAT tests
that will supply quantitative results in 10 to 20 minutes. Because of
its ease of use, speed and broad menu capability, the DBx will serve
the testing needs of hospital emergency departments and other critical
care units.
"Safe Harbor" statement under the Private Securities Litigation Reform
Act of 1995: Any statements which are not historical facts contained
in this release are forward looking statements that involve risk and
uncertainties, including but not limited to those relating to product
demand, pricing, market acceptance, the effect of economic conditions,
the validity and enforceability of intellectual property rights, the
outcome of government regulatory proceedings, competitive products,
risks in product and technology development, the ability to complete
transactions, and other risks identified in the Company's Securities
and Exchange Commission filings.
QUANTECH LTD. (A Development Stage Company)
STATEMENTS OF OPERATIONS (unaudited)
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