Some numbers, courtesy of StockSmart:
TRI-POINT MEDICAL CORPORATION REPORTS THIRD QUARTER AND NINE MONTH
RESULTS
Highlights:
-- Concludes successful IPO September 30th -- TraumaSeal pivotal
clinical trials completed
RALEIGH, N.C., Nov. 12 /PRNewswire/ -- Tri-Point Medical Corporation
(Nasdaq: TPMC), a medical adhesive products company which recently
completed its initial public offering, today announced that revenues for
the nine months ended September 30, 1996, were $3.8 million, compared to
$839,000 in the corresponding 1995 period, reflecting the receipt of
$3.5 million in license and product development revenues under the
Supply and Distribution Agreement for TraumaSeal(TM), the Company's
topical adhesive product, entered into with Ethicon, Inc., a division of
Johnson & Johnson, in March 1996.
For the nine month period, the Company reported a net loss of $15.2
million, or $1.52 per share, including a one time non-cash charge of
$14.2 million, or $1.42 per share, compared to a loss of $2.5 million,
or $.25 per share in 1995. The 1996 nine month operating loss was $1.0
million, or $.10 per share, excluding this one time charge.
As previously disclosed in Tri-Point's prospectus, the one time non-cash
charge represents the fair market value for shares of common stock of
Tri-Point issued to a former limited partner of the Company's
predecessor, Tri-Point Medical L.P., in exchange for its limited
partnership interest and rights to receive various future payments.
Revenues for the three months ended September 30, 1996 were $106,000
compared to $221,000 in the 1995 comparable period. The operating loss
for the 1996 quarter was $1.8 million, or $.18 per share, excluding the
non-cash one time charge reflected in both the three month and nine
month results, compared to a loss of $902,000, or $0.09 per share in the
corresponding 1995 period.
Subsequent to the end of the quarter, the Company completed its pivotal
clinical trials for TraumaSeal, which is used to close wounds in
emergency rooms and in minimally invasive surgery. Appropriate data is
being compiled, and a premarket approval ("PMA") submission is expected
to be filed with the Food and Drug Administration as early as the first
quarter of 1997. The increase in R&D expenditures during the quarter
reflects costs primarily associated with conducting these clinical
trials. Tri-Point has established an exclusive worldwide marketing and
distribution agreement for TraumaSeal with Ethicon.
"We are greatly encouraged by our progress and view the recently
completed clinical trials for TraumaSeal as an important milestone for
Tri-Point," said Robert Toni, President and Chief Executive Officer.
"In addition, we have established the financial resources, the
manufacturing expertise, and a strong marketing partnership--key
critical components to our future success in a market of significant
opportunity."
Tri-Point Medical develops, commercializes and manufactures medical
adhesive products based on its proprietary cyanoacrylate technology.
Tri-Point's nonabsorbable products may be used to replace sutures and
staples for certain topical wound closure applications, while its
absorbable products can potentially be used as surgical sealants and
adhesives for internal wound closure and management. Currently marketed
products include Octyldentr, used in conjunction with antibiotics to
treat adult periodontal disease and Nexabandr, a line of topical
adhesives used in veterinary wound closure and management.
To receive Tri-Point's latest news release and other corporate documents
via FAX -- at no cost -- dial 1-800-PRO-INFO. Use Company's
ticker-TPMC.
This release contains certain forward-looking statements which involve
known and unknown risks, delays, uncertainties or other factors not
under the Company's control which may cause actual results, performance
or achievements of the Company to be materially different from the
results, performance, or other expectations implied by these
forward-looking statements. These factors include, but are not limited
to, those detailed in the Company's Prospectus dated September 25, 1996
filed with the Securities and Exchange Commission and the early stage of
commercialization of the Company's products; the need for regulatory
approval and effects of governmental regulation; technological
uncertainties; dependence on marketing partners; and dependence on
patents and trade secrets.
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
Tri-Point Medical Corporation
Balance Sheet
(In thousands, except for share data)
September 30 December 31
1996 1995
Assets (Unaudited)
Current assets:
Cash and cash equivalents $19,392 $20
Accounts receivable 34 266
Inventories 155 119
Prepaid expenses 427 27
Total current assets 20,008 432
Furniture, fixtures and equipment 726 418
Less-accumulated depreciation and
amortization (170) (142)
Total 556 276
Intangible assets, net of
accumulated amortization 233 200
Total assets $20,797 $908
Liabilities, Stockholders' Equity and Partners' Capital (Deficit)
Accounts payable $769 $514
Accrued expenses 395 28
Deferred revenue 1,575 78
Payable to Caratec, L.L.C. 5 195
Capital lease obligations 3 12
Total current liabilities 2,747 827
Notes payable to Sharpoint
Development Corporation -- 10,062
Accrued interest payable to
Sharpoint Development Corporation -- 843
Capital lease obligations 26 26
Total liabilities 2,773 11,758
Stockholders' Equity and Partners' Capital (Deficit)
Preferred Stock, $.01 par value. Authorized 2,000,000; none issued
or outstanding. -- --
Common Stock, $.01 par value.
Authorized 35,000,000 shares; 121 --
issued and outstanding 12,150,000
shares.
Additional paid-in-capital 33,612 --
Partners' capital (deficit) -- (10,850)
Accumulated deficit (14,633) --
Deferred compensation on stock
options (1,076) --
Total stockholders' equity and
partners' capital (deficit) 18,024 (10,850)
Total liabilities, stockholders'
equity and partners' capital
(deficit) $20,797 $908
The accompanying notes are an integral part of these financial statements.
TRI-POINT MEDICAL CORPORATION
Statement of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Nine Months
Ended September 30, Ended September 30,
1996 1995 1996 1995
Product Sales $106 $221 $298 $839
License and Product
development revenues -- -- 3,500 --
Total revenues 106 221 3,798 839
Cost of products sold 119 128 292 389
Gross profit (13) 93 3,506 450
Research, development and
regulatory affairs
expenses 817 365 2,156 1,113
Selling and administrative
expenses 965 302 1,980 930
Exchange of rights with
Caratec, L.L.C. 14,210 -- 14,210 --
Payments to Caratec, L.L.C. 5 113 293 288
Total operating
expenses 15,997 780 18,639 2,331
Loss from operations (16,010) (687) (15,133) (1,881)
Interest expense to Sharpoint Development
Corporation, net of
interest income (24) 215 69 611
Net loss $15,986 $(902) $(15,202) $(2,492)
Shares used in computation
of net loss per share 9,739 10,150 10,012 10,150
Net loss per share $(1.64) $(0.09) $(1.52) $(0.25)
SOURCE Tri-Point Medical Corporation
-0- 11/12/96 /CONTACT: Robert V. Toni,
President & CEO, or Blount Swain, CFO, of Tri-Point Medical Corporation,
919-876-7800; or general - Paul G. Henning, analysts - Brian Gill, or
media - Deanne Eagle, all of the Financial Relations Board,
212-661-8030/
(TPMC)
CO: Tri-Point Medical Corporation ST: North Carolina IN: MTC SU:
ERN
* * * * * * * * * *
|
