smdx is a dna sequencing company...their 10k is late by a few days due i am sure to this release tonite which follows. this is a significant development. what follows are the 9mo results, the narrative in the nt10k ref year end numbers, followed by the release tonite. SMDX trades OTC BB around .65/.75 and i have followed them for years.
4.3m outstanding prior to this deal tonite, 52wh 2 5/8:
9mo:
STATE COLLEGE, Pa., Feb 14, 2001 /PRNewswire via COMTEX/ -- SpectruMedix Corporation (OTC Bulletin Board: SMDX) announced today that its net income for the three months ended December 31, 2000 was $54,459 as compared to a loss of $287,110 for the comparable period in the prior year. The net income is attributable to the growth in sales of SpectruMedix' core products, its DNA Sequencer and High-Throughput Screening instrument, as well as license income. SpectruMedix began marketing its core products in 2000. This is the first time SpectruMedix has reported net income since going public in 1997.
Dr. Joseph Adlerstein, President and Chief Executive Officer said: "Our ability to generate net income in the third quarter is an exciting testimonial to the increasing acceptance of our products and technology. Purchasers of our products during the past several months have used them for a variety of diverse applications in Genetic Analysis and High Throughput Screening, taking full advantage of the remarkable flexibility of our instrumentation and the dedication and skill of our scientific and technical staff. We look forward to working even harder in the coming quarters to build on our most recent success."
SpectruMedix Corporation also announced that it filed its quarterly report on Form 10-QSB for its third fiscal quarter ended December 31, 2000. In addition to its net income, SpectruMedix reported that:
The Company had total sales of $819,477 and $11,803 for the three months ended December 31, 2000 and 1999, respectively. The increase in sales of $807,674, or approximately 6,843%, was due primarily to the sale of two DNA Sequencers and one HTS-MPCE system during the three months ended December 31, 2000, and the sale of approximately $103,614 of the Company's other products. During the three months ended December 31, 1999, the Company devoted almost all of its efforts to the development of the DNA Sequencer and the HTS-MPCE system and sales for that period reflect sales of mass spectrometer components, Luminoscopes and other products. The Company is no longer devoting its resources to the development and marketing of such products.
narrative from nt10k-looks like 4th qtr was $1m+:
For the year ended March 31, 2001, the Registrant will report revenues of
$3,783,057 as compared to revenues of $1,193,405 for the year ended March 31,
2000. The revenues for fiscal year 2001 included over $1,900,000 of sublicense
and consulting fees generated from agreements entered into in July 1999 compared
to approximately $870,000 in 2000. Also, the Registrants sales for the 2001
fiscal year included the sale of seven of the Registrant's principal products
compared to one in 2000.
tonite's release:
SpectruMedix Corporation Announces Capital Infusion and Management Changes
STATE COLLEGE, Pa., July 9 /PRNewswire/ -- SpectruMedix Corporation (OTC Bulletin Board: SMDX - news) announced today that it has received a $1 million capital infusion from New York investor Ilan Reich, and that Mr. Reich had assumed the offices of Chairman and Chief Executive Officer, effective immediately.
Mr. Reich replaces Dr. Joseph Adlerstein in those positions. Dr. Adlerstein will no longer be associated with SpectruMedix.
The I. Reich Family Limited Partnership, an entity affiliated with Mr. Reich, has purchased 100 shares of Series C Convertible Preferred Stock, each of which is convertible into 20,000 shares of Common Stock. Each share of Series C Convertible Stock is entitled to thirteen votes for each share of Common Stock issuable upon conversion of a share of Series C Preferred Stock. The holders of Series C Convertible Preferred Stock, voting separately as a class, also have the right to elect three members to the Board of Directors of the Company.
The I. Reich Family Limited Partnership has also purchased a $300,000 6% Convertible Note due July 9, 2004 and a $600,000 6% Secured Note due July 9, 2004 from the Company. The Secured Note is secured by the Company's accounts receivable, inventory and certain intellectual property. Under the Notes, the Company has the option to defer interest payable until the maturity date. The convertible note is convertible into shares of the Company's Common Stock at a conversion price of $.0575 per share.
The Company has also issued to the I. Reich Family Limited Partnership a seven-year warrant to purchase 22,220,113 shares of Common Stock of the Company at a price of $.0575 per share.
Before joining SpectruMedix, Mr. Reich served as President and Co-Chief Executive Officer of Inamed Corporation, a global surgical and medical device company engaged in the development, manufacturing and marketing of products for the plastic and reconstructive surgery, aesthetic medicine and obesity markets.
``I am excited to be joining the SpectruMedix team,'' Mr. Reich said. ``I know that the Company has superior technology and is well regarded by its customers. In addition, the fields of DNA sequencing analysis and high throughput screening analysis offer excellent growth potential. I am confident that with the support of the Board of Directors and the Company's outstanding employees, including its researchers and the management team, we can increase sales and put SpectruMedix on the path to profitability.''
``We welcome Ilan Reich's interest in our Company, and we look forward to working with him to take SpectruMedix to the next phase in its development. We are delighted and fortunate to have attracted an executive with his demonstrated talents,'' said Stephen Wertheimer, a member of the Board of Directors. ``While we are highly appreciative of Dr. Adlerstein's contributions to the development of the Company's technology, at this stage, the Company needs management that is oriented toward increasing sales and profitability.
SpectruMedix is a U.S. company focused on the marketing and sales of two principal products, high-speed and high throughput DNA sequencing and genetic analysis instrumentation for the acquisition, analysis, and management of complex genetic information, and high throughput screening, massive parallel capillary electrophoresis systems for drug discovery. The DNA sequencing and high throughput screening instrumentation were developed in part from research efforts conducted at the United States Department of Energy's Ames Laboratory, which is operated by Iowa State University's Institute for Physical Research and Technology. In addition, a result of initial research conducted at the University of Pennsylvania Medical Center in Philadelphia, the Company is involved in the development of instrumentation and methodology to rapidly and accurately diagnose all pulmonary diseases as well as assess and monitor pulmonary function in order to optimally treat such patients. |
