Matritech Reports Second Quarter Financial Results; Revenue Up 48 Percent for
the Quarter
Business/Technology Editors & Health/Medical Writers
BIOWIRE2K
NEWTON, Mass.--(BW HealthWire)--July 31, 2002--Matritech, Inc.
(NASDAQ: NMPS), a leading developer of proteomics-based diagnostic
products for the early detection of cancer, today reported financial
results for the quarter ended June 30, 2002. These financial results
were reviewed by PricewaterhouseCoopers LLP, which was retained as the
Company's independent public accountants by the Audit Committee of the
Board of Directors in July 2002.
Revenues for the second quarter of 2002 were $866,225, compared
with $586,162 for the second quarter of 2001, an increase of 48
percent. Sales of Matritech's NMP22(R) Test Kits for bladder cancer
increased 103 percent during the quarter to $314,015, as compared with
sales of $154,361 in the second quarter of 2001. The Company reported
a net loss of $1,972,133, or $0.06 per share, for the quarter ended
June 30, 2002, compared with a net loss of $2,327,513, or $0.09 per
share, for the same period in 2001. The second quarter of 2001
includes a non-cash charge of $510,342 to record the value of an
investor relations warrant issued in July 2000. Excluding this charge,
the net loss for the quarter ended June 30, 2001 would have been $0.07
per share.
Revenues for the six months ended June 30, 2002 were $1,665,621,
compared with $1,183,109 for the six months ended June 30, 2001, an
increase of 41 percent. Sales of Matritech's NMP22 Test Kits for
bladder cancer increased 67 percent during the first six months of
2002 to $572,781, as compared with sales of $342,316 in the first six
months of 2001. The Company reported a net loss of $4,058,128, or
$0.14 per share, for the six months ended June 30, 2002, compared with
a net loss of $4,521,536, or $0.18 per share, for the same period in
2001. The first half of 2001 includes a non-cash charge of $1,020,684
to record the value of an investor relations warrant issued in July
2000. Excluding this charge, the net loss for the six months ended
June 30, 2001 would have been $0.14 per share.
"We are pleased with the progress we made during the second
quarter. We now have three NMP22 test format choices available for
detecting bladder cancer, including the original NMP22 Test Kit, NMP22
BladderChek(TM), and an automated version offered by Diagnostic
Products Corporation (DPC). NMP22 BladderChek, our point-of-care
device, was launched internationally at the end of 2001, and we are
pleased by the reorder rate by urologists in Germany. In addition, we
are continuing to expand our distribution network with diagnostic
product companies in Spain, France, the United Kingdom and
Switzerland," said David L. Corbet, president and chief operating
officer of Matritech.
"In April, DPC announced the international launch of an automated
version of the NMP22 test on their IMMULITE(R) fully automated
analyzer. This automated version will make it convenient for clinical
laboratories to incorporate NMP22 testing into their routine. In
addition, DPC has announced that they intend to submit this test to
the Food and Drug Administration for sales clearance in the United
States," said Corbet.
"We continue to make progress in the area of blood-based testing.
In April, we announced the commencement of a multicenter clinical
trial of our NMP48 blood test for prostate cancer, which we believe
will be more accurate than the present clinical standard, the Prostate
Specific Antigen (PSA) test," said Stephen D. Chubb, chairman and CEO.
"In addition, we entered into a joint development alliance with Bruker
Daltonics to develop an automated mass spectrometer system to allow
clinical laboratories to efficiently perform our proteomics-based
cancer tests, including our blood-based breast cancer test (NMP66
(TM)) and our blood-based prostate cancer test (NMP48 (TM))."
About Matritech
Matritech is a leading developer of proteomics-based diagnostic
products for the early detection of cancer. Using its patented
proteomics technology, Matritech has identified proteins correlated
with breast, bladder, prostate, cervical and colon cancers. Matritech
is one of the first companies to successfully employ proteomics to
create diagnostic products. The Company holds one of only two FDA
tumor marker product approvals for the initial detection of cancer.
The FDA-approved NMP22 bladder cancer test is currently used by
urologists. In addition, the Company has blood-based cancer tests for
breast cancer, NMP66(TM), and prostate cancer, NMP48(TM), in clinical
trials. NMP technology is licensed exclusively to Matritech from the
Massachusetts Institute of Technology.
Statement Under the Private Securities Litigation Reform Act
Any forward-looking statements related to the Company's
expectations regarding its current and future products, business
prospects, and the results of operations or financial position,
expected financial performance and expected customer sales are subject
to a number of risks and uncertainties, many of which are beyond the
Company's control. These include but are not limited to, risks related
to unforeseen technical obstacles in completing development of new
products, unforeseen delays in, or denials of, FDA and other
regulatory approvals, future product demand and pricing, performance
of distributors and partners, competitive products and technical
developments, general business and economic conditions and those other
risk factors described in the Company's periodic reports and
registration statements as filed with the Securities and Exchange
Commission. These forward-looking statements are neither promises nor
guarantees. There can be no assurance that the Company's expectations
for its products or future financial performance will be achieved.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
Matritech undertakes no responsibility to update any such
forward-looking information.
-0-
*T
Matritech, Inc.
Financial Highlights
Three Months Ended Six Months Ended
June 30, June 30,
2002 2001 2002 2001
Revenues $866,225 $586,162 $1,665,621 $1,183,109
Cost of sales 535,475 409,221 1,019,375 851,027
Research,
development
and
clinical expense 978,318 748,582 1,981,394 1,391,238
Selling, general
and
administrative
expense 1,349,001 1,794,267 2,764,990 3,562,120
Loss from
operations (1,996,569) (2,365,908) (4,100,138) (4,621,276)
Interest income 27,106 41,521 47,311 107,193
Interest expense 2,670 3,126 5,301 7,453
Net Loss $(1,972,133) $(2,327,513) $(4,058,128) $(4,521,536)
Basic/Diluted
Net Loss Per
Share $(0.06) $(0.09) $(0.14) $(0.18)
Basic/diluted
weighted average
number of common
shares outstanding 30,646,796 25,953,263 30,044,330 25,824,463
June 30, Dec 31,
2002 2001
Cash & Cash Equivalents $4,883,502 $4,819,733
Working Capital 4,797,410 4,337,372
Total Assets 6,822,710 6,612,260
Stockholders' Equity 5,410,979 5,221,862
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--30--bh/bos*
CONTACT: FH/GPC
Brooke Tyson, 617/646-1023
or
Fleishman-Hillard
Stacey Collins, 202/828-5060
or
Matritech
John Doherty, 617/928-0820 ext. 224
KEYWORD: MASSACHUSETTS
INDUSTRY KEYWORD: BIOTECHNOLOGY MEDICAL MEDICAL DEVICES
PHARMACEUTICAL EARNINGS
SOURCE: Matritech
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Jul-31-2002 12:38 GMT
Symbols:
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