Xillix secures a $2M loan facility from major shareholder and issues Q1 results
RICHMOND, BRITISH COLUMBIA--Xillix announced today that it has
secured a loan facility of $2 million from one of its major
shareholders, Working Opportunity Fund (EVCC) Ltd. (WOF). The
loan facility provides Xillix with working capital related to the
Company's latest product, Onco-LIFE(TM) and is secured by a
security interest over the Company's assets. Repayment of the
principal and accrued interest will occur upon completion of
Xillix's financing activities or after August 30, 2002.
Management of Xillix is currently working closely with its Board
to address the financing required to complete the clinical trials
and commercialization of Onco-LIFE.
Xillix also reported its financial results for the quarter ended
March 31, 2002. The Company's financial results for the quarter
ended March 31, 2002 included a net loss of $1,263,000 ($0.04 loss
per common share) as compared to a net loss of $825,000 ($0.03
loss per common share) for the corresponding period ended March
31, 2001. The $438,000 increase in the net loss was mainly
attributable to an increase of $362,000 in research and
developments (R&D) costs from $475,000 for the three months ended
March 31, 2001 to $837,000 for the corresponding three months
ended March 31, 2002. The Company's cash position was $1,507,000
as at March 31, 2002 as compared to $2,458,000 as at December 31,
2001.
Xillix LIFE (TM) fluorescence-based medical imaging technology
helps physicians diagnose early-stage lung and gastrointestinal
(GI) cancers. By exposing tissue to light from Xillix's patented
fluorescence imaging device, physicians can detect pre-cancerous
and cancerous cells. In 1996, clinical studies approved by the
U.S. Food and Drug Administration (FDA) confirmed that Xillix's
first-generation lung device improved physicians' ability to
detect lung cancer by 171% compared with conventional white light
bronchoscopy alone. Xillix's latest device, Onco-LIFE(TM) is
preparing for clinical trials to prove its value in detecting and
localizing early lung and GI cancer. This new device leverages
Xillix's worldwide experience and innovation. Onco-LIFE is
compact, affordable, easy-to-use and incorporates both
fluorescence and conventional imaging in a single system that will
'plug and play' with a wide range of endoscopic accessories to
maximize global market acceptance.
/T/
Consolidated Statement of Operations and Deficit (Unaudited)
Three months ended
(expressed in Canadian Dollars) March 31, March 31,
2002 2001
------------------------------------------------------------------------
Revenue
Product and service sales $ 42,093 $ 31,181
Cost of sales 8,347 16,898
------------------------------------------------------------------------
Gross margin 33,746 14,283
Other revenue
Interest income 9,508 83,734
------------------------------------------------------------------------
43,254 98,017
------------------------------------------------------------------------
Expenses
Research and development 836,669 475,121
General and administrative 352,841 372,683
Amortization 123,348 168,048
Foreign exchange gain (6,599) (92,613)
------------------------------------------------------------------------
1,306,259 923,239
------------------------------------------------------------------------
Net loss for the period 1,263,005 825,222
Deficit, beginning of period 45,399,542 40,660,292
------------------------------------------------------------------------
Deficit, end of period $46,662,547 $41,485,514
------------------------------------------------------------------------
Loss per common share - basic and
diluted $ 0.04 $ 0.03
------------------------------------------------------------------------
Weighted average number of common shares
outstanding 32,148,746 32,041,356
------------------------------------------------------------------------
* * * AGM Meeting * * *
The Company's Annual General Meeting will be held June 5, 2002 at 3:00pm
at the Four Seasons Hotel, 791 West Georgia Street, Vancouver, British
Columbia. |
