Doug,
""Got any good stocks ready to go?""..well, I've been looking around just for fun, and practice,...and.. this one hasn't tripled yet<g>.
LXR Biotechnology (LXR). LXR Biotechnology Inc., based in Richmond, California, is a
biopharmaceutical company with a leading position in research and drug
development for the control of apoptosis, a critical biological phenomenon in
the life/death cycle of cells. LXR's proprietary compounds are intended
therapies for organ transplant, heart/lung bypass (cardioplegia), heart
attack, ischemic stroke and gastrointestinal disorders resulting from
chemotherapy and radiation therapy. The Company, which employs more than 62
people, was founded in 1992, and completed its public offering on the American
Stock Exchange in 1994. Further information on LXR may be obtained from the
Company's SEC filings or by contacting the Company directly.
LXR BIOTECHNOLOGY INC.
(A Development Stage Enterprise)
CONDENSEDCONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Six Months
Ended June 30, Ended June 30,
1997 1996 1997 1996
Grant Revenue $17,785 $59,702 $39,982 $70,246
Funded Research 68,211 -- 68,211 --
Total Revenues 85,996 59,702 108,193 70,246
Expenses incurred in
the development stage:
Research and
development 1,673,666 1,122,624 2,979,480 2,332,865
General and
administrative 807,722 649,715 1,505,019 1,162,422
Total Expenses 2,481,388 1,772,339 4,484,499 3,495,287
Loss from
operations (2,395,392) (1,712,637) (4,376,306) (3,425,041)
Interest income, net
Interest income 108,489 69,684 239,119 150,868
Interest expense -- (12,882) -- (33,139)
Total interest
income, net 108,849 56,802 239,119 117,729
Loss before income
taxes (2,286,903) (1,655,835) (4,137,187) (3,307,312)
Income taxes 400 4,300 800 8,600
Net loss $(2,287,303) $(1,660,135) $(4,137,987) $(3,315,912)
Net loss per share $(0.10) $(0.11) $(0.19) $(0.22)
Weighted average shares
used to compute net
loss per share 22,006,097 15,684,128 22,002,733 15,121,566
LXR BIOTECHNOLOGY INC. ANNOUNCES
SECOND QUARTER 1997 FINANCIAL RESULTS
(Continued)
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
1997 1997
ASSETS
Current assets:
Cash and cash equivalents $ 6,674,730 $ 10,217,203
Prepaid expenses 324,942 98,881
Private placement receivable -- 1,278,700
Other receivables 41,577 39,500
Total current assets 7,041,249 11,634,284
Equipment and leasehold
improvements, net 1,063,568 592,093
Notes receivable from related parties 190,000 160,000
Deposits and other assets 46,204 32,315
Total assets $ 8,341,021 $ 12,418,692
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 139,173 $ 324,606
Accrued expenses 354,347 584,049
Deferred rent obligation 276,833 259,975
Current portion of note payable 82,048 --
Total current liabilities 852,401 1,168,630
Note payable, excluding short-term portion 222,243 --
Total liabilities 1,074,644 1,168,630
A bunch of new patents and new drugs.
The TA looks very good too (from my limited experience granted), very good upward movement in volume and momentum.
Let me know what you think. I'm looking at biotech as they've been farring pretty well in this market and I've been told they should continue to outperform even in a down market.
Chris |
