I am buying BSEP
I saw the price increase yesterday, So I checked BSEP out
Insider Buying (check the:Boston Business Journal)
Growing revenues
Income & revenues growing
8.43 million shares outstanding
1.9 float
Sepracor is supposed to own 64% of shares outstanding
Tudor investment(Hedge fund) owns 10%
Insiders own 12%
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Wednesday April 29, 8:11 am Eastern Time
Company Press Release
BioSepra Reports Profitable Quarter
MARLBOROUGH, Mass.--(BUSINESS WIRE)--April 29, 1998--BioSepra Inc. (NASDAQ:BSEP - news) reported today first quarter results.
For the three months ended March 31, 1998, BioSepra recorded net revenues of $2.1 million and net income of $124,000 or $0.01 per basic share. These results compare with net revenues of $3.4 million and a net loss of $469,000 or $0.06 per basic share for the first quarter of 1997. The 1998 results include a gain of $351,000 related to the sale of instrument inventory to Beckman Instruments, Inc., which was previously written off as part of the restructuring charge in December 1997, and to continuing sales of this product line during the first quarter, prior to disposal of the inventory.
''Following the divestiture of our low-margin hardware business,'' said Jean-Marie Vogel, president and chief executive officer of BioSepra Inc., ''we are continuing to develop market penetration for our higher margin HyperD media.'' Said Mr. Vogel, ''HyperD is designed for large volume biopharmaceutical production, and used for, among other things, purifying monoclonal antibodies, DNA, and products from transgenic milk. We believe that each of these applications has the potential to grow to very large volumes.''
''Also this quarter,'' stated Vogel, ''we installed and started to operate the equipment we obtained from the French Atomic Energy Commission for pilot production of the new Zirconia HyperD media, part of the Eureka ''Capture'' program funded by the European Community. This program is designed to meet the future large scale production needs of pharmaceutical companies as biotech becomes a large scale industry. This program combines BioSepra's new solid phase purification media with Upfront Chromatography's systems and the combinatorial chemistry ligands from Oxford Asymmetry, in association with the expertise of leading biopharmaceutical companies, such as British Biotech Pharmaceuticals.''
BioSepra supplies its process chromatography media and other proprietary products to drug manufacturers for use in the commercial production of a wide range of biopharmaceuticals, including interferons, insulin, human growth hormone, special enzymes and vaccines. The company believes that customer demand for these products may increase as more biopharmaceuticals are approved and manufacturers of such biopharmaceuticals begin commercial production. In particular, BioSepra is introducing new products for the purification of monoclonal antibodies. With more monoclonal antibody-based drugs currently in Phase II and Phase III clinical trials than any other class of biopharmaceuticals, they comprise the largest single category of drugs in the near-term biotechnology pipeline. A vast majority of these therapeutics are being developed for patients with the most serious and poorly-managed human diseases, e.g., cancer, AIDS, other immune-system disorders such as multiple sclerosis and rheumatoid arthritis, and heart disease. The company believes that these therapeutics, if approved, may represent large sales opportunities for BioSepra's HyperD media, as they are used in large dosages for extended periods of time.
This press release contains forward-looking statements that involve risks and uncertainties. Among the important factors that could cause actual events to differ materially from those indicated by forward-looking statements in this release are the absence of, or delays and cancellations of, product orders; delays in the development and approval of biopharmaceuticals, particularly monoclonal-based drugs; the delay in the introduction of new products; competitive pressure; the inability of the company to raise additional funds, if needed, to finance the development, marketing and sale of its products; general economic conditions; as well as those risk factors detailed in the periodic reports filed by the company with the Securities and Exchange Commission.
Condensed consolidated statements of operations and financial statements follow.
BIOSEPRA INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTH PERIODS ENDED
MARCH 31, 1998 AND 1997
(Unaudited)
(In thousands, except per share amounts)
Three months ended
March 31,
1998 1997
Net revenues $2,072 $3,388
Costs and expenses:
Cost of sales 964 1,932
Selling, general and
administrative 874 1,255
Research & development 336 558
Amortization expense 141 232
Restructuring costs (351) --
------ -----
Total costs and
expenses 1,964 3,977
------ -----
Income (loss) from
operations 108 (589)
Other income (expenses),
net 16 120
------ -----
Net income (loss) $ 124 $ (469)
====== ======
Basic and diluted
net income (loss)
per share $ 0.01 $ (0.06)
====== ======
Basic and diluted weighted
average number of common
and common equivalent
shares outstanding 8,431 8,416
-0-
BIOSEPRA INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands) March 31, December 31,
1998 1997
ASSETS
Cash and cash equivalents $ 3,711 $ 2,516
Accounts receivable 2,479 2,376
Inventory 3,088 2,722
Property, plant and equipment,
net 1,501 1,509
Excess of investment over net
assets acquired, net 5,190 5,288
Other assets 517 495
------- ------
Total assets $ 16,486 $ 14,906
======= =======
LIABILITIES AND STOCKHOLDERS'
EQUITY
Accounts payable and accrued
expenses $ 2,844 $ 3,327
Deferred contract revenue 141 21
Notes payable and long-term debt 3,037 1,178
----- -----
Total liabilities 6,022 4,526
----- ------
Total stockholders' equity 10,464 10,380
------ ------
Total liabilities and
stockholders' equity $ 16,486 $ 14,906
======= =======
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Contact:
BioSepra, Inc.
Jean-Marie Vogel
508/357-7525
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