Matritech Reports Second Quarter Financial Results
NEWTON, Mass., Aug. 11 /PRNewswire/ -- Matritech, Inc. (Nasdaq: NMPS -
news) today reported a net loss of $2,063,000 or ($0.11) per share for
the quarter ended June 30, 1998. In the second quarter of 1997, the
Company reported a net loss of $2,087,000 or ($0.12) per share. For
the first six months of 1998, Matritech reported a net loss of
$4,123,000 or ($0.22) per share as compared with $3,610,000 or ($0.22)
per share in the first six months of 1997.
Product sales, collaborative research and development revenue and
license fees increased to $269,000 for the quarter ended June 30,
1998, from $151,000 for the quarter ended June 30, 1997. Revenue from
product sales increased to $252,000 for the quarter ended June 30,
1998 as compared to $151,000 in the second quarter of 1997 primarily
due to increased sales of the NMP220 Test Kit. The company recorded
$17,000 in SBIR funding for its NuMA development project during the
second quarter of 1998.
''We are pleased with the increase in sales of NMP22 and plan to
continue our two-pronged approach of having the Matritech sales force
focus on creating urologist demand while the CMS/Fisher Health Care
sales force expands our laboratory customer base,'' said David Corbet,
President of Matritech. ''We are continuing to advance clinical
development of our pipeline of NMP products based on the strength of
our technology and the critical need for improved cancer
diagnostics.''
Matritech, Inc., based in Newton, Massachusetts, is using its
proprietary nuclear matrix protein (NMP) technology, discovered
at the Massachusetts Institute of Technology (MIT) and licensed
exclusively to Matritech, to develop and commercialize innovative
serum-, cell-, and urine-based NMP diagnostics that enable physicians
to reliably detect and monitor the presence of bladder, colon,
cervical, breast and prostate cancers.
Any forward-looking statements related to the Company's expectations
regarding customer acceptance and future product introductions 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 future product demand and pricing, performance of
distributors, competitive products and technical developments ,
unforeseen delays in or denials of FDA and other regulatory approvals,
health care reform and general business and economic conditions. There
can be no assurance that the Company's expectations for its products
will be achieved.
MATRITECH, INC.
Financial Highlights
(Unaudited)
Three months ended Six months ended
June 30, 1998 June 30, 1998
1998 1997 1998 1997
Revenues $397,025 $254,373 $807,980 $563,331
Research &
Development 1,114,608 965,878 2,154,563 1,862,269
Selling, General &
Administrative
Expenses 1,345,411 1,375,678 2,776,866 2,310,844
Net Loss $(2,062,994) $(2,087,183) $(4,123,449) $(3,609,782)
Net Loss Per Share $(0.11) $(0.12) $(0.22) $(0.22)
Weighted Average
Shares 18,605,554 16,899,740 18,592,468 16,470,442
MATRITECH, INC.
Selected Balance Sheet Information
(Unaudited)
6/30/98 12/31/97
Cash & Cash Equivalents $7,273,171 $11,067,414
Working Capital $7,135,120 $10,989,534
Total Assets $8,793,668 $12,691,773
Stockholders' Equity $7,781,656 $11,688,674
SOURCE: Matritech, Inc.
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