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Integ is a development stage company and does not yet have revenue. Per share results are stated on a pro forma basis to give effect to the conversion of the preferred stock into common stock, which occurred on July 1, 1996. Per share amounts do not include the impact of the initial public offering of common shares, which closed on July 1, 1996. Frank Solomon, president and CEO of Integ, said, "We continue to be on schedule for freezing the design of the Lifeguide(TM) system in the fourth quarter of 1996. The greater loss for the quarter, compared to a year ago, reflects both planned increases in our research and development expenditures as we enter the later stages of product development and continuing investment in the infrastructure of the company as we get closer to commercialization." Integ Incorporated is developing the Lifeguide system, a painless and bloodless hand-held glucose monitoring product for use by people with diabetes. The Lifeguide system will allow people with diabetes to frequently self-monitor their glucose levels without repeatedly enduring the pain of lancing their fingers, thus allowing them to manage their disease more effectively and conveniently. Integ became a publicly-held company on July 1, 1996, with an initial public offering of 3,000,000 common shares. CHART: Integ Inc. Statements of Operations (Unaudited) Three months ended Six months ended June 30, June 30, 1996 1995 1996 1995 Revenues $ -- $ -- $ -- $ -- Operating expenses: R & D 1,078,036 495,288 1,831,295 955,474 Gen. and admin. 590,333 306,660 1,062,572 535,714 Clinical & reg. 134,001 63,655 258,403 124,759 Manufac. devel. 295,376 145,210 591,269 194,088 Sales and mktng. 208,983 58,010 368,199 145,163 Operating loss (2,306,729) (1,068,823) (4,109,738) (1,955,198) Non-operating income (expense) 108,066 (73,359) 267,411 (100,636) Net loss $(2,198,663) $(1,142,182) $(3,842,327) $(2,055,834) Pro forma net loss per share* $ (.35) $ (.54) Pro forma weighted average number of shares outstanding* 6,269,000 7,091,000 * Gives effect to the conversion of the preferred stock into common | ||||||||||||||
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