Printer Friendly

BIORELEASE CORP. REPORTS FIRST QUARTER RESULTS

 SALEM, N.H., Nov. 17 ~PRNewswire~ -- Biorelease Corp. today rep orted a net loss of $365,952, or 7 cents per share, for the first quarter of fiscal year 1993 as compared to a loss of $182,740, or 9 cents per share, recorded during the same period last year. This loss per share reflects an additional 3,309,688 shares outstanding as a result of Biorelease Corp.'s acquisition of FLS Acquisition Corp. (d~b~a~Biokinetics) as of June 30, 1992. All historical financial information, prior to June 30, 1992, includes only the activity of Biokinetics.
 Operating expenses, which include $90,200 in non-recurring expenses, were $365,952 for the first quarter, compared to $182,740 for the same period last year, which includes interest income of $23,932, compared to an interest expense of $3,122 for the same period last year. The company's increased expenses are a result of its entrance into the biotechnology field, and are due in part to development associated with its first product, Erythrogen(tm). Erythrogen is a proprietary modified bovine hemoglobin cell culture product which, when used as a laboratory additive, will require no FDA trials or approvals. Biorelease expects Erythrogen to be marketed through one or more strategic distributors by late calendar 1992 or early 1993.
 "During 1992, Biorelease has achieved the necessary goals to emerge as a biotechnology company," said P. Calvin Maybury, Ph.D., president, director and chief executive officer of Biorelease Corp. "As we move forward into 1993, we will continue toward the commercialization of Erythrogen, and our proprietary chondroitin sulfate sustained release technology, exploring its application both in cell culture and therapeutic markets."
 Biorelease is a developmental stage company and has not yet introduced products for sale commercially. Any revenues the company has received are a result of miscellaneous revenues consisting primarily of sales of used office and laboratory equipment.
 Biorelease Technologies, Inc., the operating subsidiary of Biorelease Corp., is dedicated to commercializing proprietary cell- culture additives and developing applications of its chondroitin sulfate sustained release drug delivery technology. The company has its headquarters in Salem, N.H.
 BIORELEASE CORP.
 (formerly OIA, Inc.)
 (A Development Stage Enterprise)
 Consolidated Statements of Operations
 For the three months ended Sept. 30, 1992 and 1991
 and the Cumulative Period from Inception to Sept. 30, 1992
 For the Three Months Ended Inception
 Sept. 30 10~20~89 to
 1992 1991 9~30~92
 (Unaudited) (Unaudited) (Unaudited)
 Revenues $0 $2,669 $2,669
 Cost and expenses:
 Research & development 159,199 69,727 1,751,914
 General & administrative 245,685 112,560 1,668,753
 Interest income (expense),
 net 23,932 (3,122) 6,486
 Other 0 0 (19,217)
 Loss before taxes 380,952 182,740 3,392,295
 Provision (credit) for
 state income taxes (15,000) 0 1,817
 Net loss 365,952 182,740 3,394,112
 Weighted average shares 5,276,444 1,966,756 1,940,406
 Loss per share 7 cents 9 cents 1.76
 -0- 11~17~92
 ~CONTACT: R. Bruce Reeves, Ph.D., chief operating officer of Biorelease Corp., 603-893-7300; or Lori E. Martin, account executive of Feinstein Partners, 617-577-8110 for Biorelease Corp.~


CO: Biorelease Corporation ST: New Hampshire IN: MTC SU: ERN

CH -- NE004 -- 1807 11~17~92 11:47 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 17, 1992
Words:547
Previous Article:NEW CHANNELINK PRODUCTS FOR SUPERCOMPUTER MARKET DEBUT AT SUPERCOMPUTING '92
Next Article:RIMSAT SIGNS $150 MILLION AGREEMENT WITH RUSSIA TO LAUNCH NEW FLEET OF SATELLITES INTO ORBIT POSITIONS ASSIGNED TO THE KINGDOM OF TONGA
Topics:


Related Articles
OIA, INC. CHANGES NAME TO BIORELEASE CORP.
FORMER SENIOR DIRECTOR OF BRISTOL-MYERS SQUIBB APPOINTED V.P. PHARMACEUTICAL DEVELOPMENT & MEDICAL AFFAIRS AT BIORELEASE TECHNOLOGIES
BIORELEASE CORP. REPORTS SECOND FISCAL 1993 QUARTER RESULTS
BIORELEASE ESTABLISHES CELL CULTURE PRODUCTS DIVISION AND IS FINALIZING PLANS FOR COMMERCIAL LAUNCH OF ERYTHROGEN
BIORELEASE CORP. FILES REGISTRATION STATEMENT WITH SEC FOR STOCK OFFERING OF 160,000 UNITS OF COMMON STOCK (800,000 SHARES) AND WARRANTS
BIORELEASE COMMENCES COMMERCIAL LAUNCH OF ERYTHROGEN; REPORTS INITIAL REVENUES AND PRODUCT SHIPMENTS OF THIS CELL CULTURE ADDITIVE
BIORELEASE CORP. NAMES DR. R. BRUCE REEVES CEO AND PRESIDENT
NOTED BLOOD SUBSTITUTE RESEARCHER JOINS BIORELEASE CORP.
BIORELEASE GRANTED TEMPORARY NASDAQ LISTING EXCEPTION
Biorelease Terminates Planned Merger with TheraMed, Names Gauci as President of BTI

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters