Ben-Abraham Technologies Provides Scientific and Financial Update -- Second Quarter Financials Filed.LINCOLNSHIRE Lincolnshire (lĭng`kənshĭr), county (1991 pop. 573,900), 2,662 sq mi (6,895 sq km), E England, on the Humber estuary, the North Sea, and The Wash. The county seat is Lincoln. , Ill.--(BUSINESS WIRE)--Sept. 1, 1998--Ben-Abraham Technologies Inc. ["B A Tech" (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :BAI n. 1. a language spoken in the Dali region of Yunnan. Noun 1. Bai - the Tibeto-Burman language spoken in the Dali region of Yunnan Baic )] a U.S. biopharmaceutical company, today announced an update of its research and development and financial position. The company's core technology continues to be its nanoparticle technology licensed from the University of California The University of California has a combined student body of more than 191,000 students, over 1,340,000 living alumni, and a combined systemwide and campus endowment of just over $7.3 billion (8th largest in the United States). in 1997. This technology currently is protected by nine issued U.S. patents and the subject of patent applications around the world. With the company's laboratory becoming fully operational in January 1998, the company has been able to make continued progress and is in good standing with respect to the Exclusive License Agreement with the University of California. The company has completed all milestones required to date under the License Agreement. Based on continuing review and evaluation of product development and the best use of company resources, B A Tech may choose to renegotiate re·ne·go·ti·ate tr.v. re·ne·go·ti·at·ed, re·ne·go·ti·at·ing, re·ne·go·ti·ates 1. To negotiate anew. 2. To revise the terms of (a contract) so as to limit or regain excess profits gained by the contractor. with the University of California to increase emphasis on some projects and decrease emphasis on other projects. B A Tech will continue the development of its core technology for various uses including the potential for improved vaccines and drug delivery. The company's objective is to file an IND application for a Phase I Clinical Trial Noun 1. phase I clinical trial - a clinical trial on a few persons to determine the safety of a new drug or invasive medical device; for drugs, dosage or toxicity limits should be obtained phase I of its nanoparticles as soon as possible. Pending continued progress, the company targets early 1999 for such a filing. The company is manufacturing its current needs of nanoparticles in its GLP See gateway location protocol. (Good Laboratory Practices) laboratory and will determine whether to build, lease, or obtain by other means a GMP GMP (guanosine monophosphate): see guanine. (Good Manufacturing Practices Good Manufacturing Practice or GMP (also referred to as 'cGMP' or 'current Good Manufacturing Practice') is a term that is recognized worldwide for the control and management of manufacturing and quality control testing of foods and pharmaceutical products. ) facility for production of larger quantities. In addition to working on its core technology, B A Tech is actively seeking to in-license additional pharmaceutical products. The company's objective is to identify and in-license late stage development products. Late stage development products are defined as those that are in or ready for human clinical trials, so as to decrease the level of risk associated with product development. In another development, on Aug. 20, 1998, the company filed its second quarter 1998 interim financial statements. These statements reflect a cash balance at June 30, 1998 in excess of $3.9 million compared with $1.8 million as of December 31, 1997. In addition, current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. decreased almost $1 million for the same 6-month period ended June 30, 1998. All references to dollars are in U.S. dollars. The company's net loss increased by $400,000 and $576,000 for the three and six month periods ended June 30, 1998, respectively, compared to those same periods in 1997 as the company's Smyrna, Georgia Smyrna is a city in Cobb County, Georgia, United States. As of the 2000 census, the city had a total population of 40,999. Census estimates of 2005 indicate a population of 47,643. Pioneers began settling the area in 1832. laboratory facility became fully operational, allowing the company to accelerate product development. B A Tech is a biopharmaceutical company. It is developing and commercializing a proprietary nanoparticle technology for novel vaccines, vaccine vaccine Preparation containing either killed or weakened live microorganisms or their toxins, introduced by mouth, by injection, or by nasal spray to stimulate production of antibodies against an infectious agent. adjuvants, and drug delivery systems. The company will grow through developing its core technology and by in-licensing additional late stage pharmaceutical products to expand its product portfolio. Certain statements in this news release may constitute forward looking statements which are not historical facts, and involve risks and uncertainties that could cause actual results to differ from those expected and projected. NEITHER THE ALBERTA STOCK EXCHANGE Alberta Stock Exchange See Canadian Venture Exchange (CDNX). NOR ANY REGULATORY AUTHORITIES Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities OR SIMILAR BODIES HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. -0-
Ben-Abraham Technologies Inc.
Condensed Statements of Operations - Unaudited
($000S except per share data)
Period from
August 29,
1996
(date of
Incorp.)
Quarter Ended Six Months Ended to
June 30, June 30, June 30,
1998 1997 1998 1997 1998
===================================================
Revenue $ 31 $ 41 $ 43 $ 82 $ 240
Expenses 532 142 1,123 586 3,677
Loss before
other expenses (501) (101) (1,080) (504) (3,437)
Other expenses -- -- -- -- 5,780
Net loss $ (501) $ (101) $ (1,080) $ (504) $ (9217)
Weighted average
shares
outstanding 34,973 35,954 35,471 35,949 35,040
Basic and diluted
net loss per share
$(0.01) $(0.003) $ (0.03) $ (0.1) $ (0.26)
Condensed Balance Sheets
(Unaudited)
June 30, Dec. 31,
1998 1997
============================
Cash and cash equivalents $ 3,927 $ 1,750
All other assets 758 700
Total assets $ 4,685 $ 2,450
Current liabilities $ 476 $ 1,416
Long-term debt - -
Stockholders' equity 4,210 1,034
Total liabilities and
stockholders' equity $ 4,685 $ 2,450
CONTACT: Ben-Abraham Technologies Inc. Stephen M. Simes, 847/793-2434 |
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