BioSepra Reports First Quarter; Transition to Medical Device Business Underway.MARLBOROUGH, Mass.--(BUSINESS WIRE)--May 4, 1999-- BioSepra Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :BSEP BSEP Bile Salt Export Pump BSEP Basic Skills Education Program BSEP Black Sea Environmental Program ) reported today first quarter results. For the three months ended March 31, 1999, BioSepra recorded net revenues of $2.6 million and net loss of $975,000 or $0.12 per common and common equivalent shares compared to net revenues of $2.1 million and a net profit of $124,000 for the three months ended March 31, 1998. Results for 1998 included an unusual gain of $351,000 from the sale of inventory that had been previously written off. On April 15, 1999, the Company announced that it has signed an agreement with Life Technologies, Inc. (OTC Bulletin Board:LTEK) for the sale of its chromatography chromatography (krō'mətŏg`rəfē), resolution of a chemical mixture into its component compounds by passing it through a system that retards each compound to a varying degree; a system capable of accomplishing this is called a business, which it anticipates it will close in May. These first quarter sales and results from operations include the chromatoagraphy business being sold. It also includes one-time expenses associated with selling that business and launching a medical device business. Jean-Marie Vogel, the company's president and chief executive officer commented: "As I said when reporting on the 1998 results, the company is in a transition period during which we are moving from a chromatography-based business into one focused on medical devices. We have undertaken this complete change in strategy because we are convinced it represents a way to significantly enhance shareholder value and to directly contribute to unmet medical needs." John Carnuccio, president of BioSepra's medical business added, "We have made significant progress in launching our medical device business. In March we exhibited at the annual meeting of the Society of Cardiovascular and Interventional Radiology interventional radiology Imaging A subspecialty of radiology that provides Diagnostic information–eg, CT-guided 'skinny' needle biopsies and dye injection for analysis of various lumina and tracts–eg, arteriography, cholangiography, antegrade where many scientific papers were presented on vascular embolization embolization /em·bo·li·za·tion/ (em?bo-li-za´shun) 1. the process or condition of becoming an embolus. 2. therapeutic introduction of a substance into a vessel in order to occlude it. , including uterine fibroid embolization Uterine Fibroid Embolization Definition Uterine fibroids are growths in the muscular tissue of the womb (uterus). Uterine fibroid embolization is non-surgical removal of the growths through the use of a tubular device called a catheter. , our primary target market. We believe that we achieved great success in introducing our "new" company to the market and creating awareness of our microsphere Not to be confused with Glass microphere. This article largely refers to micropheres or protein protocells as small spherical units postulated by some scientists as a key stage in the origin of life. technology platform, including our initial product offering, Embosphere(R) Microspheres. Embosphere(R) Microspheres are currently marketed in Europe and we are moving rapidly ahead to achieve regulatory approval to market and sell this product in the U.S. In addition, we are currently in the process of improving and expanding our distribution in Europe where the product has been CE mark approved for embolization of arteriovenous malformations Arteriovenous Malformations Definition Arteriovenous malformations are blood vessel defects that occur before birth when the fetus is growing in the uterus (prenatal development). The blood vessels appear as a tangled mass of arteries and veins. and hypervascular tumors and used in an estimated 1,000 patients. We are also now in the process of building our senior management team for the medical device business." This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 failure of the Company to achieve or maercialize the Embosphere(R) technology for uterine fibroid embolization and other applications, or to provide patent and other proprietary protection for the Company's products; the absence of, or delays and cancellations of, product orde ability of the company to close the sale of itssed consolidated statements of operations and fiousands, except per share amounts) Three months ended March 31, strative 2,070 1,015 R,964 (Loss) Income from operations (18) -- (Loss) Income before minority interest (961) 124 Minority interest (14) -- Net (loss) income $ (975) $ 124 Basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net loss per BIOSEPRA INC C 1999 1998 ash equivalents $ 1,416 $ 2,392 1,416 Cost of sales ets $15,035 $14,717 LIABILITIES AND SHAREHOLDERS' EQUITY Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. Accounts paya Total liabilities and stockholders' equity $15,035 $14,717 |
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