Bone Care International Inc. announces first quarter 1997 results.MADISON, Wis.--(BUSINESS WIRE)--Oct. 29, 1996--Bone Care International Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BCII BCII Battle Command and Intelligence Integration ) today announced a net loss of $296,000 or 7 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , in the quarter ended Sept. 30, 1996 compared with a net loss of $176,000 or 21 cents per share, for the quarter ended Sept. 30, 1995. Bone Care continues to enroll patients into its ongoing multi-center U.S. Phase 3 clinical trial phase 3 clinical trial Phase 3 study. See Phase study. on its lead drug, one-alpha D2. This trial is designed to confirm the efficacy and safety of this drug as a treatment for secondary hyperparathyroidism secondary hyperparathyroidism Endocrinology ↑ Parathyroid activity with overproduction of PTH due to parathyroid hyperplasia in response to an extraparathyroid defect that results in ↓ Ca2+ Etiology Rickets, vitamin D deficiency, chronic renal failure associated with renal disease Renal disease Kidney disease. Mentioned in: Glycogen Storage Diseases hypertension High blood pressure Cardiovascular disease An abnormal ↑ systemic arterial pressure, corresponding to a systolic BP of > 160 mm Hg . The study, which involves hemodialysis patients recruited from 15-20 medical centers, is scheduled for completion in fall 1997. Bone Care International is an emerging pharmaceutical company which is developing improved vitamin D vitamin D Any of a group of fat-soluble alcohols important in calcium metabolism in animals to form strong bones and teeth and prevent rickets and osteoporosis. It is formed by ultraviolet radiation (sunlight) of sterols (see steroid) present in the skin. therapies, with low toxicity, for hyperparathyroidism Hyperparathyroidism Definition Parathyroid glands are four pea-sized glands located just behind the thyroid gland in the front of the neck. The function of parathyroid glands is to produce a hormone called parathyroid hormone (parathormone), which helps . It also is developing one-alpha D2 and other proprietary compounds for indications including osteoporosis, primary hyperparathyroidism primary hyperparathyroidism Parathyroid related hypercalcemia Endocrinology Parathyroid gland hyperactivity with excess PTH secretion because of hyperplasia or adenoma of 1 or more glands Clinical Calcium deposits may occur in bone, the GI tract, kidney, muscle, , psoriasis psoriasis (sôrī`əsĭs), occasionally acute but usually chronic and recurrent inflammation of the skin. The exact cause is unknown, but the disease appears to be an inherited, possibly autoimmune disorder that causes the , prostate cancer prostate cancer, cancer originating in the prostate gland. Prostate cancer is the leading malignancy in men in the United States and is second only to lung cancer as a cause of cancer death in men. and breast cancer. Bone Care was a subsidiary of Lunar Corporation (NASDAQ: LUNR LUNR Land Use and Natural Resources Inventory System ) from its founding in 1987 until May 8, 1996, when it was spun off to Lunar shareholders in the form of a tax-free distribution. -0-
BONE CARE INTERNATIONAL INC.
Consolidated Statements of Income
(Unaudited)
Three months ended
Sept. 30, Sept. 30, Percent
1996 1995 Change
__________ __________ _________
Revenues $ 525 $ - N/A
Operating expenses
Research and development 369,364 125,728 194%
General and administrative 71,678 40,273 78
__________ __________ _________
441,042 166,001 166
__________ __________ _________
Loss from operations (440,517) (166,001) 165
Other income (expense)
Interest income 144,515 334 43,168
Interest expense - Lunar Corp. - (10,339) (100)
__________ __________ _________
144,515 (10,005) (1,544)
__________ __________ _________
Net loss $(296,002) $(176,006) 68%
__________ __________ _________
__________ __________ _________
Net loss per common share $ (0.07) $ (0.21) (67)%
__________ __________ _________
__________ __________ _________
Weighted average number of
common shares 4,353,691 848,942 413%
__________ __________ _________
__________ __________ _________
BONE CARE INTERNATIONAL INC.
Consolidated Balance Sheets
Sept. 30, 1996 June 30, 1996
(Unaudited) (Audited)
______________ _____________
Assets
Current assets:
Cash and cash equivalents $10,755,612 $11,060,843
Receivables 1,997 1,619
Other current assets 18,000 20,695
______________ _____________
Total current assets 10,775,609 11,083,157
Property, plant, and equipment -
net 68,088 64,784
Intangible assets - net 1,120,153 1,113,384
______________ _____________
Total Assets $11,963,850 $12,261,325
______________ _____________
______________ _____________
Liabilities and Shareholders'
Equity
Current liabilities:
Accounts payable $ 63,963 $ 73,236
Other current liabilities 13,683 5,883
______________ _____________
Total current liabilities 77,646 79,119
Shareholders' equity 11,886,204 12,182,206
______________ _____________
Total Liabilities and
Shareholders' Equity $11,963,850 $12,261,325
______________ _____________
______________ _____________
EDITOR'S NOTE Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : In the text above, the "2" following the word "one-alpha D" is subscripted. CONTACT: Bone Care International Inc., Madison Robert A. Beckman, 608/274-7533 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion