Calypte reports second quarter results.BERKELEY Berkeley (bûr`klē), city (1990 pop. 102,724), Alameda co., W Calif., on the E shore of San Francisco Bay just N of Oakland; inc. 1878. Originally (1820) part of a Spanish rancho, the site was purchased by Americans in 1853. , Calif.--(BUSINESS WIRE)--Aug. 14, 1996--Calypte Biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. Corp. (Nasdaq:CALY) announced Wednesday Wednesday: see week. its second quarter financial results, for the period ending June June: see month. 30, 1996. "It is with great pleasure that we announce our first results as a public company," stated Jack Davis Jack Davis may refer to:
The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $12.8 million. "In addition, on August 6th, Calypte Calypte is a genus of hummingbirds. It consists of two small species. They are:
"National Geographic" received notification from the U.S. Food and Drug Administration of the licensure licensure (lī´s  nsh of its
urine-based diagnostic test kit for HIV-1, the virus that causes AIDS.
"On August 13th, the company received net proceeds of approximately $1.3 million from the underwriters' exercise of the over-allotment option to purchase an additional 236,259 shares of Calypte's common stock at $6.00 per share." Davis also stated, "We would like to welcome those of you who invested in the Offering and we thank you for your confidence and financial support. To our prior shareholders and private round investors, we thank you for your patience Patience, poem Patience: see Pearl, The. patience, card game patience: see solitaire. Patience See also Longsuffering. and support during our long development stage." Results of Operations Three Months Ended June 30, 1996 and 1995 Research and development expense, consisting primarily of research, manufacturing and quality assurance personnel and materials related to the development of the urine-based HIV-1 test, increased 58 percent to $1.7 million for the three months ended June 30, 1996 from $1.1 million for the three months ended June 30, 1995. The increase was principally due to additional personnel, facility and material costs required for increased manufacturing activity. Selling, general and administrative expenses, consisting primarily of personnel, outside consultants, facility operating leases Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. and related expenses, increased 18 percent to $820,000 for the three months ended June 30, 1996 from $695,000 for the three months ended June 30, 1995. The increase was primarily due to personnel additions and related expenses. Six Months Ended June 30, 1996 and 1995 Research and development expense increased 72 percent to $3.6 million for the six months ended June 30, 1996 from $2.1 million for the six months ended June 30, 1995. The increase was principally due to additional personnel, facility and material costs required for increased manufacturing activity. Selling, general and administrative expenses increased 47 percent to $1.7 million for the six months ended June 30, 1996 from $1.2 million for the six months ended June 30, 1995. The increase was primarily due to personnel additions and related expenses. Calypte Biomedical Corp. is a Berkeley-based health care company dedicated to the development and commercialization of urine-based diagnostic products and services for HIV-1, sexually transmitted diseases Sexually transmitted diseases Infections that are acquired and transmitted by sexual contact. Although virtually any infection may be transmitted during intimate contact, the term sexually transmitted disease is restricted to conditions that are largely and other chronic illnesses. Calypte stock is listed on the Nasdaq SmallCap market under the symbol "CALY." -0-
CALYPTE BIOMEDICAL CORP. AND SUBSIDIARY
(A Development Stage Enterprise)
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Period
from
Feb. 18,
Three Months Six Months 1988
Ended Ended (inception)
June 30, June 30, through
------------- ------------- June 30,
1996 1995 1996 1995 1996
---- ---- ---- ---- ----
Revenue earned under research and development contracts, substantially from related parties $ -- $ -- $ -- $ -- $2,390 Operating expenses: Research and development 1,743 1,101 3,571 2,072 23,917 Purchased in-process research and development costs -- -- -- -- 2,500
Selling, general
and administrative 820 695 1,716 1,170 12,643
------ ------ ----- ----- ------
Loss from
operations (2,563) (1,796) (5,287) (3,242) (36,670)
Interest income 16 50 53 111 623 Interest expense (86) (17) (220) (35) (824)
Other income 7 2 12 7 83
------ ------ ----- ----- ------
Loss before income
taxes and
extraordinary
item (2,626) (1,761) (5,442) (3,159) (36,788)
Income Taxes (2) (2) (2) (2) (62)
------ ------ ----- ----- ------
Loss before
extraordinary
item (2,628) (1,763) (5,444) (3,161) (36,850)
Extraordinary gain
on debt extinguishment -- -- -- -- 485
------ ------ ----- ----- ------
Net loss (2,628) (1,763) (5,444) (3,161) (36,365)
Less dividend on
mandatorily redeemable
Series A preferred
stock (30) (30) (60) (60) (796)
------ ------ ----- ----- ------
Net loss attributable
to common
stockholders $(2,658) $(1,793) $(5,504) $(3,221) $(37,161)
======= ======= ======= ======= ========
Net loss per share
attributable to common
stockholders $ (0.41) $ (0.26) $ (0.82) $(0.46)
======= ======= ======= =======
Weighted average shares
used to compute net loss per
share attributable to
common stockholders 6,547 6,934 6,741 6,934
======= ======= ======= =======
CALYPTE BIOMEDICAL CORP. AND SUBSIDIARY
(A Development Stage Enterprise)
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
ASSETS
June 30, 1996
(unaudited)
--------------------------------
Pro Forma Pro Forma Dec. 31,
Actual Adjustments (a) 1995
------ ----------- --------- --------
Current assets:
Cash and cash
equivalents $ 1,911 $12,834 $14,745 $ 2,558
Other current assets 829 -- 829 756
------- ------- ------- -------
Total current assets 2,740 12,834 15,574 3,314
Property and equipment,
net 1,972 -- 1,972 1,854
Note receivable from
officer 43 -- 43 43
Other assets 222 -- 222 126
------- ------- ------- -------
$ 4,977 $12,834 $17,811 $ 5,337
LIABILITIES, MANDATORILY REDEEMABLE
PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 995 -- $ 995 1,054
Accrued expenses 1,024 -- 1,024 644
Notes payable - current
portion 2,748 -- 2,748 3,258
Capital lease obligations
- current portion 388 -- 388 260
Deferred revenue 663 -- 663 500
------- ------- ------- -------
Total current
liabilities 5,818 -- 5,818 5,716
Deferred rent obligation 70 -- 70 87
Capital lease obligations -
long-term portion 632 -- 632 543
------- ------- ------- -------
Total liabilities 6,520 -- 6,520 6,346
Mandatorily redeemable Series A preferred stock 1,796 -- 1,796 1,736 Commitments and contingencies
Stockholders' equity (deficit):
Series B convertible
preferred stock 1 (1) -- 1
Series C convertible
preferred stock 2 (2) -- 2
Series D convertible
preferred stock 2 (2) -- 2
Series E convertible
preferred stock 3 (3) -- 2
Common Stock 1 9 10 1
Additional paid-in
capital 32,915 12,833 45,748 28,014
Deferred compensation (418) -- (418) (366)
Deficit accumulated during
development stage (35,845) -- (35,845) (30,401)
------- ------- ------- -------
Total stockholders'
equity (deficit) (3,339) 12,834 9,495 (2,745)
======= ======= ======= =======
$ 4,977 $12,834 $17,811 $ 5,337
======= ======= ======= =======
(a) Pro Forma gives effect to the completion of an Initial Public Offering of 2,300,000 shares at $6.00 per share net of underwriters' discounts and commissions, the conversion of 7,324,987 shares of Series B, C, D, and E convertible preferred stock into 7,324,987 shares of common stock, reincorporation of the company into a Delaware company and authorization of the company to issue up to 20 million shares of common stock. CONTACT: Calypte Biomedical Corp., Berkeley Jack Davis, president/CEO, 510/814-8505 or John DiPietro, CFO See Chief Financial Officer. , 510/814-8503 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion