ChromaVision Medical Systems Reports Third Quarter; Nine-Month Results.SAN JUAN CAPISTRANO San Juan Capistrano (săn wän kăpĭsträ`nō), city (1990 pop. 26,183), Orange co., S Calif.; inc. 1961. San Juan Capistrano has some manufactures, including aircraft parts, medical apparatus, and boats, but the economy is , Calif.--(BUSINESS WIRE)--Oct. 27, 1999-- ChromaVision Medical Systems Inc. (Nasdaq:CVSN), developer of unique cellular imaging diagnostics and manufacturer of the Automated Cellular Imaging System (ACIS(TM)), Wednesday announced results for its third quarter and nine months ended Sept. 30, 1999. For this year's third quarter, the company reported a net loss of $3.2 million, or $0.18 loss per share, as compared with $1.9 million, or $0.11 loss per share for the same period last year. The increase in the net loss for the third quarter was due to incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. sales and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. related to staffing and commercial launch activities coupled with research and development costs associated with the addition of new ACIS applications. For the nine months ended Sept. 30, 1999, the net loss was $8.5 million, or $0.48 loss per share, compared with a net loss of $5.9 million, or $0.35 loss per share for the same period last year. During the third quarter, ChromaVision received FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. clearance for use of the ACIS with the immunohistochemical staining method, a method widely used to characterize cancer and infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. . A significant number of ACIS applications currently under development use this method. The company commenced strategic collaborations to develop tests to evaluate angiogenesis angiogenesis /an·gio·gen·e·sis/ (-jen´e-sis) vasculogenesis; development of blood vessels either in the embryo or in the form of neovascularization or revascularization. an·gi·o·gen·e·sis n. (microvessel density) with the University of Southern California The U.S. News & World Report ranked USC 27th among all universities in the United States in its 2008 ranking of "America's Best Colleges", also designating it as one of the "most selective universities" for admitting 8,634 of the almost 34,000 who applied for freshman admission and sentinel node sentinel node Sentinel lymph node, signal node of Virchow An isolated, enlarged often left-sided supraclavicular lymph node, classically associated with metastatic gastric CA which, when found, indicates that the malignancy is non-resectable. Cf Mary Joseph nodule. mapping with the University of Vermont. Also during the quarter, the company completed the validation of its application for the detection of HER2/neu, a breast cancer test, using trial results involving more than 1,000 patients. Subsequent to the close of the third quarter, the company announced that it had closed the sale of 1,775,000 shares of common stock to selected institutional and other accredited investors Accredited Investor A term used by the Securities and Exchange Commission (SEC) under Regulation D to refer to investors who are financially sophisticated and have a reduced need for the protection provided by certain government filings. Also known as "qualified purchaser". resulting in net proceeds Net Proceeds 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). to the company of approximately $18.6 million to fund commercialization efforts. ChromaVision President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Douglas S Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. . Harrington, M.D. stated, "The receipt of the FDA clearance has allowed ChromaVision to begin to aggressively market the ACIS technology and has enabled the company to focus on rapid expansion of the test menu for our ACIS platform. "Our strategy to gain the acceptance of key thought leaders and early adopters is succeeding and will add powerful leverage to our sales efforts going forward." About ChromaVision Medical Systems ChromaVision Medical Systems manufactures and markets an advanced cellular imaging system designed to advance the detection, diagnosis and treatment of cellular disease. The Automated Cellular Imaging System (ACIS(TM)) combines proprietary, color-based imaging technology with automated microscopy microscopy /mi·cros·co·py/ (mi-kros´kah-pe) examination under or observation by means of the microscope. mi·cros·co·py n. 1. The study of microscopes. 2. to bring unprecedented sensitivity, accuracy and reproducibility to cancer, infectious disease and genetic cell-based diagnostics. ChromaVision currently markets its products to physicians and researchers in university medical centers and commercial laboratories throughout the world. ChromaVision Medical Systems was formed by XL Vision Inc., and is a Safeguard Scientifics Inc. (NYSE NYSE See: New York Stock Exchange :SFE See Sydney Futures Exchange. ) partnership company. For more information on ChromaVision Medical Systems visit the company's Web site at http://www.chromavision.com. The statements contained herein regarding ChromaVision Medical Systems Inc. contain 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 uncertainty. Future events and the company's actual results could differ materially from the results reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, uncertainty of success in developing any new diagnostic test, failure to obtain FDA clearance or approval for particular applications and dependence on third parties for clinical testing. ACIS is a trademark of ChromaVision Medical Systems Inc. -0-
ChromaVision Medical Systems Inc.
(A Development Stage Enterprise)
Summary Consolidated Statements of Operations
(unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1999 1998 1999 1998
Revenues: $ 32,669 $ 7,194 $ 96,816 $ 7,194
Cost of
Revenue: 24,956 4,523 59,032 4,523
Expenses:
Selling,
general and
administrative 1,671,625 974,060 4,345,340 2,985,509
Research and
development 1,627,707 1,176,330 4,447,085 3,427,820
Legal settlement 0 0 0 300,000
Loss from
operations $(3,291,619) $(2,147,719) $(8,754,641) $(6,710,658)
Other income 55,975 225,080 305,440 772,241
Net loss $(3,235,644) $(1,922,639) $(8,449,201) $(5,938,417)
Net loss per
common share:
Basic and diluted $(0.18) $(0.11) $(0.48) $(0.35)
Weighted average
number of
common shares
outstanding 17,687,939 17,257,745 17,581,006 17,221,604
Period from
April 1, 1993
(Inception)
Through
Sept. 30, 1999
Revenues: $1,354,025
Cost of
Revenue: 611,347
Expenses:
Selling,
general and
administrative 16,601,956
Research and
development 17,575,890
Legal settlement 300,000
Loss from
operations $(33,735,168)
Other income 2,057,695
Net loss $(31,677,473)
Net loss per
common share:
Basic and diluted --
Weighted average
number of
common shares
outstanding --
Summary Consolidated Balance Sheets
Sept. 30, Dec. 31,
1999 1998
Cash and cash equivalents $2,376,120 $ 2,853,546
Marketable securities and
other investments -- 3,533,747
Note receivable --
Safeguard Scientifics -- 5,000,000
PP&E, net 3,675,823 2,891,471
All other assets, net 703,257 352,191
Total assets $6,755,200 $14,630,955
Total current liabilities $1,161,261 $ 1,243,735
Stockholders' equity 5,593,939 13,387,220
Total current liabilities and
stockholders' equity $6,755,200 $14,630,955
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion