Clinicor Reports Third Quarter Results; Service Revenues Increased 150%.AUSTIN Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas--(HealthWire)--February 3, 1997--Clinicor, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CLCR), a provider of clinical research services to the pharmaceutical, biotechnology and medical device industries, today announced operating results for the third quarter and nine-month periods ended September September: see month. 30, 1996. Clinicor also reported that its registration statement on Form 10-SB became effective on January January: see month. 13, 1997, and it is now a reporting company under the Securities Exchange Act of 1934. For the third quarter ended September 30, 1996, service revenues increased 150% to $884,254, compared to $354,030 for the third quarter ended September 30, 1995. The increase in revenues is attributable to a greater number of studies in process for the period. The Company's net loss was $363,622, or $0.09 per share, compared to a net loss of $296,280, or $0.09 per share, in the third quarter of 1995. The weighted average number of shares outstanding in the 1996 third quarter increased to 4,086,400, compared to 3,501,000 in the prior year's period, reflecting shares issued in a private placement that closed in February February: see month. 1996. For the nine months ended September 30, 1996, service revenue increased 75% to $2,441,788 compared to $1,398,006 for the nine months ended September 30, 1995. The Company's net loss was $561,038, or $0.14 per share, compared to a net loss of $623,906, or $0.20 per share, in the year-ago nine-month period. The weighted average number of shares outstanding in the first nine months of 1996 increased to 4,042,638, compared to 3,143,875 in the prior year's period, reflecting the securities issued in a private placement completed in February 1996. Clinicor's backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. as of September 30, 1996 reflects 33 clinical studies, consulting engagements or data management projects from 15 customers (sponsors) which are expected to be completed over the next 18 months. Since its formation in late 1992, Clinicor has performed studies for a total of 28 different sponsors ranging from small biotechnology and medical device companies to some of the world's leading pharmaceutical companies. Commenting on the Company's growth, Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs P. O'Donnell O'Donnell (Irish: Ó Dónaill or Ó Dómhnaill), which is derived from the forname Domhnaill (meaning "world ruler", Rex Mundi in Latin, Modern Irish spelling, Dónall) were an ancient and powerful Irish clan, kings, princes, and lords of Tyrconnel in early times, and , Chief Executive Officer, stated: "Having completed $4 million in private funding in 1996, we have embarked upon an aggressive expansion program, investing in additional clinical research professionals, sales and marketing personnel and financial and operations management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. . We are also making required infrastructure investments, including the relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. last month to offices that can better accommodate our planned expansion of contract activity. "In the later part of December December: see month. , Clinicor commenced work on three large multi-center clinical trials with a total contract value of approximately $7 million. One of the clinical trials will be conducted in the United Kingdom and will require the Company to establish an office near London and to hire full-time clinical staff. The U.K. office will also enable the Company to service clients in continental Europe Continental Europe, also referred to as mainland Europe or simply the Continent, is the continent of Europe, explicitly excluding European islands and, at times, peninsulas. . Based on our existing backlog, the acceleration of new proposal activity and the investment we are making in expanding our team of proven professionals, we are confident that 1997 will represent a year of significant progress and expansion for our Company." Clinicor also announced that effective January 13, 1997 it had become a reporting Company under the Securities and Exchange Act of 1934. Clinicor will now become subject to the periodic reporting requirements of the 1934 Act. Clinicor has also applied to list its Common Stock on the Nasdaq Small Cap Market. Clinicor, Inc., an Austin, Texas-based contract research organization (CRO), provides Phase I through Phase IV clinical trials Noun 1. phase IV clinical trial - sometimes the FDA approves a drug for general use but requires the manufacturer to continue to monitor its effects; during this phase the drug may be tried on slightly different patient populations than those studied in earlier management, including patient recruitment, monitoring, data management services and regulatory consultation, to the pharmaceutical, biotechnology and medical device industries. Clinicor differentiates itself through a unique operating model Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. that emphasizes its specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. patient recruitment, patient management and study monitoring capabilities. Clinicor's approach accelerates the recruitment of suitable patient populations and enhances the accuracy of clinical data, resulting in high caliber clinical trial services offering significant value to the sponsor. The 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. in this press release involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the timing and performance of contracts, the management of growth, and other risks. Actual results may differ materially from management expectations. -0-
CLINICOR, INC.
Summary Balance Sheet
September 30, 1996
(in thousands)
(unaudited)
Cash and cash equivalents $ 2,530
Total current assets $ 3,603
Total assets $ 4,625
Total current liabilities $ 1,383
Total liabilities $ 1,401
Total stockholders' equity $ 3,224
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CLINICOR, INC.
Summary Statements of Operations
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
Service revenue $884,254 $354,030 $2,441,788 $1,398,006
Operating costs
and expenses:
Direct costs 586,841 338,59 11,545,598 1,135,286
SG&A 631,694 286,113 1,357,904 823,791
Depreciation and
amortization 49,479 14,863 100,551 42,421
Total operating costs
and expenses 1,268,014 639,567 3,004,053 2,001,498
Loss from operations (383,760) (285,537) (562,265) (603,492)
Interest income
(expense) 20,138 (10,743) 1,227 (20,414)
Net loss $(363,622) $(296,280) $(561,038) $(623,906)
Net loss per share $ (0.09) $ (0.09) $ (0.14) $ (0.20)
Weighted average
shares and common
equivalents 4,086,400 3,501,000 4,042,638 3,143,875
CONTACT: Clinicor Inc. Thomas P. O'Donnell President 512/327-3357 or Jaffoni & Collins Incorporated David C. Collins, 212/505-3015 dccjci@aol.com |
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