Clinicor reports 1995 year-end and 1996 first quarter results; Completes $1.4 million private placement.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--(BUSINESS WIRE)--May 16, 1996--Clinicor, 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 BB: CLCR) today announced operating results for the year ended December December: see month. 31, 1995 and the first quarter ended March 31, 1996. The Company also reported that it had completed a private placement of 573,400 units at a price of $2.50 per unit. Each unit consists of one share of restricted common stock and one redeemable Redeemable Eligible for redemption under the terms of an indenture. common stock purchase warrant (two warrants are required to purchase one share of common stock for $1.00). 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). from the offering, which closed in February 1996, were $1,273,538. For the year ended December 31, 1995, the Company had service revenue of $2,005,582, compared to $2,301,455 a year ago. The Company recorded a net loss of $1,117,226, or $0.29 per share, compared to a net loss of $352,135, or $0.10 per share, in 1994. The increase in the net loss was due to lower revenue and higher personnel and SG&A expense required to position the Company for future growth. Per share figures in 1995 and 1994 are based on 3,989,000 and 3,551,000 weighted average shares outstanding, respectively, reflecting the sale in 1995 of 438,000 units in a private placement. For the first quarter ended March 31, 1996, service revenue increased 38.6% to $854,658, compared to $616,700 a year ago. The Company recorded a net loss of $74,541, or $0.02 per share, compared to a net loss of $125,061, or $0.04 per share, in the year-ago quarter. Per share figures in the 1996 and 1995 first quarter are based on 4,124,0000 and 3,551,000 weighted average shares outstanding, respectively, reflecting shares issued in the private placement that closed in the first quarter of 1996. During 1995 and the first quarter of 1996, the Company added 12 new customers (sponsors). The Company'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 March 31, 1996 reflects 31 clinical studies, consulting engagements and data management projects from 16 sponsors. Projects in the Company's backlog are expected to be completed over the next 18 months. Clinicor has performed studies, or is currently performing studies, for a total of 21 different sponsors, ranging from small biotechnology and medical device companies to the some of the world's leading pharmaceutical companies. The Company expanded its operations into Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. in 1995 and plans to continue expansion of its operations into other international markets. Clinicor also announced that it has entered into discussions with an undisclosed institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. concerning a proposed equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . Clinicor indicated that there can be no assurances made as to whether or when the financing would occur. Commenting on the Company's progress, 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, Chief Executive Officer, stated: "The postponement of a $3 million contract with a leading international pharmaceutical company in early 1995 was the principle reason Clinicor did not exceed its prior year revenue level. Over the past few quarters we have refilled our contract pipeline, regaining re·gain tr.v. re·gained, re·gain·ing, re·gains 1. To recover possession of; get back again: regain one's strength. See Synonyms at recover. 2. our growth momentum, as demonstrated by our first quarter results. Based on the contracts currently in progress as well as the anticipated realization from our backlog for the remainder of the year, we expect to achieve significant revenue gains in 1996. "If we are able to complete the contemplated institutional private placement, Clinicor would be sufficiently capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. to more aggressively pursue market share growth in the CRO industry through the addition of clinical and administrative personnel and stepped-up investment in our sales and marketing efforts." Except for the historical information in this press release, it includes 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, including, but not limited to, quarterly fluctuations in results, the management of growth, and other risks. Actual results may differ materially from management expectations. Clinicor, Inc., an Austin, Texas-based contract research organization (CRO), provides Phase II 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 performance, management, patient recruitment and screening, monitoring and data management services to the pharmaceutical, biotechnology and medical device industries. Clinicor differentiates itself with an 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 proprietary patient recruitment, trial monitoring and trial performance capabilities. Clinicor's approach speeds the formation of patient populations as well as trial performance and enhances the quality of clinical data, resulting in high caliber clinical trial services offering significant value to the sponsor. -0-
CLINICOR, INC.
Summary Statements of Operations
Year Ended Three Months Ended
December 31, March 31,
1995 1994 1996 1995
(Audited) (Unaudited)
Service revenue $2,006 $2,301 $855 $617 Operating costs and expenses: Clinical costs 1,027 1,146 371 247 Personnel 1,347 985 364 345 SG&A 721 419 168 131 Depreciation and amortization 60 49 20 14 Total operating costs and expenses 3,155 2,599 923 737 Loss from operations 1,149 298 68 120 Interest expense 28 21 7 5 Loss from continuing operations 1,177 319 75 125 Loss from disposal of assets and discontinued operations -- 33 -- -- Net loss $1,177 $352 75 125 Per share amounts: Loss from continuing operations $0.30 $0.09 $0.02 $0.04 Loss from discontinued operations -- $0.01 -- -- Net loss per share $0.30 $0.10 $0.02 $0.04 Weighted average shares and equivalents 3,989 3,551 4,124 3,551 CONTACT: Clinicor Inc. Robert S Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. . Sammis, Executive Vice President 512/327-7524 or Jaffoni & Collins Inc. David C. Collins, Joseph N. Jaffoni 212/505-3015 or jciir@aol.com |
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