Correcting financial figures in text of SpectraScience first quarter results.MINNEAPOLIS--(BUSINESS WIRE)--May 15, 1995--SpectraScience Inc. (OTC:SPSI SPSI - Seattle Psychoanalytic Society), today announced a net loss of $196,314, or 7 cents per share, for its first quarter ended March 31, 1995. The results reflect a 61% decrease from the $506,934 loss, equivalent to 18 cents per share, reported for the quarter ended March 31, 1994. Revenue and cost of products sold were $166,088 and $108,144, respectively, compared to zero each for the first quarter of 1994. Such revenues and costs in the current year reflect the first international sales of the company's Spectroscopic Guidewire guidewire /guide·wire/ (gid´wir) a thin, usually flexible wire that can be inserted into a confined or tortuous space to act as a guide for subsequent insertion of a stiffer or bulkier instrument.(TM) Systems and disposable products. On March 31, 1995 the company recognized the sale of its first two Spectroscopic Guidewire(TM) Systems for delivery to key European medical centers. The company earlier reported that SCIMED Life Systems Inc. will market the SpectraScience Spectroscopic Guidewire(TM) System outside the United States under the terms of a three (3) year exclusive international distribution agreement. During the Quarter ended March 31, 1995, the company executed agreements arranged through Perkins Capital Management, with six (6) private lenders which provided an additional $225,000 of bridge financing to the company. On March 31, 1995, the six private lenders, along with lenders who had previously provided $300,000 of bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations.Notes: These funds are usually supplied by the investment bank underwriting the new issue. As payment, the company acquiring the bridge financing will give a number of shares at a discount of the issue price to the underwriters that equally offsets the loan. to the company,
elected to convert the face amount of the notes held by them into
175,000 shares of the company's Preferred Stock, pursuant to the
terms of the company's ongoing Private Placement of 1,000,000
shares of preferred stock. The lenders paid $3.00 in exchange for each
share of Preferred Stock plus a warrant to purchase one share of the
company's Common Stock (at a purchase price of $5.00 per share) for
each 3 shares of Preferred Stock purchased.SpectraScience, Inc. is an early growth stage company, located in Minnetonka, Minnesota, which applies advanced spectroscopic diagnostic techniques to the analysis of specific human tissues associated with important diseases. -0-
STATEMENT OF OPERATIONS
SpectraScience Inc.
(unaudited)
Three Months Ended
March 31,
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1995 1994
------ ------
Revenue $ 166,088 $ -0-
Cost of products sold 108,144 -0-
Operating expenses:
Research & Development 121,951 365,060
Selling, general and
administrative 122,817 197,317
Less interest and other
(income) and expense 9,490 (55,443)
--------------- ---------------
Total operating expenses 254,258 506,934
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Net loss ($ 196,314) ($ 506,934)
=============== ===============
Net loss per share ($ 0.07) ($ 0.18)
--------------- ---------------
Weighted average
common share 2,790,681 2,750,348
=============== ===============
CONTACT: SpectraScience, Inc., Minnetonka Brian McMahon, President & CEO, 612/931-9000 |
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