Cortech, Inc. Makes Announcement.Business Editors BEDMINSTER Bedminster may refer to:
CORTECH, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (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 :CRTQ) ("Cortech" or the "Company") today announced net income of $2,650,000 or $1.43 per share for the year ended December December: see month. 31, 1999, compared to a net loss of $4,654,000 or $2.51 per share for the year ended December 31, 1998. Earnings per share for 1998 has been adjusted for a one-for-ten reverse stock split effective September September: see month. 22, 1998. Net income for the year ended December 31, 1999 includes a non-recurring license fee of $2,000,000 received in connection with an agreement with Ono Ono (ō`nō), in the Bible, town, W central ancient Palestine, the modern Qiryat Ono, Israel, E of Tel Aviv. Pharmaceutical Co., Ltd of Osaka Osaka (ō`säkä), city (1990 pop. 2,623,801), capital of Osaka prefecture, S Honshu, Japan, on Osaka Bay, at the mouth of the Yodo River. , Japan, to license the worldwide rights to an oral elastase elastase /elas·tase/ (e-las´tas) see pancreatic elastase. e·las·tase n. An enzyme found especially in pancreatic juice that catalyzes the hydrolysis of elastin. inhibitor inhibitor /in·hib·i·tor/ (in-hib´i-tor) 1. any substance that interferes with a chemical reaction, growth, or other biologic activity. 2. program. Cortech is actively seeking acquisitions and/or a merger partner. Cortech has 1,852,209 shares of common stock outstanding. This release contains 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. which may involve known and unknown risks, uncertainties and other factors that may cause Cortech's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Cortech cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectations on this date.
CORTECH, INC.
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
(in $000's, except per share amounts)
(Unaudited)
Years Ended December 31,
1999 1998
Revenues:
Interest income $ 574 $ 695
Gain on disposition of property
and equipment 435 380
Technology license revenue 2,000 250
Other income 216 22
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Total revenues 3,225 1,347
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Expenses:
Research and development -- 436
General and administrative 342 5,565
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Total expenses 342 6,001
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Income (loss) before taxes 2,883 (4,654)
Provision for income taxes 233 --
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Net income (loss) $ 2,650 ($4,654)
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Net income (loss) per share $ 1.43 ($ 2.51)
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CONDENSED BALANCE SHEET
December 31, 1999
(in $000's, except share and per share amounts)
(Unaudited)
ASSETS
Cash and cash equivalents $ 6,648
Short-term investments 6,568
Prepaid expenses and other 154
-------
Total current assets $13,370
LIABILITIES AND STOCKHOLDERS'
EQUITY
Accounts payable $ 17
Accrued liabilities 162
-------
Total current liabilities 179
Stockholders' equity 13,191
Total liabilities and
stockholders' equity $13,370
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