Cortech Announces Second Quarter Results.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") reported a net loss for the three months ended June June: see month. 30, 2001 of $64,000, or $.02 per share, compared to net income of $163,000, or $.05 per share, for the comparable period in 2000. For the six months ended June 30, 2001, the Company had no net income, compared to net income of $232,000, or $.07 per share, for the comparable period in the prior year. On August 7, 2001, the Company filed a Demand for Arbitration arbitration Process of resolving a dispute or a grievance outside a court system by presenting it for decision to an impartial third party. Both sides in the dispute usually must agree in advance to the choice of arbitrator and certify that they will abide by the with the American Arbitration Association The American Arbitration Association (AAA) is a private enterprise in the business of arbitration, and one of several arbitration organizations that administers arbitration proceedings. The AAA also administers mediation and other forms of alternative dispute resolution. against Ono Ono (ō`nō), in the Bible, town, W central ancient Palestine, the modern Qiryat Ono, Israel, E of Tel Aviv. Pharmaceuticals, Inc. ("Ono") seeking resolution of a dispute regarding the interpretation of a June 28, 1999 Research, Development and License Agreement ("Agreement") with Ono. The Agreement provides for the development and commercialization of a pharmaceutical product. Cortech and Ono disagree with Verb 1. disagree with - not be very easily digestible; "Spicy food disagrees with some people" hurt - give trouble or pain to; "This exercise will hurt your back" respect to Article IV of the Agreement, which concerns the scope of the license granted to Ono thereunder. Cortech seeks an order interpreting in·ter·pret v. in·ter·pret·ed, in·ter·pret·ing, in·ter·prets v.tr. 1. To explain the meaning of: interpreted the ambassador's remarks. See Synonyms at explain. Article IV of the Agreement and related provisions, and the rights and obligations of the parties thereunder, including a determination of the payments to Cortech under Article VII of the Agreement. Cortech has no assurance that it will be successful in the arbitration, and, even if successful, the arbitration may require the Company to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. significant legal costs, impact the Company's ability to conduct business or take advantage of new business opportunities, lower the stock price, or divert di·vert v. di·vert·ed, di·vert·ing, di·verts v.tr. 1. To turn aside from a course or direction: Traffic was diverted around the scene of the accident. 2. management's attention from the Company's primary business activities in general. Cortech has 3,695,618 shares 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.
OPERATING RESULTS
FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2001 AND 2000
(in thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
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2001 2000 2001 2000
Revenues:
Interest income $ 165 $ 170 $ 357 $ 375
Other income - 96 - 96
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Total revenues 165 266 357 471
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Expenses:
General and
administrative 225 95 349 228
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Total expenses 225 95 349 228
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Income (loss)
before income taxes (60) 171 8 243
Provision for
income taxes 4 8 8 11
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Net income (loss) ($64) $ 163 $ - $ 232
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Basic and diluted
net income (loss)
per common share ($.02) $ .05 $ - $ .07
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Basic weighted
average number
of common shares
outstanding
(in 000's) 3,696 3,704 3,705 3,704
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Diluted weighted
average number
of common shares
outstanding
(in 000's) 3,696 3,704 3,726 3,704
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CONDENSED BALANCE SHEET
June 30, 2001
(in thousands)
(Unaudited)
Cash and
cash equivalents $ 13,648
Prepaid expenses and other 87
----------
Total assets $ 13,735
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Liabilities $ 191
Stockholders' equity 13,544
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Total liabilities and
stockholders' equity $ 13,735
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