DiagnoCure Inc. -- first six months results.QUEBEC, Quebec--(BUSINESS WIRE)--June 17, 1997--(ME:CUR;CUR.WT.) Since its IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. in November 1996, DiagnoCure Inc. has implemented important scientific and pre-commercial development. DiagnoCure Inc., a biopharmaceutical company specializing in the development and marketing of products for the diagnosis and treatment of genito-urinary and breast cancers, today announced its second quarter and first six month period results ended April 30th, 1997. Since its initial public offering, DiagnoCure Inc. has accelerated research and development in its major projects and has grown accordingly. Financial statements for the first six months of 1997 reflect the important progress in many major research and development projects. The validity of comparison with results for the corresponding periods last year is therefore relative. Second quarter revenues reached $186,734 compared to $70,394 for the same period last year. This growth results from sales of monoclonal antibodies This is a list of monoclonal antibodies, antibodies which are clones of a single parent cell. When used as medications, the generic names end in -mab (see "Nomenclature of monoclonal antibodies"). to an American client, from royalties on these sales and from an increase in interest revenues following the public offering. The Company recorded a net loss of $952,489 or $0.05 per share compared to $271,784 or $0.02 per share for the second quarter of the previous fiscal year. This variation is due primarily to an increase in research and development expenses over those of the second quarter of the previous fiscal year. These expenses (before tax credits) increased from $147,798 to $656,009 because of progress in a number of R & D projects, primarily ImmunoCyt(TM)1, molecular biology molecular biology, scientific study of the molecular basis of life processes, including cellular respiration, excretion, and reproduction. The term molecular biology was coined in 1938 by Warren Weaver, then director of the natural sciences program at the Rockefeller projects, nanoerythrosomes and recombinant recombinant /re·com·bi·nant/ (re-kom´bi-nant) 1. the new entity (e.g., gene, protein, cell, individual) that results from genetic recombination. 2. pertaining or relating to such an entity. See also under DNA. antibodies. Results of the first six month period show revenues of $330,951 compared to $139,267 for the first six months of the previous fiscal year. The Company recorded a net loss of $1.7 million or $0.10 per share compared to $0.4 million or $0.03 a share for the first six months of the previous year. Second Quarter Highlights During the second quarter, all R & D and production projects went ahead, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the planned deadlines. PRODUCTION: DiagnoCure Inc. completed all phases of production for the three monoclonal antibodies that are the principal components of ImmunoCyt(TM)1. The Company expects to begin marketing ImmunoCyt(TM)1 diagnostic kits in Canada starting in the fall and in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. during 1998. DiagnoCure already markets one of its three monoclonal antibodies in the United States under licence with Urocor Inc. Also, the Company plans to start marketing this product in Europe in 1997, in particular in Germany, Belgium and the Netherlands with BioProCon Medical B.V. DiagnoCure's production lab facilities will manufacture this product for the international market. CLINICAL TRIALS of ImmunoCyt(TM)1 FOR FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. APPROVAL IN THE U.S.: DiagnoCure is ready for multi-centre clinical trials of ImmunoCyt(TM)1 that will take place in the near future in 22 urology urology Medical specialty dealing with the urinary system and male reproductive organs. It traces its origin to medieval lithologists, itinerant healers who specialized in surgical removal of bladder stones. centres, 12 of which are in Canada, 4 in the United States and 6 in Europe. Three internationally renowned uro-oncologists will be the principal researchers in these trials: Dr. Michael Jewett (Professor and Chairman -- Division of Urology, University of Toronto Research at the University of Toronto has been responsible for the world's first electronic heart pacemaker, artificial larynx, single-lung transplant, nerve transplant, artificial pancreas, chemical laser, G-suit, the first practical electron microscope, the first cloning of T-cells, ), Dr. Ralph De Vere-White (Professor and Chairman of Davis Cancer Institute, Department of Urology, University of California The University of California has a combined student body of more than 191,000 students, over 1,340,000 living alumni, and a combined systemwide and campus endowment of just over $7.3 billion (8th largest in the United States). , U.S.) and Dr. Frans Debruyne (Professor and Chairman of the Department of Urology, University of Nijmegen (body, education) University of Nijmegen - Katholieke University of Nijmegen (KUN), Nijmegen, the Netherlands. KUN's Computing Science Institute. is known for the Clean, Comma, Communicating Functional Processes, and GLASS projects. http://kun.nl/. , Netherlands, and Secretary General of the European Association of Urology). The annual number of new cases and the prevalence of bladder cancer bladder cancer Malignant tumour of the bladder. The most significant risk factor associated with bladder cancer is smoking. Exposure to chemicals called arylamines, which are used in the leather, rubber, printing, and textiles industries, is another risk factor. in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). and Japan are estimated at 170,000 and 1.8 million respectively, which means a potential of 6 million diagnostic tests yearly and a market of $300 million U.S. PATENT FOR NANOERYTHROSOMES: The Company has been conducting research and development work on nanoerythrosomes which are microspheres made from red blood cells Red blood cells Cells that carry hemoglobin (the molecule that transports oxygen) and help remove wastes from tissues throughout the body. Mentioned in: Bone Marrow Transplantation red blood cells , in order to use them as a drug delivery system. DiagnoCure expects to receive, over the next few weeks, a patent for a drug delivery system targeted at cancerous cells. Reinforcement of the Research and Development Team DiagnoCure continues to reinforce its research and development team having recently hired Dr. Camille Chypre chypre Noun a perfume made from sandalwood [French: Cyprus] , Ph.D. in molecular and cellular biology cellular biology n. The study of the molecular or chemical interactions of biological phenomena. (Strasbourg, France). In addition to his research and development expertise, Dr. Chypre has solid experience in the marketing of molecular diagnostic tests. His contribution will allow the Company to accelerate development of a range of DiagnoCure molecular diagnostic tests. The DiagnoCure research and development team has grown to 38 people, compared to 23 people in September of 1996. DiagnoCure to participate actively in Canadian Urological and International Urological Society conferences DiagnoCure will announce the preliminary results of its 300-sample ImmunoCyt(TM)1 alpha study at the Canadian Urological Society conference to be held in Quebec City, June 22nd to 25th. At the upcoming International Urological Society conference, which will be attended by 4,500 urologists and will be held in Montreal in September 1997, DiagnoCure will announce the launch of ImmunoCyt(TM)1 in Canada and a number of European countries. -0-
DIAGNOCURE INC.
CONSOLIDATED STATEMENT OF LOSS
For the
three-month period six-month period
ended April 30 ended April 30
Unaudited 1997 1996 1997 1996
------------------ ------------------
Revenues
Sales 23,677 -- 23,677 --
Royalties 20,927 14,404 41,499 26,461
Interest 142,130 55,990 265,775 112,806
------- ------- ------- -------
186,734 70,394 330,951 139,267
------- ------- ------- -------
Cost of sales and
operating expenses
Research and
development 656,009 147,798 1,170,763 170,007
Investment tax
credits (89,500) (46,500) (169,400) (64,300)
--------- --------- --------- ---------
566,509 101,298 1,001,363 105,707
Administrative
expenses 278,814 178,250 559,697 342,638
Selling expenses 202,625 56,391 312,239 90,977
Financial expenses 38,684 2,511 92,462 4,006
--------- --------- --------- ---------
1,086,632 338,450 1,965,761 543,328
--------- --------- --------- ---------
Loss before
depreciation (899,898) (268,056) (1,634,810) (404,061)
Depreciation 52,591 3,728 106,361 5,847
--------- --------- --------- ----------
Net loss (952,489) (271,784) (1,741,171) (409,908)
--------- --------- --------- ----------
Loss per common
share 0,05 0,02 0,10 0,03
--------- --------- --------- ----------
Weighted average
number of
common shares
outstanding 17,498,032 13,333,332 16,822,532 13,333,332
---------- ---------- ---------- ----------
CONTACT: DiagnoCure Inc. Serge serge 1 n. A twilled cloth of worsted or worsted and wool, often used for suits. [Middle English sarge, from Old French, from Vulgar Latin *s Pitre, 418/527-6100 ext. 227 Fax: 418/527-0240 diagnocure@diagnocure.com |
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