ONCOR ANNOUNCES THIRD QUARTER AND NINE MONTHS OPERATING RESULTS;
REPORTS NINE MONTHS REVENUES INCREASED 57 PERCENT
GAITHERSBURG, Md., Nov. 15 /PRNewswire/ -- Oncor, Inc. (NASDAQ: ONCR), a leading manufacturer and marketer of DNA probe-based test systems for the diagnosis, monitoring and management of cancer and other genetic diseases, has reported financial results for its third quarter and nine months ended Sept. 30, 1991, with overall nine-month revenue increasing 57 percent, Stephen Turner, chairman and chief executive officer, announced today.
Oncor's revenues in the third quarter ended Sept. 30, 1991 were $920,234, which included $200,000 in contract revenues, compared with $696,392 in the third quarter of 1990. There were no contract revenues in the third quarter of 1990. The net loss of $1,352,778, or $.13 per share, on 10,016,251 weighted average shares outstanding in the current third quarter compares with a net loss of $982,798, or $.14 per share, on 7,276,000 weighted average shares, which included $185,000 in contract revenue, outstanding in the prior period.
Gross revenues in the nine months ended Sept. 30, 1991 were $3,643,157, which included $1,050,000 in contract revenues, compared with $2,309,794, which included $185,000 in contract revenues, in the nine months ended Sept. 30, 1990. The net loss in the current nine months was $2,358,870, or $.26 per share, on 9,023,151 weighted average shares outstanding, compared with a net loss of $1,758,126, or $.24 per share, on 7,276,000 weighted average shares outstanding in the nine months of 1990.
Turner noted that there was a 135 percent increase in research and development expenses for the nine months when compared with the same period last year, "resulting in a loss for the period, as expected," he said. "These expenditures, which totaled $1,908,301 this year, are related to expenses associated with the company's contract with Hickley International Ltd. for the development of new DNA and RNA probes, the development of technology underlying new DNA probe tests and the financing of clinical research studies relating to submissions to the FDA under the PMA process (premarket approval) or 510K (premarketing notification processes). These include tests for breast, bladder and prostate cancers," Turner added.
Turner said, "Oncor is firmly committed to maintaining a leadership position in the coming era of genetic-based clinical medicine. We believe that increasing our investments in research and development will be rewarded in the future with a strong, cancer diagnostic product portfolio."
Condensed Statement of Operations
Periods ended Three Months Nine Months
Sept. 30; 1991 1990 1991 1990
Gross revenues $920,234 $696,392 $3,643,157 $2,309,794
Direct cost of sales 418,388 592,124 1,347,486 1,344,502
& administrative 834,870 703,931 2,819,760 1,925,859
development 1,093,387 364,368 1,908,301 810,450
Total 2,346,645 1,660,423 6,075,547 4,080,811
Net loss (1,352,778) (982,798) (2,358,870) (1,758,126)
Net loss per share (.13) (.14) (.26) (.24)
Wtd. avg. shares
outstanding 10,016,251 7,276,000 9,023,151 7,276,000
/CONTACT: Stephen Turner, chairman & CEO, or Rodney Dausch, vice president-finance, both of Oncor, 301-963-3500/
(ONCR) CO: Oncor, Inc. ST: Maryland IN: MTC SU: ERN FC-JT -- NY032 -- 1496 11/15/91 11:28 EST