PharmaNetics Reports Third Quarter Results.RALEIGH, N.C.--(BW HealthWire)--Nov. 2, 1999-- PharmaNetics, Inc. (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 NM: PHAR), the holding company of Cardiovascular Diagnostics, Inc. ("CVDI CVDI Certificado de Validación de Datos de Importadores (Argentina) CVDI Crime Victims with Disabilities Initiative (California) "), today announced financial results for the three and nine months ended September 30, 1999. Revenues for the 1999 third quarter were $745,000, compared with revenues of $1,223,000 for the same period in 1998. The Company noted that its revenues fluctuate depending on the timing of development efforts by collaborative partners, and that 1998 third quarter revenues reflected sales to Knoll AG related to their Peg-Hirudin clinical studies. The Company continues to monitor costs closely as operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the quarter were $1,480,000, a modest decline compared with the same period in 1998. The resulting CVDI operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the 1999 third quarter was $1,499,000, compared with an operating loss of $1,044,000 in the same period a year ago. The net loss for the 1999 third quarter was $1,399,000, or a loss of $0.19 per basic and diluted share, compared with a net loss of $945,000, or a loss of $0.14 per basic and diluted share, for the 1998 third quarter. The 1998 third quarter net loss includes the operations of the Coeur Laboratories subsidiary, which was sold by the Company in June 1999. For the nine months ended September 30, 1999, revenues were $2,882,000, compared with $3,256,000 in the same period last year, a decrease attributable to large analyzer sales in 1998 to Knoll. Year-to-date operating expenses were $4,545,000, virtually unchanged from $4,530,000 in the prior year. The 1999 nine-month operating loss was $4,021,000, compared with the nine-month 1998 operating loss of $3,418,000. After the operations of Coeur Laboratories and the goodwill write-off on the disposal of this subsidiary, the Company reported a net loss of $4,769,000, or a loss of $0.64 per basic and diluted share, for the nine months ended September 30, 1999. This compares with a net loss of $2,469,000, or a loss of $0.36 per basic and diluted share, for the same period in 1998. On October 15, the Company submitted to the 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. a 510(k) application for the Company's heparin management panel (HMP HMP - hybrid multiprocessing ) and Accent system. The HMP and Accent are designed to be used to facilitate total anticoagulation management during cardiopulmonary bypass cardiopulmonary bypass n. A procedure to circulate and oxygenate the blood during heart surgery involving the diversion of blood from the heart and lungs through a heart-lung machine and the return of oxygenated blood to the aorta. procedures (CPB CPB see cardiopulmonary bypass. CPB Cardiopulmonary bypass. See Port-Access cardiopulmonary bypass. ). "The submission of the 510(k) for the HMP is a significant achievement for the Company," noted John Funkhouser, president and chief executive officer. "The ability of this system to provide an individualized heparin management program during CPB is an example of how the Company can improve patient care through the use of rapid diagnostic results. We believe theranostic tests can influence treatment decisions by physicians to manage certain drugs that affect coagulation coagulation (kōăg'y  lā`shən), the collecting into a mass of minute particles of a solid dispersed throughout a liquid (a sol), usually followed by the precipitation or .
We are continuing our development of other theranostic tests designed to
improve the application of certain drug therapies, and are pursuing
numerous potential collaborative opportunities."The Company will hold a conference call to discuss these results beginning at 10:00 a.m. Eastern Time today. Individual investors are invited to listen to the conference call over the Internet through Vcall, a service of the Investor Broadcast Network, at http://www.vcall.com. To listen to the live call, please go to the Web site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. PharmaNetics, Inc. develops, manufactures and markets rapid turnaround diagnostics to assess blood clot blood clot n. A semisolid, gelatinous mass of coagulated blood that consists of red blood cells, white blood cells, and platelets in a fibrin network. formation and dissolution. The Company develops tests based on its proprietary, dry chemistry Thrombolytic thrombolytic /throm·bo·lyt·ic/ (throm?bo-lit´ik) dissolving or splitting up a thrombus, or an agent that so acts. thrombolytic 1. dissolving or splitting up a thrombus. 2. an agent that dissolves or splits up a thrombus. Assessment System for its principal target market of new drug compounds, some of which have narrow therapeutic ranges, as well as for monitoring routine anticoagulants Anticoagulants Drugs that suppress, delay, or prevent blood clots. Anticoagulants are used to treat embolisms. Mentioned in: Embolism, Heart Valve Replacement . The Company's therapeutic diagnostics are used to monitor the effect of antithrombotic agents in the treatment of angina, myocardial infarction myocardial infarction: see under infarction. (heart attack), stroke, deep venous thrombosis deep venous thrombosis n. Abbr. DVT A condition in which one or more thrombi form in a deep vein, especially in the leg or pelvis, resulting in an increased risk of pulmonary embolism. , and pulmonary and arterial emboli emboli /em·bo·li/ (em´bo-li) plural of embolus. Emboli Plural of embolus. An embolus is something that blocks the blood flow in a blood vessel. . This press release contains forward-looking statements regarding future events and the future performance of PharmaNetics that involve risks and uncertainties, such as risks related to market acceptance, clinical trials, dependence on third-party distributors and collaborative partners, and continuing losses that could cause actual results to differ materially from those projected in the forward-looking statements. Information concerning these and other factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's SEC filings, including Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , Form 10-Q Form 10-Q See 10-Q. and Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. reports. -0-
PharmaNetics, Inc.
Selected Financial Summary
CONSOLIDATED INCOME (LOSS) STATEMENTS
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1999 1998 1999 1998
---------- ---------- ---------- ----------
Net revenues $745,389 $1,222,765 $2,881,733 $3,255,701
Cost of goods sold 764,388 737,096 2,357,972 2,143,770
---------- ---------- ---------- ----------
Gross profit (18,999) 485,669 523,761 1,111,931
Operating expenses 1,480,227 1,529,919 4,544,704 4,529,731
---------- ---------- ---------- ----------
Loss from
operations (1,499,226) (1,044,250) (4,020,943) (3,417,800)
Other income
(expense), net 99,765 55,974 59,776 391,913
---------- ---------- ---------- ----------
Loss from
continuing
operations (1,399,461) (988,276) (3,961,167) (3,025,887)
Income (loss) from
operations of
discontinued
segment - $43,061 $17,922 $556,855
Loss on disposal of
segment - - ($826,093) -
---------- ---------- ---------- ----------
Net loss ($1,399,461) ($945,215) ($4,769,338) ($2,469,032)
========== ========== ========== ==========
Basic and diluted
loss per common
share ($0.19) ($0.14) ($0.64) ($0.36)
========== ========== ========== ==========
Weighted average
common shares
outstanding 7,477,452 7,010,706 7,466,217 6,859,330
========== ========== ========== ==========
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
1999 1998
--------------- --------------
Cash and investments $6,832,039 $7,701,035
Other current assets 2,461,996 4,765,205
Total assets $13,345,752 $18,693,211
Current liabilities $1,210,986 $1,322,824
Total liabilities 2,292,610 2,949,107
Total shareholders' equity 11,053,142 15,744,104
Total liabilities and
shareholders' equity $13,345,752 $18,693,211
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