Printer Friendly

BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR FISCAL YEAR 1992

 SAN DIEGO, Dec. 16 /PRNewswire/ -- Biomagnetic Technologies Inc. (NASDAQ: BTIX) (BTi) today reported a net loss of $8,700,000 or $0.98 per share for the fiscal year ended Sept. 30, 1992, compared to a net loss of $6,519,000 or $0.92 per share for fiscal 1991. The fiscal 1992 per share amount reflects additional shares outstanding primarily as the result of the issuance of 1,559,000 shares of common stock through a public offering during the year. Revenues for fiscal 1992 were $10,048,000, compared to $10,191,000 in the prior year.
 Stephen O. James, president and chief executive officer, said the larger net loss in fiscal 1992 was primarily because of higher applications development expenses, the delay in shipment of one Magnes system because of site preparation delays by the customer and lower gross margins related to product mix. During the year, BTi strengthened its financial position by completing a public offering of common stock that yielded net proceeds to the company of approximately $13.9 million. James said those funds are being used to further applications development for the Magnes system.
 During fiscal 1992, BTi focused the majority of its resources on accelerating applications development. By the end of fiscal 1992, more than 1,200 magnetic source imaging examinations had been performed at BTi's three clinical applications development sites: The Scripps Research Institute in La Jolla, Calif., the Veterans Affairs Hospital in Albuquerque, N.M., and the University of Tokyo Hospital in Japan. As a result of that effort, BTi was able to prove the first practical medical application in the emerging field of biomagnetism: pre-surgical functional mapping. That application locates important functional brain tissue prior to surgery, enabling the neurosurgeon to maximize the opportunity of removing diseased tissue while reducing the risk of harming healthy, functional tissue.
 Other significant accomplishments during fiscal 1992 included the installation of four Magnes systems, bringing the total installed base to nine by the end of the fiscal year (including the unit at BTi's facility that is used to support applications development). In addition, approval was received from the Japanese Ministry of Health and Welfare to market the Magnes system in Japan as a medical device, and BTi successfully completed development projects for an advanced data acquisition system and a new magnetically shielded room. The company also received a patent on its process to manufacture a new high temperature superconductor device that may have future potential use in biomagnetism.
 BTi will continue to focus the majority of its resources on applications development and market development in fiscal 1993. Although it is unpredictable when growth resulting from clinical sales will begin, the company believes it is well-positioned to make the transition from the research market to the commercial market.
 BTi is the leader in magnetic source imaging and has developed the Magnes system -- an instrument called biomagnetometer that noninvasively localizes the sources of bioelectrical activity in the brain and heart. Magnes is a registered trademark of Biomagnetic Technologies Inc. BTi common stock is traded in the NASDAQ National Market System under the symbol BTIX. The company is headquartered at 9727 Pacific Heights Blvd., San Diego, CA 92121-3719; 619-453-6300.
 -0- 12/16/92
 /CONTACT: Stephen O. James, president and CEO, or William L. Stephan of Biomagnetic Technologies, 619-453-6300/
 (BTIX)


CO: Biomagnetic Technologies Inc. ST: California IN: MTC SU: ERN

LS-JL -- SD001 -- 7519 12/16/92 07:31 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 16, 1992
Words:571
Previous Article:CRAIG SUCCEEDS MACMILLAN AT PPG CANADA INC.
Next Article:MAGMA POWER CO. ANNOUNCES DEFINITIVE AGREEMENT TO PURCHASE ALL OF UNOCAL'S SALTON SEA GEOTHERMAL ASSETS
Topics:


Related Articles
BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR SECOND QUARTER 1992
BIOMAGNETIC TECHNOLOGIES INC. REPORTS RESULTS FOR THIRD FISCAL QUARTER 1992
BIOMAGNETIC TECHNOLOGIES INC. REPORTS RESULTS FOR THIRD FISCAL QUARTER 1992
BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR FIRST QUARTER 1993
BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR 3Q 1993
BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR FY 1993
BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR 1Q 1994
BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR 2Q 1994
BIOMAGNETIC TECHNOLOGIES REPORTS RESULTS FOR FY 1994
Biomagnetic Technologies Reports Loss For Fiscal 1996

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters