Printer Friendly

BIORELEASE CORP. REPORTS SECOND FISCAL 1993 QUARTER RESULTS

 SALEM, N.H., Feb. 12 /PRNewswire/ -- Biorelease Corp. (NASDAQ: BREL) today reported results for the second quarter of fiscal 1993, which ended Dec. 31, 1992.
 The company reported a net loss of $464,796 or 9 cents per share for the fiscal 1993 quarter, as compared to a loss of $272,898, or 12 cents per share, during the same period last year. For the six months ended Dec. 31, 1992, Biorelease reported a net loss of $830,748, or 16 cents per share, as compared to a loss of $455,638 during the same period last year.
 "During the first half of fiscal 1993 we made significant progress in terms of finalizing plans for expansion of our laboratory and pilot facilities, recruiting senior management personnel in critical business areas, and advancing our products toward commercialization," said Dr. R. Bruce Reeves, vice president, chief operating officer of Biorelease Corp. "We are most excited about the formal launch of our lead cell culture additive, Erythrogen(tm). The product is currently being inventoried to satisfy initial demand from the launch, which is expected to commence shortly."
 Company management also noted that operating expenses for the fiscal 1993 quarter included $86,100 in non-recurring expenses associated with the reorganization, along with increased product development expense in line with its corporate plan and budget to move products rapidly to the marketplace. Interest income for the fiscal 1993 quarter was $27,299, compared to interest expense of $5,673 for the same period last year.
 Biorelease Corp., a developmental stage company, is dedicated to commercializing proprietary cell-culture additives and developing pharmaceutical applications of its hemoglobin-based and chondroitin sulfate-based carrier technologies. The company is headquartered in Salem, New Hampshire.
 BIORELEASE CORP.
 Consolidated Statements of Operations
 For the three and six months ended Dec. 31, 1992 and 1991
 and the Cumulative Period from Inception to Dec. 31, 1992
 For the Three Months Ended Inception
 Dec. 31 10/20/89 to
 1992 1991 12/31/92
 (Unaudited) (Unaudited) (Unaudited)
 Revenues $0 $0 $2,669
 Cost and expenses:
 Research & development (210,077) (129,007) (1,971,991)
 General & administrative (281,246) (122,088) (1,951,543)
 Interest, net 27,299 (5,673) 33,785
 Other 0 (1,130) (19,217)
 Loss before taxes (464,024) (257,898) (3,867,863)
 Provision (credit) for
 state income taxes (772) (15,000) (1,045)
 Net loss (464,796) (272,898) (3,868,908)
 Weighted average shares 5,277,644 2,364,076 (2,197,115)
 Loss per share(a) (9 cents) (12 cents) (1.76)
 Six Months Ended
 Dec. 31
 1992 1991
 (Unaudited) (Unaudited)
 Revenues $0 $2,669
 Cost and expenses:
 Research & development (369,276) (198,734)
 General & administrative (526,931) (234,648)
 Interest, net 51,231 (8,795)
 Other 0 (1,130)
 Loss before taxes (844,976) (440,638)
 Provision (credit) for
 state income taxes 14,228 (15,000)
 Net loss (830,748) (455,638)
 Weighted average shares 5,276,644 2,165,417
 Loss per share(a) (16 cents) (21 cents)
 Note a: Loss per share data reflect an additional 3,309,688 shares outstanding as a result of Biorelease Corp.'s acquisition of FLS Acquisition Corp. (d/b/a/ Biokinetics) as of June 30, 1992. All historical financial information, prior to June 30, 1992, includes only the activity of Biokinetics.
 -0- 2/12/93
 /CONTACT: R. Bruce Reeves, Ph.D., chief operating officer of Biorelease Corp., 603-893-7300; or Marcia Kean or Chris Taylor, of Feinstein Partners, 617-577-8110, for Biorelease Corp./


CO: Biorelease Corporation ST: New Hampshire IN: MTC SU: ERN

SJ -- NE007 -- 6057 02/12/93 09:25 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 12, 1993
Words:600
Previous Article:DELUXE ANNOUNCES HOTLINE FOR LOST OR STOLEN CHECKS
Next Article:MIDSOUTH CORPORATION REPORTS FOURTH QUARTER EARNINGS UP 18 PERCENT, ANNUAL EARNINGS UP 25 PERCENT
Topics:


Related Articles
OIA, INC. CHANGES NAME TO BIORELEASE CORP.
BIORELEASE CORP. REPORTS FIRST QUARTER RESULTS
FORMER SENIOR DIRECTOR OF BRISTOL-MYERS SQUIBB APPOINTED V.P. PHARMACEUTICAL DEVELOPMENT & MEDICAL AFFAIRS AT BIORELEASE TECHNOLOGIES
BIORELEASE ESTABLISHES CELL CULTURE PRODUCTS DIVISION AND IS FINALIZING PLANS FOR COMMERCIAL LAUNCH OF ERYTHROGEN
BIORELEASE CORP. FILES REGISTRATION STATEMENT WITH SEC FOR STOCK OFFERING OF 160,000 UNITS OF COMMON STOCK (800,000 SHARES) AND WARRANTS
BIORELEASE COMMENCES COMMERCIAL LAUNCH OF ERYTHROGEN; REPORTS INITIAL REVENUES AND PRODUCT SHIPMENTS OF THIS CELL CULTURE ADDITIVE
BIORELEASE CORP. NAMES DR. R. BRUCE REEVES CEO AND PRESIDENT
NOTED BLOOD SUBSTITUTE RESEARCHER JOINS BIORELEASE CORP.
BIORELEASE GRANTED TEMPORARY NASDAQ LISTING EXCEPTION
Biorelease Terminates Planned Merger with TheraMed, Names Gauci as President of BTI

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters