EPITOPE REPORTS RECORD ANNUAL REVENUES, ANNOUNCES FOURTH-QUARTER RESULTS
EPITOPE REPORTS RECORD ANNUAL REVENUES,
ANNOUNCES FOURTH-QUARTER RESULTS
BEAVERTON, Ore., Nov. 15 /PRNewswire/ -- Epitope Inc. (AMEX: EPT) today reported record revenues of $3.8 million and a loss of $4.9 million (64 cents per share) for the year ended Sept. 30, 1991. These results compare to revenues of $3.6 million and a loss of $2.9 million (44 cents per share) for the prior year.
"Our OraSure(R) oral specimen collection device accounted for 43 percent of the year's product revenues, primarily in the second and third quarters," said Adolph J. Ferro, president and chief executive officer. He noted that fourth-quarter sales of OraSure were reduced due to an agreement with the Food and Drug Administration (FDA). The agreement suspends shipments of the product for insurance HIV-1 testing in the United States pending approval of a premarket application. The company recently received a response from the FDA with respect to the application and is in the process of providing the additional information requested by the agency. The FDA has already approved export of OraSure to a number of foreign countries.
"Research and development expenses amounted to $3.6 million for the year, a 64-percent increase related to expansion of our research efforts in the field of oral specimen-based diagnostic applications. With the addition of a greenhouse and micropropagation facility, we also accelerated research activities at Agritope, our agricultural biotechnology unit," said Ferro. Epitope ended the fiscal year with the highest cash reserves in its history as a result of two European private placements, he added.
Epitope Inc. is an Oregon corporation utilizing biotechnology to develop diagnostic tests for AIDS and other indications, therapeutic antimicrobial drugs and, through its agricultural unit, Agritope Inc., superior new plant varieties.
A tabulation of results follows:
(In thousands, except per-share data)
Three Months Year
Ended Sept. 30: 1991 1990 1991 1990
Revenues $ 650 $ 734 $ 3,809 $ 3,562
Net loss (1,834) (415) (4,922) (2,904)
Net loss per share (0.23) (0.06) (0.64) (0.44)
Ended Sept. 30: 1991 1990
Working balance sheet data:
Working capital $10,822 $ 4,057
Assets 15,171 6,396
Shareholders' equity 14,319 5,681
/CONTACT: Mary Hagen of Epitope Inc., 503-641-6115; or Shari Annes of Annes Associates, 415-726-5400, for Epitope Inc./
(EPT) CO: Epitope Inc. ST: Oregon IN: MTC SU: ERN SC-JH -- SE013 -- 1827 11/15/91 20:22 EST