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 HOUSTON, Nov. 18 /PRNewswire/ -- Sheffield Medical Technologies, Inc. (NASDAQ: SHEF), today reported operating results for the third quarter and nine months ended September 30, 1993. The company reported a net loss of $1,430,857, or $.25 per share, for the third quarter, compared with a net loss of $92,078, or $.03 per share, for the corresponding quarter in 1992. For the nine-month period, the company posted a net loss of $2,392,810, or $.47 per share, compared with a net loss of $1,426,141, or $.49 per share, for the same period in 1992.
 "The mission of Sheffield this year has been to advance the commercialization of our clinical research and development projects," said Douglas R. Eger, president and CEO of Sheffield. "We are very pleased with the progression and results to date. The company is on track with its spending, which we think represents an effective and economical approach in the R&D arena.
 "The acceleration of expenditures during the third quarter," he added, "has been due to the extremely positive progress made in our HIV/AIDS research and development program. This has been an exceptional quarter, considering the agreement with Johns Hopkins for the Phase IIA clinical trial of our RBC-CD4 electroinsertion process for HIV/AIDS therapeutic treatment. Accordingly, we provided $1.1 million for the production of CD4 and the scale-up of the Phase IIA clinical trials," Eger said.
 The RBC-CD4 electroinsertion process was co-invented by Dr. Claude Nicolau, currently a Visiting Professor of Medicine at the Harvard Medical School, Eger said. Of the research and development funding Sheffield has provided in the past quarter, the majority has gone into RBC-CD4 production, in preparation for the Johns Hopkins Phase IIA trials.
 "We are also extremely encouraged by the first year's testing of an ovarian cancer diagnostic, based on an antigen identified by Dr. Bonnie Dunbar, an Associate Professor at the Baylor College of Medicine in Houston," Eger pointed out. "Sheffield has agreed to provide second year funding to Baylor, based on the initial year testing results which indicate that the Dunbar antigen is specific to ovarian cancer cells.
 "These two development programs," Eger said, "combined with late- stage research under way at Baylor for a diagnostic and therapeutic for prostate cancer and benign prostate hyperplasia, serve to reinforce Sheffield's position as an economizing leader in the medical technology industry."
 Sheffield Medical Technologies, Inc. provides funding for selected biomedical research and development projects, for which the company plans to seek manufacturing and marketing agreements with established biomedical or pharmaceutical companies. The company is the worldwide exclusive sub-licensee of the RBC-CD4 Electroinsertion Technology, which it believes could be commercialized in 1995. If the RBC-CD4 Technology is demonstrated to be efficacious, Sheffield may, subject to obtaining requisite government approvals, be able to generate commercial revenues from therapeutics administered to patients during Phase III clinical trials.
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 /CONTACT: Douglas R. Eger or Arthur Jenke of Sheffield Medical Technologies, 713-739-8221/

CO: Sheffield Medical Technologies, Inc. ST: Texas IN: MTC SU: ERN

JG -- NY021 -- 5914 11/18/93 09:50 EST
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Publication:PR Newswire
Date:Nov 18, 1993

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