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Spectral announces second quarter 2010 results

^{Published on 2010-08-12 04:17:26 - Market Wire}
 

 - Publication of an important new reference book on the subject of endotoxin entitled, "Endotoxemia and Endotoxin Shock: Disease, Diagnosis and Therapy." The publication contains a section that focuses entirely on extracorporeal therapies, such as Toraymyxin(TM), as well as chapters that demonstrate the utility of the EAA(TM) to identify patients who are endotoxemic and to monitor the effects of this therapy. - Received the McMaster University Industry Partner of the Year Award, earned for Spectral's contribution to the discovery and development of aptamer technology for the diagnosis and treatment of sepsis. - Completed evaluation and training of a number of centres participating in the Toraymyxin(TM) pivotal trial. 

 Spectral Diagnostics Inc. Balance Sheets - unaudited As at June 30, 2010 and December 31, 2009 ------------------------------------------------------------------------- (in thousands of dollars) 2010 2009 $ $ ----------------------- Assets Current assets Cash and cash equivalents 17,336 2,944 Accounts receivable 687 781 Inventories 340 123 Prepaid expenses 110 45 ----------------------- 18,473 3,893 Property, plant and equipment 437 457 Commercial instruments 73 94 Purchased technology and trademarks 854 588 ----------------------- 19,837 5,032 ----------------------- ----------------------- Liabilities Current liabilities Accounts payable and accrued liabilities 669 1,077 Current portion of convertible notes payable 1,295 2,336 ----------------------- 1,964 3,413 Deferred revenue 189 254 ----------------------- 2,153 3,667 ----------------------- Shareholders' Equity Common shares 21,264 2,524 Other equity 6,586 5,794 Deficit (10,166) (6,953) ----------------------- 17,684 1,365 ----------------------- 19,837 5,032 ----------------------- ----------------------- Spectral Diagnostics Inc. Statements of Operations, Comprehensive Loss and Deficit - unaudited For the six months ended June 30, 2010 and 2009 ------------------------------------------------------------------------- (in thousands of dollars, except share and per share data) 3 Months Ended 6 Months Ended June 30 June 30 2010 2009 2010 2009 $ $ $ $ Sales 678 776 1,426 1,618 Cost of sales 155 166 319 350 ----------------------- ----------------------- Gross margin 523 610 1,107 1,268 ----------------------- ----------------------- Operating expenses Selling, general and administrative 763 763 1,661 1,554 Clinical trial 624 164 968 264 Service fees 250 - 500 - Amortization 156 159 311 323 Foreign exchange loss(gain) (26) 84 13 52 Stock-based compensation - - 792 - Research and product development, net of tax credits 8 16 24 36 ----------------------- ----------------------- 1,775 1,186 4,269 2,229 ----------------------- ----------------------- Loss before the following (1,252) (576) (3,162) (961) Interest on convertible notes payable (24) (41) (59) (82) Other net investment income (loss) 6 (84) 8 (62) ----------------------- ----------------------- Loss and comprehensive loss for the period (1,270) (701) (3,213) (1,105) Deficit - Beginning of period (8,896) (4,593) (6,953) (4,189) ----------------------- ----------------------- Deficit - End of period (10,166) (5,294) (10,166) (5,294) ----------------------- ----------------------- ----------------------- ----------------------- Basic and diluted loss per common share (0.02) (0.03) (0.06) (0.05) ----------------------- ----------------------- ----------------------- ----------------------- Weighted average number of common shares outstanding 75,822,318 24,118,424 58,404,514 24,118,424 ----------------------- ----------------------- ----------------------- ----------------------- Spectral Diagnostics Inc. Statements of Cash Flows - unaudited For the six months ended June 30, 2010 and 2009 ------------------------------------------------------------------------- (in thousands of dollars) 3 Months Ended 6 Months Ended June 30 June 30 2010 2009 2010 2009 $ $ $ $ Cash provided by (used in) Operating activities Loss and comprehensive loss for the period (1,270) (701) (3,213) (1,105) Items not affecting cash Amortization 156 159 311 323 Amortization of commercial instruments included in cost of sales 16 22 48 43 Stock-based compensation expense - - 792 - Interest on convertible notes payable 24 41 59 82 Unrealized loss on short-term investments - 91 - 91 Changes in non-cash working capital (224) 344 (1,696) (39) ----------------------- ----------------------- (1,298) (44) (3,699) (605) ----------------------- ----------------------- Financing activities Bank indebtedness - (385) - - Proceeds on issue of private placement - - 17,608 - Proceeds on exercise of stock options 9 - 32 - Settlement of convertible notes payable - - 1,100 - ----------------------- ----------------------- 9 (385) 18.740 - Investing activities Purchase of property, plant and equipment (32) (51) (55) (54) Purchase of commercial instruments (13) (3) (27) (25) Purchase of technology and trademarks (502) - (502) - Decrease in short-term investments - 1,001 - 964 Decrease in deferred revenue (32) (43) (65) (86) ----------------------- ----------------------- (579) 904 (649) 799 ----------------------- ----------------------- Increase (decrease) in cash and cash equivalents during the period (1,868) 475 14,392 194 ----------------------- ----------------------- Cash and cash equivalents - Beginning of period 19,204 16 2,944 297 ----------------------- ----------------------- Cash and cash equivalents - End of period 17,336 491 17,336 491 ----------------------- ----------------------- ----------------------- ----------------------- Non cash working capital and financing activities Decrease in current portion of convertible notes payable - - (1,100) - Settlement of convertible notes payable - - 1,100 -