TEMPE, Ariz., May 4 /PRNewswire-FirstCall/ -- OrthoLogic Corp.
(NASDAQ:OLGC) today announced financial results for the first
quarter of 2006. OrthoLogic reported a net loss of $16.5 million,
or $0.42 per share, for the first quarter of 2006, compared to a
net loss of $5.5 million and $0.14 per share for the first quarter
of 2005. Comparability between periods was affected by the
inclusion in 2006 of $8.4 million of purchased in-process research
and development costs related to the AzERx acquisition, $1 million
in non-cash stock compensation costs associated with the adoption
of SFAS123(R) effective January 1, 2006 and increased research and
development costs resulting from a greater number of active
subjects in the Chrysalin Phase 3 and Phase 2b fracture repair
human clinical trials. At March 31, 2006, OrthoLogic had cash, cash
equivalents, and investments of $80.8 million. "We remain committed
to our goal of building a successful biopharmaceutical organization
and developing therapeutic solutions that satisfy significant unmet
medical needs," stated Jock Holliman, Executive Chairman of
OrthoLogic. "Topline Phase 3 clinical trial results showed that
Chrysalin at the 10ug dose did not meet the primary endpoint of
time to removal of immobilization. However, in this study -- as in
the study that preceded it -- Chrysalin was demonstrated to be safe
and to improve bone healing, based on radiographic evidence. We are
currently conducting an interim analysis of our Phase 2b
dose-ranging clinical trial assessing Chrysalin in distal radius
fracture. For the balance of 2006, we will direct our efforts
toward optimizing the value of Chrysalin in the fracture repair
indication, examining its potential in diabetic foot ulcer healing,
and advancing our AZX100 product platform." Quarterly Highlights
Chrysalin Programs: The Company reported topline Phase 3 clinical
trial results of Chrysalin in distal radius fracture in March,
showing that 10ug of Chrysalin did not meet the primary endpoint of
time to removal of immobilization. Chrysalin was shown to be safe
and to improve bone healing based on radiographic evidence. The
Company is conducting an interim analysis of the concurrent Phase
2b dose-ranging clinical trial assessing Chrysalin in distal radius
fracture at 1ug, 3ug, 10ug and 30ug, with results expected during
the third quarter of 2006. Business Development: OrthoLogic
expanded its pipeline in February with the acquisition from AzERx
of an exclusive license for the core intellectual property relating
to the lead compound AZX100, a 24-amino acid peptide. OrthoLogic
also announced in February the formation of a strategic alliance
with Quintiles, one of the world's leading pharmaceutical services
organizations, for the development of Chrysalin. Management Update:
During the first quarter of 2006, OrthoLogic appointed Les Taeger
as Senior Vice President and Chief Financial Officer of OrthoLogic.
The Company also appointed William M. Wardell, MD, Ph.D., to its
Board of Directors. In April 2006, the Company announced the
resignation of James M. Pusey, MD as President and CEO, and the
appointment of John M. Holliman, III as Executive Chairman and
Randolph C. Steer, MD, Ph.D. as President. Conference Call
Information Management will host a conference call and webcast on
May 4, 2006 at 9:00 AM EDT (7:00 AM MT). To access the call,
participants may dial 866-825-1692 (domestic) or 617-213-8059
(international) and provide the access code 66209515. A replay of
the call will be available beginning May 4, 2006, at 11:00 AM EDT
until May 18, 2006, and may be accessed at 888-286-8010 (domestic)
or 617-801-6888 (international), with access code 19681555.
Additionally, the conference call will be webcast on the Investor
Relations section of the Company's Web site,
http://www.orthologic.com/. About OrthoLogic OrthoLogic is a
biotechnology company committed to developing a pipeline of novel
peptides and other molecules aimed at helping patients with
under-served conditions. The Company is focused on the development
and commercialization of two product platforms: Chrysalin(R)
(TP508) and AZX100. Chrysalin, the Company's novel synthetic
23-amino acid peptide, is being studied in two lead indications,
both of which represent areas of significant unmet medical need --
fracture repair and diabetic foot ulcer healing. Based on the
Company's pioneering scientific research of the natural healing
cascade, OrthoLogic has become a leading company focused on tissue
repair. The Company owns exclusive worldwide rights to Chrysalin.
AZX100 is a novel synthetic pre-clinical 24-amino acid peptide, one
of a new class of compounds in the field of smooth muscle
relaxation called Intracellular Actin Relaxing Molecules, or
ICARMs(TM). AZX100 is currently being evaluated for medically and
commercially significant applications, such as the treatment of
vasospasm associated with subarachnoid hemorrhage, the prevention
of keloid scarring and the treatment of asthma. OrthoLogic has an
exclusive worldwide license to AZX100. OrthoLogic's corporate
headquarters are in Tempe, Arizona. For more information, please
visit the Company's Web site: http://www.orthologic.com/.
Statements in this press release or otherwise attributable to
OrthoLogic regarding our business that are not historical facts are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, which include the timing and acceptability of FDA
filings and the efficacy and marketability of potential products,
involve risks and uncertainties that could cause actual results to
differ materially from predicted results. These risks include:
delays in obtaining or inability to obtain FDA, institutional
review board or other regulatory approvals of preclinical or
clinical testing; unfavorable outcomes in our preclinical and
clinical testing; the development by others of competing
technologies and therapeutics that may have greater efficacy or
lower cost; delays in obtaining or inability to obtain FDA or other
necessary regulatory approval of our products; our inability to
successfully and cost effectively develop or outsource
manufacturing and marketing of any products we are able to bring to
market; changes in FDA or other regulations that affect our ability
to obtain regulatory approval of our products, increase our
manufacturing costs or limit our ability to market our products;
our possible need for additional capital in the future to fund the
continued development of our product candidates; and other factors
discussed in our Form 10-K for the fiscal year ended December 31,
2005, and other documents we file with the Securities and Exchange
Commission. ORTHOLOGIC CORP. (A Development Stage Company)
CONDENSED BALANCE SHEETS (in thousands) (Unaudited) March 31,
December 31, 2006 2005 ASSETS Current assets Cash and cash
equivalents $41,429 $35,111 Short-term investments 32,389 46,437
Prepaids and other current assets 756 857 Total current assets
74,574 82,405 Furniture and equipment, net 593 525 Long-term
investments 6,974 2,084 Deferred income taxes 1,106 1,106 Patents,
net 2,240 2,223 Total assets $85,487 $88,343 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities Accounts payable $1,516
$1,036 Accrued compensation 262 711 Accrued clinical 737 544
Accrued severance and other restructuring costs 410 602 Other
accrued liabilities 800 1,089 Total current liabilities 3,725 3,982
Deferred rent and other non-current liabilities 454 183 Total
liabilities $4,179 $4,165 Stockholders' Equity Common Stock $.0005
par value; 20 19 100,000,000 and 50,000,000 shares authorized;
40,573,489 38,124,742 shares issued and outstanding Additional
paid-in capital 184,965 171,355 Accumulated deficit (103,677)
(87,196) Total stockholders' equity 81,308 84,178 Total liabilities
and stockholders' equity $85,487 $88,343 ORTHOLOGIC CORP. (A
Development Stage Company) CONDENSED STATEMENTS OF OPERATIONS (in
thousands, except per share data) (Unaudited) Development Stage
Company August 5, Three months ended 2004 - March 31, March 31,
2006 2005 2006 OPERATING EXPENSES General and administrative $2,093
$910 $8,881 Research and development 6,716 5,403 40,240 Other
divestiture and related gains -- (250) (375) Purchased in-process
research and development 8,434 -- 34,274 Total operating expenses
17,243 6,063 83,020 Interest income, net (762) (552) (4,153) Loss
from continuing operations before taxes 16,481 5,511 78,867 Income
tax benefit -- (12) (750) Loss from continuing operations 16,481
5,499 78,117 Discontinued operations - net gain on sale of the bone
device business, net of taxes ($267) -- -- (2,202) NET LOSS $16,481
$5,499 $75,915 Per Share Information: Net loss, basic and diluted
$(0.42) $(0.14) Basic and diluted shares outstanding 39,250,851
38,047,198 DATASOURCE: OrthoLogic Corp. CONTACT: investors, Melanie
Friedman of Stern Investor Relations, Inc., +1-212-362-1200, , for
OrthoLogic Corp. Web site: http://www.orthologic.com/
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