TEMPE, Ariz., Aug. 9 /PRNewswire-FirstCall/ -- OrthoLogic Corp.
(NASDAQ:OLGC) today announced financial results for the second
quarter of 2006. OrthoLogic reported a net loss of $6.5 million, or
$0.16 per share, for the second quarter of 2006, compared to a net
loss of $6.6 million or $0.17 per share, for the second quarter of
2005. For the six months ended June 30, 2006 the net loss was $23.0
million, or $0.58 per share, versus a net loss of $12.1 million, or
$0.32 per share, for the six months ended June 30, 2005. The
increase in net loss for the six month period resulted from $8.4
million of in-process research and development costs related to the
AzERx acquisition, the inclusion in 2006 of $1.7 million in
non-cash stock compensation expense related to the January 1, 2006
adoption of SFAS 123(R) and $1.1 million in non-cash deferred tax
expense. The Company had $75.6 million in cash and investments as
of June 30, 2006. OrthoLogic originally issued guidance for 2006
for $35.0 million in cash burn. With careful adjustments to
resource allocation and the interruption of the fracture repair
clinical development program, the Company now forecasts a cash burn
for 2006 of $15.0 - $17.5 million. "The OrthoLogic management team
is operating with an intense focus on value creation," stated Jock
Holliman, Executive Chairman of OrthoLogic. "We have significantly
decreased the cash burn through the interruption in the fracture
repair clinical trial, a reduction in headcount and stringent cost
control. We are continuing to analyze Chrysalin from a scientific,
clinical and regulatory standpoint in both fracture repair and
diabetic foot ulcer healing to optimize its value to shareholders.
We are also continuing the pre-clinical work that will support the
initiation of clinical trials for AZX100 in one of several possible
indications." Conference Call Information Management will host a
conference call and webcast on August 9, 2006, at 4:30 PM EDT (1:30
PM PT). To access the call, participants may dial 866-825-3209
(domestic) or 617-213-8061 (international), with access code
30471562. A replay of the call will be available beginning August
9, 2006, at 6:30 PM EDT until August 22, 2006, and may be accessed
at 888-286-8010 (domestic) or 617-801-6888 (international), with
access code 18532110. Additionally, the conference call will be
webcast on the Investor Relations section of the Company's website:
http://www.orthologic.com/. About OrthoLogic OrthoLogic is a
biotechnology company committed to developing a pipeline of novel
therapeutic peptides and other molecules aimed at helping patients
with under-served medical 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 bone and 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 commercially significant medical 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 website:
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
pre-clinical or clinical testing; unfavorable outcomes in our
pre-clinical 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, except per share data)
(Unaudited) June 30, December 31, 2006 2005 ASSETS Current assets
Cash and cash equivalents $36,992 $35,111 Short-term investments
28,425 46,437 Prepaids and other current assets 546 857 Total
current assets 65,963 82,405 Furniture and equipment, net 512 525
Long-term investments 10,182 2,084 Deferred income taxes -- 1,106
Patents, net 2,170 2,223 Total assets $78,827 $88,343 LIABILITIES
AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $785
$1,036 Accrued compensation 448 711 Accrued clinical 557 544
Accrued severance and restructuring costs 349 602 Other accrued
liabilities 829 1,089 Total current liabilities 2,968 3,982
Deferred rent and other non-current liabilities 412 183 Total
liabilities 3,380 4,165 Stockholders' Equity Common Stock $.0005
par value; 20 19 100,000,000 shares authorized; 40,661,039 and
38,124,742 shares issued and outstanding at 2006 and 2005,
respectively Additional paid-in capital 185,646 171,355 Accumulated
deficit (110,219) (87,196) Total stockholders' equity 75,447 84,178
Total liabilities and stockholders' equity $78,827 $88,343
ORTHOLOGIC CORP. (A Development Stage Company) CONDENSED STATEMENTS
OF OPERATIONS (in thousands, except per share data) (Unaudited) As
a Three months Six months Development ended ended Stage June 30,
June 30, Company 2006 2005 2006 2005 8/5/2004 - 6/30/2006 OPERATING
EXPENSES General and administrative $2,061 $1,273 $4,153 $2,183
$10,941 Research and development 4,208 5,991 10,924 11,394 44,448
Other divestiture and related gains -- -- -- (250) (375) Purchased
in-process research and development 34 -- 8,469 -- 34,309 Total
operating expenses 6,303 7,264 23,546 13,327 89,323 Interest
income, net (867) (654) (1,629) (1,206) (5,020) Loss from
continuing operations before taxes 5,436 6,610 21,917 12,121 84,303
Income tax expense (benefit) 1,106 -- 1,106 (12) 356 Loss from
continuing operations 6,542 6,610 23,023 12,109 84,659 Discontinued
operations - net gain on the sale of the bone device business, net
of taxes ($267) -- -- -- -- (2,202) NET LOSS $6,542 $6,610 $23,023
$12,109 $82,457 Per Share Information: Net loss, basic and diluted
$0.16 $0.17 $0.58 $0.32 Basic and diluted shares outstanding 40,622
38,220 39,962 38,134 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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