TEMPE, Ariz., Nov. 2 /PRNewswire-FirstCall/ -- OrthoLogic Corp.
(NASDAQ:OLGC) today announced financial results for the third
quarter of 2006. OrthoLogic reported a net loss of $5.8 million, or
$0.14 per share, for the third quarter of 2006, compared to a net
loss of $7.6 million or $0.20 per share, for the third quarter of
2005. For the nine months ending September 30, 2006, net loss was
$28.8 million, or $0.71 per share versus a net loss of $19.7
million or $0.52 per share for the nine months ended September 30,
2005. The results for the three months ended September 30, 2006
include stock based compensation expense of $0.6 million and
recognition of a Chrysalin Product Platform patent impairment loss
of $2.1 million. The results for the nine months ended September
30, 2006 include stock based compensation expense of $2.2 million,
recognition of a Chrysalin Product Platform patent impairment loss
of $2.1 million, $8.4 million of in-process research and
development costs related to the acquisition of the AZX100
technology platform and recognition of income tax expense related
to the recording of a valuation allowance of $1.1 million for a
deferred tax asset related to an Alternative Minimum Tax credit
carryover. When these factors are considered, the three- and
nine-month periods ended September 30, 2006 would both show a
decline in expenditure levels compared to similar periods in 2005,
related primarily to the reduction in clinical activity and
infrastructure expenses between 2006 and 2005. The Company had
$74.1 million in cash and investments as of September 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 million.
"The OrthoLogic management team continues to operate with an
intense focus on value creation," stated Jock Holliman, Executive
Chairman of OrthoLogic. "We are performing the essential
preclinical and other development work on AZX100 that will support
an IND filing targeted for year-end 2007 in one of several possible
indications. We have no immediate plans to re-enter clinical trials
with TP508, but are continuing our development efforts to define
mechanism of action and address dose and formulation issues in the
fracture repair indication." Conference Call Information Management
will host a conference call and webcast on November 2, 2006, at
4:30 PM EST (2:30 PM MT). The call may be accessed at 800-599-9816
(domestic) or 617-847-8705 (international), with access code
36319451. A replay will be available beginning November 2, 2006, at
6:30 PM EST until November 16, 2006, and may be accessed at
888-286-8010 (domestic) or 617-801-6888 (international), with
access code 54229516. 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) September 30, December 31, 2006 2005 ASSETS Current
assets Cash and cash equivalents $36,890 $35,111 Short-term
investments 27,318 46,437 Prepaids and other current assets 480 857
Total current assets 64,688 82,405 Furniture and equipment, net 403
525 Long-term investments 9,930 2,084 Deferred income taxes --
1,106 Patents, net -- 2,223 Total assets $75,021 $88,343
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts
payable $852 $1,036 Accrued compensation 642 711 Accrued clinical
472 544 Accrued severance and restructuring costs 178 602 Other
accrued liabilities 813 1,089 Total current liabilities 2,957 3,982
Deferred rent and other non-current liabilities 372 183 Total
liabilities 3,329 4,165 Stockholders' Equity Common Stock $.0005
par value; 21 19 100,000,000 shares authorized; 41,564,291 and
38,124,742 shares issued and outstanding at 2006 and 2005,
respectively Additional paid-in capital 187,708 171,355 Accumulated
deficit (116,037) (87,196) Total stockholders' equity 71,692 84,178
Total liabilities and stockholders' equity $75,021 $88,343
ORTHOLOGIC CORP. (A Development Stage Company) CONDENSED STATEMENTS
OF OPERATIONS (in thousands, except per share data) (Unaudited)
Three months ended Nine months ended As a Development September 30,
September 30, Stage Company 2006 2005 2006 2005 8/5/2004 -
9/30/2006 OPERATING EXPENSES General and admini- strative $1,414
$1,027 $5,567 $3,210 $12,355 Research and development 5,651 7,266
16,575 18,660 50,099 Other divestiture and related gains -- -- --
(250) (375) Purchased in-process research and development 2 --
8,471 -- 34,311 Total operating expenses 7,067 8,293 30,613 21,620
96,390 Interest and other income, net (1,250) (700) (2,879) (1,906)
(6,270) Loss from continuing operations before taxes 5,817 7,593
27,734 19,714 90,120 Income tax expense (benefit) -- -- 1,106 (12)
356 Loss from continuing operations 5,817 7,593 28,840 19,702
90,476 Discontinued operations - net gain on the sale of the bone
device business, net of taxes ($267) -- -- -- -- (2,202) NET LOSS
$5,817 $7,593 $28,840 $19,702 $88,274 Per Share Information: Net
loss, basic and diluted $0.14 $0.20 $0.71 $0.52 Basic and diluted
shares outstanding 41,545 38,025 40,496 38,019 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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