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Apogee Technology, Inc., (AMEX: ATA) an emerging
micro-electrical mechanical systems ("MEMS") and nanotechnology
company that designs, develops and markets sensors and medical
devices, today reported its first quarter results ended March 31,
2006. Revenue for the three months ended March 31, 2006 was $985,000
compared with $1.1 million for the same period in 2005. The Company's
net loss for the first quarter of fiscal year 2006 was $729,000 or
($0.06) per share, compared to net loss of $1.4 million or ($0.12) per
share for the first quarter of 2005. For the three months ended March
31, 2006 the Company's net loss was increased by approximately $75,000
or ($.01) per share due to the adoption of SFAS 125(R) for the
expensing of stock options.
Research and Development ("R&D") expenditures were $395,000 for
the first quarter of 2006, compared to $790,000 for the first quarter
of 2005. This decrease primarily results from a reduction in R&D staff
in conjunction with the sale of the Company's audio division to
SigmaTel, Inc. in October of 2005. Selling, General and Administrative
expenditures were $627,000 in the first quarter of 2006, compared to
$800,000 for the same period last year. This decrease reflects a
reduction in the Company's human resource expenses related to sales
and marketing and the savings related to the closing of the Company's
sales offices in Taiwan and Hong Kong in connection with the SigmaTel
transaction.
The Company has approximately $4.7 million of cash and no debt at
March 31, 2006. The Company believes that its current working capital
is sufficient to fund its capital and operational requirements through
at least March 31, 2007. For the year ended December 31, 2005, the
Company received a going concern opinion from its independent auditors
as a result of recurring operating losses and negative cash flows from
operations. The viability of the Company is based upon its ability to
successfully further develop and market its technology and raise
sufficient funds for such purpose.
David Meyers, Apogee's Chief Operating Officer said, "We are
executing on our strategic plan to build our MEMS/Nanotechnology
sensor and medical business. We now have four Ph.D. scientists on
staff as well as six Ph.D. scientific and other senior consultants
supporting our research and development activities. We recently
announced a Medical Advisory Board and expanded our academic research
relationships to six Universities. In order to accelerate and broaden
our ongoing sensor development and product qualification testing, we
have transferred all testing activities to our headquarters in Norwood
and are making investments in additional test equipment. Our strategy
is to have a vertically integrated product development capability to
support customer applications and reduce time to market."
"In addition to our Sensilica(TM) die products, we are completing
a family of packaged sensor solutions. The first is a plastic package
and the second is a metal package for applications such as automated
building control and industrial test equipment. We also combined
Bluetooth(R) wireless capability with our sensor technology to create
a wireless solution that can transmit sensor data over 100 meters to a
personal digital assistant or computer. We will be exhibiting our new
products, including the BlueSensor(TM) wireless solution, at the
Sensor and Test Show in Germany at the end of May and at the Sensor
Expo in Chicago in early June."
Dr. Nevenka Golubovic-Liakopouls, Apogee's Director of Medical
Products said, "We continue to make progress in the development of our
MEMS/Nanotechnology based transdermal drug delivery platform. The
unique advantage of our technology, we believe, lies in its ability to
precisely deliver drugs into specific layers of the skin (epidermis or
dermis), based on the novel principle of "programmable release with
optimal tuning". With our design we will be able to encapsulate a
range of therapeutic drugs, proteins and peptides exceeding 50,000
Dalton and release them instantaneously or over an extended period of
time. A Dalton is a measure of molecule size. Small molecule drugs are
less than 300 Daltons. Our disposable drug delivery solution has no
power requirements, is painless and suitable for self-administration,
and it cannot be misused as the drugs are completely released into the
body."
"In order to determine the best applications for our delivery
platform, we recently completed a medical needs and market opportunity
analysis. The analysis also considered the competitive landscape and
recent developments in transdermal drug delivery. We are now focused
on demonstrating the feasibility of our drug delivery platform with
the selected applications in laboratory and clinical testing. We are
also working to scale-up the manufacturing processes in order to meet
Good Manufacturing Practices standards. Depending upon the specific
applications and products, we may pursue commercialization of our own
products both Food and Drug Administration regulated and
non-regulated, or we may choose to partner with a pharmaceutical
company or license our technology."
"Our newly formed Medical Advisory Board will help formulate and
guide strategic product developments consistent with unmet therapeutic
needs. The board consists of Dr. Peter Carroll who has a Ph. D. in
immunology and is the founder of Medlen and Carroll, LLP, a leading
biotechnology patent law firm, Dr. Joachim Kohn, an expert in polymer
synthesis and characterization, Fellow of the American Institute for
Medical and Biological Engineering and the Director of New Jersey
Center for Biomaterials, and Dr. Sanford Simon, Professor of
Biochemistry, Cell Biology and Pathology at Stony Brook University and
who is involved in research programs related to cell biology and the
development of vaccines and other therapeutics."
About Apogee Technology, Inc.
Apogee Technology designs, develops and markets proprietary sensor
and medical device products using its MEMS and nanotechnology for the
automotive, industrial, consumer and medical markets. The Company has
introduced a family of pressures sensors, under the Sensilica(TM)
brand and is currently developing a MEMS based medical device for
enhanced transdermal drug delivery. Apogee has significant experience
in bringing high-performance and high volume MEMS components to market
quickly. Our objective is to provide value-added and cost-savings
solutions for our customers, and in so doing, to become a global
leader in the field. The Company operates a worldwide marketing and
sales organization and has offices in the US and Japan. For more
information please visit our web site at: http://www.apogeemems.com.
Sensilica(TM) and BlueSensor(TM) are trademarks of Apogee
Technology, Inc. All other product names noted herein may be
trademarks of their respective holders. Certain statements made herein
that use the words "anticipate," "hope," "estimate," "project,"
"intend," "plan," "expect," "believe" and similar expressions are
intended to identify forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve known and unknown risks and
uncertainties, which could cause the actual results, performance or
achievements of the company to be materially different from those that
may be expressed or implied. Please refer to the company's risk
factors as set forth in the company's filings with the Securities and
Exchange Commission, including its reports on Forms 10-KSB and 10-QSB.
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APOGEE TECHNOLOGY, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
MARCH 31, DECEMBER 31,
2006 2005
------------ ------------
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $4,673,581 $5,512,974
Accounts receivable, net of allowance for
doubtful accounts of $88,074 and
$145,000, in 2006 and 2005 respectively 119,291 152,837
Inventories, net 613,585 1,327,964
Prepaid expenses and other current assets 92,529 123,462
------------ ------------
Total current assets 5,498,986 7,117,237
------------ ------------
Property and equipment, net 47,687 39,932
------------ ------------
Other assets
Escrow account 411,924 409,480
Patents, net of accumulated amortization
of $-0- and $-0-, in 2006 and 2005
respectively 154,044 149,536
------------ ------------
$6,112,641 $7,716,185
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $ 529,299 $ 766,930
Deferred distributor revenue 625,521 1,337,022
Deferred contract revenue 72,686 72,686
------------ ------------
Total current liabilities 1,227,506 2,176,638
------------ ------------
Commitments and Contingencies -- --
Stockholders' equity
Common stock, $.01 par value;
20,000,000 shares authorized, 11,968,332
and 11,968,332 issued and outstanding at
March 31, 2006 and December 31, 2005 119,683 119,683
Additional paid-in capital 18,104,423 18,104,423
Deferred stock compensation 74,590 --
Accumulated deficit (13,413,561 )(12,684,559 )
------------ ------------
Total stockholders' equity 4,885,135 5,539,547
------------ ------------
$6,112,641 $7,716,185
============ ============
APOGEE TECHNOLOGY, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
THREE MONTHS ENDED MARCH 31,
------------------------
2006 2005
----------- ------------
Revenues
Product sales $ 985,398 $ 1,013,787
Royalties -- 100,953
----------- ------------
985,398 1,114,740
----------- ------------
Costs and expenses
Product sales 725,244 967,342
Research and development 394,576 790,140
Selling, general and administrative 626,709 799,939
----------- ------------
1,746,529 2,557,421
----------- ------------
Operating loss (761,131 ) (1,442,681 )
----------- ------------
Other income (expense)
Interest/other income 53,715 4,397
Interest/other expense (21,586 ) --
----------- ------------
32,129 4,397
----------- ------------
Net income (loss) $(729,002 )$(1,438,284 )
=========== ============
Basic and diluted loss per common share $ (0.06 )$ (0.12 )
Weighted average common shares outstanding -
basic and diluted 11,968,332 11,838,332
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