Matritech (AMEX:MZT)
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Matritech (Amex: MZT), a leading marketer and developer of protein-based
diagnostic products for the early detection of cancer, today reported
financial results for the second quarter ended June 30, 2007.
Revenue for the second quarter of 2007 was $3,300,000 compared with
$2,823,000 for the second quarter of 2006, an increase of 17%. Revenue
recognized from sales of the NMP22 BladderChek Test increased 20% during
the quarter to $2,681,000 compared to $2,230,000 in the second quarter
of 2006. NMP22 BladderChek Test sales accounted
for approximately 90% of sales in the NMP22 product line.
The Company reported a loss from operations of $2,233,000 for the
quarter ended June 30, 2007, compared with a loss from operations of
$2,306,000 for the same period in 2006. This 3% decrease was due
primarily to increased sales of the NMP22 BladderChek Test. The Company
reported a net loss of $4,581,000 or $0.08 per share for the quarter
ended June 30, 2007, compared with a net loss of $3,567,000 or $0.06 per
share for the same period in 2006.
David L. Corbet, Matritech’s President and COO
remarked, “We are pleased with the
year-over-year growth in BladderChek Test sales in both the U.S. and
Germany. In Germany we are able to report another quarter of sales
growth in our gynecology customer base. While in the U.S., occupational
health testing is gathering momentum; we are seeing increasing support
for using the BladderChek Test to screen individuals in occupations at
risk for bladder cancer. We remain optimistic about the growth of sales
of the BladderChek Test and reaffirm our 2007 guidance on total revenues
of between $14.5 and $15.5 million.”
Mr. Corbet added, “UroToday.com recently
launched the first web based Bladder Cancer Diagnosis and Monitoring
Center. Matritech supported this initiative with an educational
grant. The new center offers urologists and other physicians clinically
relevant publications, current clinical trials, media resources, and an Ask
the Expert area where participants can receive answers to medical
questions. We believe our support of this new center reflects our
leadership role in the early detection of bladder cancer.”
Revenue recognized from sales of the NMP22 BladderChek Test increased
19% during the first six months of 2007 to $5,473,000 as compared with
$4,617,000 in the first six months of 2006. Overall product sales for
the first six months of 2007 were $6,647,000 compared to $5,678,000 for
the first six months of 2006. Total revenues for the first six months of
2007 were $6,713,000 compared to $5,732,000 for the first six months of
2006.
The Company reported a loss from operations of $4,255,000 for the six
months ended June 30, 2007, compared with a loss of $4,503,000 for the
same period in 2006. The Company reported a net loss of $8,724,000 or
$0.15 per share, for the six months ended June 30, 2007, compared with a
net loss of $6,660,000 or $0.13 per share, for the same period in 2006.
Stephen D. Chubb, Matritech’s Chairman and CEO
noted, “As we commented in our first quarter
earnings announcement, we must secure further financing in order to meet
our ongoing obligations, including possible cash payments on our
outstanding debt. In June and July, most of our note holders deferred
interest and principal payments due, which has been very helpful to the
Company. We are actively exploring financing and strategic alternatives,
but our range of financing options is restricted by our previously
issued securities. We hope to be able to provide clarifying information
about this situation in the near future.”
Mr. Chubb concluded, “We are delivering on
our mission to help save lives by detecting cancer early. Screenings for
bladder cancer have increased in high risk occupations, most notably
firefighters. Recently, the San Francisco firefighter bladder cancer
screening program, using the NMP22 BladderChek Test, diagnosed a cancer
in a retired firefighter that could not be seen with a cystoscopic
examination. The BladderChek Test aided in the early diagnosis of a
cancer that otherwise might not have been found until it was more
advanced and less treatable.”
Review of NMP22®
BladderChek®
Test
American Urological Association (AUA) May 2007 Annual Meeting,
Anaheim, CA.
The NMP22 BladderChek Test was featured in a plenary session and
discussed during poster sessions. Highlights included:
New information from the NMP22 Investigation Group showing the use of
the NMP22 BladderChek Test as a diagnostic tool in evaluating patients
with risk factors for bladder cancer. Data showed positive predictive
value (PPV) increased in patients at higher risk for bladder cancer.
The predictive value of the NMP22 BladderChek Test demonstrates its
utility as a diagnostic tool to help physicians with patient diagnosis
and a management plan.
For example:
In men, the PPV of the NMP22 BladderChek Test was higher among those who
were older, smokers, and patients with gross hematuria (factors
considered to increase risk for bladder cancer).
The negative predictive value (NPV), or reliability of a negative test
result, is enhanced in lower risk patients, up to 100% in women under
age 65.
A large scale multi-site screening study that Dr. H. Barton Grossman
is heading from the M.D. Anderson Cancer Center and supported by an
NIH grant will get underway in the next several months. The study
includes the use of the NMP22 BladderChek Test.
Scheduled Web Cast of Call Today
The Company has scheduled a conference call at 8:30 a.m. (ET) today to
discuss the results of operations and provide a company update. The call
will be webcast and can be accessed on the Matritech web site at www.matritech.com.
Conference Call Dial-in Number
To access the conference call by telephone, the number in the United
States is 800-591-6945. The International number is 617-614-4911.
The participant pass code is 18241894. The webcast will also be
distributed over CCBN's Investor Distribution Network to both
institutional and individual investors.
About Matritech
Matritech is using its patented proteomics technology to develop
diagnostics for the detection of a variety of cancers. The Company's
first two products, the NMP22®
Test Kit and NMP22®
BladderChek® Test,
have been FDA approved for the monitoring and diagnosis of bladder
cancer. The NMP22 BladderChek Test is based on Matritech's proprietary
nuclear matrix protein (NMP) technology, which correlates levels of NMPs
in body fluids to the presence of cancer. Beginning with a patent
portfolio licensed exclusively from the Massachusetts Institute of
Technology (MIT), Matritech’s patent
portfolio has grown to 14 other U.S. patents. In addition to the NMP22
protein marker utilized in the NMP22 Test Kit and NMP22 BladderChek
Test, the Company has discovered other proteins associated with
cervical, breast, prostate, and colon cancer. The Company’s
goal is to utilize protein markers to develop, through its own research
staff and through strategic alliances, clinical applications to detect
cancer. More information about Matritech is available at www.matritech.com.
Statement under the Private Securities Litigation Reform Act
Any forward-looking statements in this press release including those
related to the Company's expectations regarding future sales of the
Company’s products, sales in specific target
markets, screening studies, business prospects and financings and
strategic alternatives are subject to a number of risks and
uncertainties, many of which are beyond the Company’s
control. Please refer to the risk factors detailed in the Company's
periodic reports and registration statements as filed with the
Securities and Exchange Commission. These forward-looking statements are
neither promises nor guarantees. There can be no assurance that the
Company's expectations for its products or future financial performance
will be achieved. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. Matritech undertakes no responsibility to revise or update any
such forward-looking information.
Matritech, Inc.
Financial Highlights
Three Months Ended
Six Months Ended
June 30,
June 30,
2007
2006
2007
2006
Revenues
$
3,299,631
$
2,823,112
$
6,713,370
$
5,731,723
Cost of sales
785,280
748,957
1,544,713
1,539,032
Research, development and clinical expense
592,928
725,886
1,233,302
1,557,347
Selling, general and administrative expense
4,154,704
3,654,126
8,190,803
7,138,479
Loss from operations
(2,233,281
)
(2,305,857
)
(4,255,448
)
(4,503,135
)
Interest income
16,318
50,133
39,814
91,687
Interest expense
2,363,663
1,297,091
4,508,845
2,210,366
Other expense
-
14,248
-
37,908
Net loss
$
(4,580,626
)
$
(3,567,063
)
$
(8,724,479
)
$
(6,659,722
)
Basic/diluted
net loss per share
$
(0.08
)
$
(0.06
)
$
(0.15
)
$
(0.13
)
Basic/diluted
weighted average
number of common
shares outstanding
60,686,458
55,121,109
59,596,621
52,978,064
June 30,
December 31,
2007
2006
Cash & cash equivalents
$
1,666,950
$
1,460,403
Working capital
(5,799,610
)
(3,606,729
)
Total assets
5,832,871
5,505,875
Long-term debt (a)
16,775
95,227
Series A convertible preferred stock
104,312
104,312
Stockholders' deficit
(5,195,559
)
(2,900,452
)
(a) At June 30, 2007 and December 31, 2006 the face value of our
current and long-term debt was $9,087,613 and $6,162,584 and the
carrying value was $6,271,121 and $3,412,087, respectively.