Biodelivery Sciences International (MM) (NASDAQ:BDSIW)
Historical Stock Chart
From May 2019 to May 2024
BDSI Reports Financial Results for the Third Quarter Ended
September 30, 2004
Increase in Stockholders' Equity Meets Nasdaq Requirements for Continued
Listing
NEWARK, N.J., Nov. 12 /PRNewswire-FirstCall/ -- BioDelivery Sciences
International, Inc. (NASDAQ:BDSICNASDAQ:BDSIW) today reported financial results
for its fiscal quarter ended September 30, 2004 by filing its Quarterly Report
on Form 10-QSB with the Securities and Exchange Commission.
For the third quarter of fiscal 2004, BDSI reported total revenue of
approximately $665,000, compared to revenue of approximately $780,000 for the
same period in fiscal 2003. However, BDSI reported its first quarterly profit,
slightly in excess of $1 million, or $0.14 per share, due in part to a one-time
$2.5 million asset sale (consisting of a future royalty revenue stream) to
Accentia Biopharmaceuticals, Inc., a related company. Net loss for the third
quarter of 2003 was approximately $500,000, or ($0.07) per share.
BDSI also reported total stockholders' equity of approximately $7.24 million as
of the quarter ended September 30, 2004, compared to approximately $3.14
million as of the year ended December 31, 2003 and approximately $768,000 for
the quarterly period ended June 30, 2004. This increase was due to BDSI's
consummation of several strategic transactions in the third quarter of 2004,
including: (i) the acquisition of Arius Pharmaceuticals, Inc. (and the issuance
of a newly-created series of Series A Preferred Stock in connection therewith),
(ii) the entry into a $4 million Equity Line of Credit Agreement with Hopkins
Capital Group II, LLC, BDSI's principal stockholder (and the issuance of $1.45
million of a newly-created series of Series A Preferred Stock in connection
therewith) and (iii) cost-cutting efforts by the company. Additionally, as of
September 30, 2004, BDSI had cash on hand of approximately $2.14 million,
compared to approximately $526,000 as of the year ended December 31, 2003 and
approximately $143,000 for the quarterly period ended June 30, 2004.
The increase in stockholders' equity is particularly important as the reported
level of stockholders' equity will allow BDSI to meet the requirements for
continued listing on the Nasdaq SmallCap Market. BDSI has been threatened with
delisting from such market because stockholders' equity was below $2.5 million
as of March 31, 2004 and because of certain other matters. A Nasdaq hearing
was held on September 9, 2004 and on October 13, a hearing panel of the Nasdaq
Stock Market informed BDSI that it had been granted a exception to such
deficiencies pending the announcement of the company's third quarter financial
results. BDSI plans to report its financial results to the Nasdaq Hearings
Department immediately and is hopeful that the exception will be lifted and
that BDSI's stock will return to normal trading status.
Dr. Frank O'Donnell, Chairman, CEO and President of BDSI, stated, "We are very
gratified by our third quarter results and are proud of the hard work BDSI has
put in to achieve this outcome. We expect, barring any unforeseen matters, to
return to normal trading status on the Nasdaq as soon as possible."
BioDelivery Sciences International, Inc. is a biotechnology company that is
developing and seeking to commercialize patented and licensed delivery
technologies for pharmaceuticals, vaccines, over-the-counter drugs,
nutraceuticals and micronutrients. The company's technologies include: (i) the
patented Bioral(TM) nanocochleate technology, designed for a potentially broad
base of applications, and (ii) the patented BEMA(TM) (buccal or mouth) drug
delivery technology being developed by the company's Arius Pharmaceuticals
subsidiary with a focus on "acute" treatment opportunities for surgical and
oncology patients.
Note: Except for the historical information contained herein, this press
release contains, among other things, certain forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act of 1995,
that involve risks and uncertainties. Such statement may include, without
limitation, statements with respect to the Company's plans, objectives,
expectations and intentions and other statements identified by words such as
"may", "could", "would", "should", "believes", "expects", "anticipates",
"estimates", "intends", "plans" or similar expressions. These statements are
based upon the current beliefs and expectations of the Company's management and
are subject to significant risks and uncertainties, including those detailed in
the Company's filings with the Securities and Exchange Commission. Actual
results may differ from those set forth in the forward-looking statements.
These forward-looking statements involve certain risks and uncertainties that
are subject to change based on various factors (many of which are beyond the
Company's control).
L.G. Zangani, LLC provides financial public relations service to the Company.
As such L.G. Zangani, LLC and/or its officers, agents and employees, receives
remuneration for public relations and or other services in the form of monies,
capital stock in the Company, warrants or options to purchase capital in the
Company.
DATASOURCE: BioDelivery Sciences International, Inc.
CONTACT: Francis E. O'Donnell, Jr., President and CEO of BioDelivery
Sciences International, Inc., +1-973-972-0015; or M.DLeonardo Zangani of L.G.
Zangani, LLC, +1-908-788-9660
Web site: http://www.biodeliverysciences.com/