Cryoport (MM) (NASDAQ:CYPT)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Cryoport (MM) Charts. Click Here for more Cryoport (MM) Charts.](/p.php?pid=staticchart&s=N%5ECYPT&p=8&t=15)
Calypte Announces First Quarter Financial Results
ALAMEDA, Calif., May 13 /PRNewswire-FirstCall/ -- Calypte Biomedical
Corporation (BULLETIN BOARD: CYPT) , a developer, manufacturer and marketer of
HIV diagnostic tests, today announced financial results for the first quarter
ended March 31, 2004. Revenues for the quarter totaled $971,000 compared with
$784,000 for the comparable period in 2003, an increase of 24% from the same
quarter a year ago.
The net loss attributable to common stockholders for the quarter was $4.04
million or $0.03 per common share, compared with a net loss attributable to
common stockholders of $6.37 million or $1.11 per common share, for the three
months ended March 31, 2003. The net loss for the first quarter of 2004
included $701,000 in non-cash charges that were related to the grants of common
stock and options and warrants as compensation for services and non-cash
interest expense related primarily to the accounting for Calypte's convertible
debt financing instruments. During the quarter ended March 31, 2003, non-cash
charges totaled $3,587,000 related to the same types of expenses.
"Calypte is becoming a more efficient and streamlined company," stated Tony
Cataldo, Calypte's executive chairman. "As the international demand for
alternative testing grows, as well as the need to constantly evaluate the
success of HIV intervention programs using novel approaches such as the HIV
incidence tests that we are working on with the CDC (Centers for Disease
Control and Prevention), we believe that the company is positioned properly to
take a lead in the field of diagnostic testing."
Recent Highlights:
Following are Calypte's most significant milestones since the last quarterly
release:
* The Marr Group through its subsidiaries continues to work with the
Company to expand the business in China. In this regard, based on a
memorandum of understanding with Beijing Tiantan Biological Products
Co., Inc. ("BTBP"), construction is underway on a Chinese manufacturing
facility. BTBP is a biotech company listed on the Shanghai Stock
Exchange (601161.SS). BTBP is the Special Vehicle Company approved for
listing on the Shanghai Stock Exchange; the parent company is National
Vaccine & Serum Institute who currently owns over 66 % after two
private placements of the BTBP's shares, including 25 million public
shares issued in 2003. BTBP manufactures multiple vaccines for both
viral and bacterial infections. BTBP has experience in operating life
science quality manufacturing facilities and obtaining regulatory
approvals for its products.
* Calypte is committed to and focused on the introduction of one or more
rapid HIV-1 and HIV-2 diagnostic tests in markets including Africa,
Asia, and Russia. The Company signed a manufacturing agreement with
Pacific Biotech Co. Ltd. in Thailand and will transfer the first of its
products, a rapid HIV-1 / 2 antibody test for blood, serum, and plasma
to this facility in the upcoming weeks. Product is expected to be
available for sale in the second half of this year.
* Calypte continues international field trials of its developmental stage
urine and blood rapid tests in Thailand, and is adding a trial site in
China shortly. The Company will have three active trial sites that
will enable it to accelerate the testing process. Given the
similarities in manufacturing techniques, the Company expects to
achieve a quick transfer of its urine product(s) into production once
it is satisfied with the results coming from these field trials.
* The Company initiated a CRADA (Cooperative Research and Development
Agreement) with the CDC that calls for the development of a rapid
blood-based HIV antibody product in conjunction with the CDC. The
proposed product will not only be diagnostic but will also provide a
reaction line to measure incidence, which is a measure of whether an
HIV infection occurred in the recent or remote past. Research and
development is under way. In addition, the manufacturing of a
laboratory-based ELISA incidence test that has been undertaken in the
past by the CDC is being transferred from the CDC to Calypte's
Rockville, Maryland facility, thereby increasing the utilization and
efficiency of Calypte's operation there. Further, because this
incidence test is not for diagnostic purposes, it is expected to have a
short regulatory process and quick time to market in the second half of
2004. The Company is already receiving inquiries regarding the
availability of our product for sale.
* The consolidation of Calypte's domestic manufacturing operations in
Rockville is progressing according to schedule and, when completed, is
expected to eliminate approximately $1 million of annual expense,
including approximately $500,000 in annual occupancy costs, and create
a more efficient and cost effective manufacturing structure. The
Company expects to exit its Alameda manufacturing facility at the end
of June, and has largely completed the inventory build-up necessary for
the transition.
Calypte will hold a conference call Thursday, May 13 at 5:00 p.m. (EDT), 2:00
p.m. (PDT). Investors can access the call from the investor section of the
Calypte web site, at http://www.calypte.com/. Investors in the U.S. and Canada
interested in participating in the conference call may dial 800-599-9795 and
reference the Calypte Biomedical call. International investors may dial
617-786-2905. Calypte recommends dialing into the call approximately 10
minutes prior to the scheduled start time. The webcast will be available until
June 12, 2004. A telephone replay will be available through June 12, 2004 by
calling 888-286-8010. International callers should dial 617-801-6888 for the
replay. The replay confirmation code is 42377175.
About Calypte Biomedical:
Calypte Biomedical Corporation, headquartered in Alameda, California, is a
public healthcare company dedicated to the development and commercialization of
in vitro diagnostic tests, primarily for the detection of antibodies to Human
Immunodeficiency Virus (HIV), and other sexually transmitted and infectious
diseases. Calypte's currently marketed laboratory-based tests include an
enzyme immunoassay (EIA) HIV-1 antibody screening test and an HIV-1 antibody
western blot supplemental test, the only two FDA-approved HIV-1 antibody tests
for use on urine samples, as well as an FDA-approved serum HIV- 1 antibody
western blot supplemental test. Calypte is actively engaged in developing new
test products for the rapid detection of HIV and other infectious diseases.
Calypte believes that there is a significant need for rapid detection of such
diseases globally to control their proliferation, particularly in
lesser-developed countries, which lack the medical infrastructure to support
laboratory-based testing. Calypte believes that testing for HIV and other
infectious diseases may make important contributions to public health.
Statements in this press release that are not historical facts are
forward-looking statements within the meaning of the Securities Act of 1933, as
amended. Those statements include statements regarding the intent, belief or
current expectations of the Company and its management. Such statements
reflect management's current views, are based on certain assumptions and
involve risks and uncertainties. Actual results, events, or performance may
differ materially from the above forward-looking statements due to a number of
important factors, and will be dependent upon a variety of factors, including,
but not limited to, the Company's ability to obtain additional financing and
access funds from its existing financing arrangements that will allow it to
continue its current and future operations and whether demand for its test
products in domestic and international markets will continue to expand. The
Company undertakes no obligation to publicly update these forward-looking
statements to reflect events or circumstances that occur after the date hereof
or to reflect any change in the Company's expectations with regard to these
forward-looking statements or the occurrence of unanticipated events. Factors
that may impact the Company's success are more fully disclosed in the Company's
most recent public filings with the U.S. Securities and Exchange Commission
("SEC"), including its annual report on Form 10-KSB for the year ended December
31, 2003 and its subsequent filings with the SEC.
Investor Relations Contact:
Tim Clemensen
212-843-9337
email:
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Unaudited
Three Months Ended
March 31,
2004 2003
Revenues:
Product sales $971 $784
Cost of product sales 1,980 1,415
Gross Margin (Loss) on product sales (1,009) (631)
Other operating expenses:
Research and development costs 541 314
Selling, general and administrative costs 2,196 4,009
Total other operating expenses 2,737 4,323
Loss from operations (3,746) (4,954)
Interest income (expense) (primarily
non-cash for both periods) (297) (1,516)
Other income (expense) 5 128
Loss before income taxes (4,038) (6,342)
Income taxes (2) (2)
Net loss (4,040) (6,344)
Less dividends on mandatorily redeemable
Series A preferred stock -- (30)
Net loss attributable to common stockholders $(4,040) $(6,374)
Net loss per share attributable to
common stockholders
(basic and diluted) $(0.03) $(1.11)
Weighted average shares used to
compute net loss per share attributable to
common stockholders
(basic and diluted) 136,679 5,755
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET DATA
(in thousands)
Unaudited
March 31, December 31,
2004 2003
Cash and cash equivalents $1,656 $5,084
Working capital (414) 2,865
Total Assets 6,341 9,517
Convertible notes and debentures,
net of discount 913 868
Other long term liabilities 140 157
Mandatorily redeemable Series A
preferred stock 2,726 2,696
Total stockholders' equity (deficit) (2,181) 917
DATASOURCE: Calypte Biomedical Corporation
CONTACT: Tim Clemensen, +1-212-843-9337, ,
for Calypte Biomedical Corporation
Web site: http://www.calypte.com/