LAKE OSWEGO, Ore., May 15 /PRNewswire-FirstCall/ -- Calypte Biomedical Corporation , medical diagnostic tests manufacturer for the rapid detection of antibodies to the human immunodeficiency virus (HIV) announced today its financial results for the quarter ended March 31, 2007.
For the quarter ended March 31, 2007 Calypte recorded revenues of $52,000, compared with $91,000 in the first quarter of 2006. The net loss for the quarter was approximately $2.8 million, or $0.01 per common share, in 2007 compared with a net loss of approximately $3.4 million, or $0.02 per common share in 2006. Net loss for the quarter includes non-cash selling, general and administrative and interest expense totaling $1.7 million in 2007 and $2.1 million in 2006.
Calypte management will host a conference call Friday, May 18, 2007, at 9:00 AM Eastern Time to discuss the Company’s first quarter financial results as well as provide an operations update.
The call can be accessed in the U.S. by dialing 800-510-9836 and outside of the U.S. by dialing 617-614-3670. The participant pass code is 20957346. The conference call will also be Web cast live at http://www.calypte.com. An audio replay of the call will be available through June 18, 2007, beginning approximately 1 hour after the conference call ends, by dialing 888-286-8010 in the U.S., or 617-801-6888 from outside of the U.S. The pass code for the playback is 45276540. The web cast will also be available for replay on the company’s website.
About Calypte Biomedical:
Calypte Biomedical Corporation (http://www.calypte.com) is a U.S.-based healthcare company focused on the development and commercialization of rapid testing products for sexually transmitted diseases such as the Aware(TM) HIV-1/2 OMT test that are suitable for use at the point of care and at home. Calypte believes there is a significant need for rapid detection of such diseases globally to control their proliferation, particularly in developing countries, which lack the medical infrastructure to support laboratory-based testing. Calypte believes that testing for HIV and other sexually transmitted infectious diseases may make important contributions to public health, and could increase the likelihood of treating those with undetected HIV and other sexually transmitted diseases.
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, if and as needed, 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 generate sufficient revenues to achieve positive cash flow and profitability. 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, 2006 and its subsequent filings with the SEC.
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2007 2006 Revenues: Product sales $ 52 $ 91 Operating costs and expenses: Cost of product sales 35 60 Research and development expenses 345 523 Selling, general and administrative expenses (non-cash of $352 and $357 in 2007 and 2006, respectively 1,187 1,290 Total operating expenses 1,567 1,873 Loss from operations (1,515) (1,782) Interest expense (non-cash of $1,326 and $1,733 in 2007 and 2006, respectively) (1,407) (1,796) Minority interest in losses of consolidated joint ventures 63 153 Other income, net 72 20 Loss before income taxes (2,787) (3,405) Income taxes (2) (2) Net Loss $ (2,789) $ (3,407) Net loss per share (basic and diluted) $ (0.012) $ (0.019) Weighted average shares used to compute net loss per share (basic and diluted) 228,832 184,073 CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET DATA (in thousands) March 31, December 31, 2007 2006 Cash and cash equivalents $ 4,908 $ 372 Working Capital (2,400) (4,828) Total Assets 12,499 8,018 Long-term liabilities, including mandatorily redeemable Series A preferred stock 11,818 11,618 Total stockholders’ deficit (7,167) (9,398) Company Contact: Richard Brounstein, Executive Vice President Phone: (971) 204-0282 email: rbrounstein@calypte.com Investor Relations Contact: Tim Clemensen, Rubenstein Investor Relations Phone: (212) 843-9337 email: tclemensen@rubensteinir.com
Calypte Biomedical Corporation
CONTACT: Richard Brounstein, Executive Vice President of CalypteBiomedical Corporation, +1-971-204-0282, rbrounstein@calypte.com; orInvestor Relations - Tim Clemensen, Rubenstein Investor Relations,+1-212-843-9337, tclemensen@rubensteinir.com
Web site: http://www.calypte.com/
