TORONTO, March 7 /PRNewswire-FirstCall/ - Spectral Diagnostics Inc. today announced its operational highlights and financial results for the fiscal year ended December 31, 2007.
“Spectral’s priority is the commercialization of its EAA(TM) Endotoxin Activity Assay, the only FDA cleared assay for the measurement of endotoxin. Endotoxemia is a systemic response to bacterial toxins that can rapidly lead to organ dysfunction, septic shock and ultimately death. Healthcare professionals have become much more aware of endotoxemia over the last several years, and many of the emerging therapies for sepsis now advancing though clinical trials target endotoxin,” said Dr. Paul Walker, President and CEO of Spectral Diagnostics. “The growing awareness of endotoxemia, and the increasing number of therapies being developed for this indication, position us well to drive adoption of the EAA(TM), which can be used to identify patients, enable therapeutics and monitor treatment.”
The financial statements apply to the year ended December 31, 2007 and the nine months ended December 31, 2006.
For the year ended December 31, 2007, the Company reported sales of $2,993,000 compared to $2,169,000 for the nine month period in 2006. Sales in 2007 were primarily comprised of the Company’s EAA(TM) product and its Troponin I reagents. On an annualized basis there was a marginal increase in sales levels, however, three significant EAA(TM) distribution agreements were signed in the last half of 2007 that management anticipates will positively affect revenues going forward.
Operating expenses of $3,915,000 were closely managed in 2007 and remained consistent with spending levels for the nine months ended December 31, 2006, reflecting the Company’s low cost operating structure.
The Company reported a Fiscal 2007 loss of $1,666,000 ($0.07 per share) compared to net income of $3,730,000 ($0.16 per share) for the nine months ended December 31, 2006. Net Income for the nine month period last year included a one time gain of $5,363,000 ($0.23 cents per share) on the settlement of certain convertible notes payable.
At December 31, 2007, the Company had cash and short-term investments totaling $4,927,000, compared to $6,002,000 as at December 31, 2006.
The total number of shares outstanding for the Company was 24,118,424 as at March 6, 2008.
Notice of Annual General Meeting
Spectral will hold its Annual General Meeting of Shareholders at 4:00 PM on May 13, 2008 at the offices of Stikeman, Elliott LLP, Suite 5300, 199 Bay Street, Toronto, Ontario.
About Spectral Diagnostics
Spectral is a developer of innovative technologies for comprehensive disease management. Spectral’s lead product is its EAA(TM) Endotoxin Activity Assay, the only FDA approved diagnostic for the measurement of endotoxin. Spectral technologies provide accurate and timely information to clinicians enabling the early initiation of appropriate and targeted therapy. Spectral is listed on TSX under the symbol SDI.
Forward-looking statement
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of Spectral and anticipated events or results, are assumptions based on beliefs of Spectral’s senior management as well as information currently available to it. While these assumptions were considered reasonable by Spectral at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of Spectral to take advantage of business opportunities in the biomedical industry, the granting of necessary approvals by regulatory authorities as well as general economic, market and business conditions, and could differ materially from what is currently expected.
CONTACT: Dr. Paul Walker, President & CEO, (416) 626-3233 ex. 2100; James
Smith, Investor Relations, (416) 815-0700 ext. 229, jsmith@equicomgroup.com
