SUNNYVALE, Calif., Jan. 22 /PRNewswire/ -- Biocircuits Corporation
(Nasdaq: BIOC) announced today its financial results for the fourth quarter
ended December 31, 1996. The Company reported a net loss of approximately
$3.6 million, or $0.49 per share, compared to a net loss of approximately
$3.0 million, or $0.84 per share, recorded in the fourth quarter of 1995. The
Company also reported a net loss for the fiscal year ended December 31, 1996
of approximately $14.3 million, compared to approximately $8.2 million for the
fiscal year ended December 31, 1995.
"In the fourth quarter, Biocircuits reported revenue from product sales of
$215,000. This revenue exceeds slightly the combined revenue realized in the
first three quarters of 1996. We are pleased with the revenue growth realized
in the fourth quarter of 1996. We believe it is the first indication that
launching the TSH test, which was done in late December, will lead to
increased revenues," said John Kaiser, President and Chief Executive Officer
of Biocircuits.
In March 1996, Biocircuits began selling its IOS(R) immunodiagnostic
system and initial tests in the United States. The IOS system incorporates a
low-cost, compact instrument and patented, disposable test cartridges. It is
the first cost-effective, easy-to-use immunodiagnostic system available for
use in physicians' offices and other point-of-care sites. The initial tests
used in the IOS system were a combined T4 and T Uptake assay to assess thyroid
function. In September 1996, the Company announced FDA clearance to market a
qualitative serum pregnancy assay, a test designed to allow physicians to
perform this common pregnancy test in their offices during the patient visit
in order to provide more immediate pre-natal care. In December 1996, the
Company announced FDA clearance to market a Quantitative hCG assay, a test to
track the progress of early pregnancies. Also in December 1996, the Company
launched its TSH assay on the second generation cartridge. The second
generation cartridge will be required for the market launch of all new assays.
In addition, existing assays will be converted to the new cartridge in the
near future.
Biocircuits is currently developing three additional assays for its IOS
system: a PSA test for the management of prostate cancer patients, a Digoxin
test for monitoring the therapeutic usage of this drug in the treatment of
heart disease and a Free T4 test for diagnosing true clinical thyroid status.
The Company currently plans to continue developing additional immunodiagnostic
assays that are commonly requested by office-based physicians.
With its IOS system, Biocircuits is targeting the approximately
41,000 small- to medium-sized physician office practices and free-standing
alternate site laboratories which are licensed under CLIA for high or moderate
complexity testing. Most of these sites do not currently have an
immunodiagnostic testing capability. The IOS system is approved for
moderately complex testing.
Biocircuits Corporation, based in Sunnyvale, California, is focused on the
development and commercialization of innovative and cost-effective
immunodiagnostic products.
Actual results may differ materially from the above forward-looking
statements due to a number of important factors, and will be dependent upon
the Company's ability, directly or through third parties, to successfully
manufacture and market its existing and proposed products, as well as the
timely development and regulatory approval of additional products. These,
factors are more fully discussed in the Company's most recent reports on Forms
10-K and 10-Q and the Company's Resale Registration Statement No. 333-19797.
BIOCIRCUITS CORPORATION
(a development stage company)
STATEMENTS OF OPERATIONS
(in thousands except per share data)
(unaudited)
Three Months Ended Fiscal Year Ended
December 31, December 31,
1996 1995 1996 1995
Revenues
Product sales $215 $ -- $421 $ --
Operating costs and expenses
Cost of sales 719 -- 2,310 --
Research and development 1,502 2,213 7,081 5,669
Sales, general and
administrative 1,557 807 5,416 2,686
3,778 3,020 14,807 8,355
Loss from operations (3,563) (3,020) (14,386) (8,355)
Other income and expense 6 22 38 118
Net loss $(3,557) $(2,998) $(14,348) $(8,237)
Net loss per share $(0.49) $(0.84) $(2.71) $(2.89)
Shares used in computing net
loss per share 7,237 3,557 5,299 2,849
Pro forma net loss per share $(0.34) $(0.44) $(1.66) $(1.71)
Shares used in computing pro
forma net loss per share(1) 10,353 6,877 8,620 4,831
(1) Including outstanding convertible preferred stock on an if converted
basis.
BIOCIRCUITS CORPORATION
(a development stage company)
CONDENSED BALANCE SHEETS
(in thousands)
(unaudited)
December 31, December 31,
1996 1995
Assets
Current assets:
Cash, cash equivalents and short-term
investments $ 4,944 $ 6,633
Other current assets 1,987 1,055
Total current assets 6,931 7,688
Property and equipment, net 1,375 975
Restricted cash 376 479
Other assets 44 125
$8,726 $9,267
Liabilities and stockholders' equity
Current liabilities $1,576 $1,497
Long-term obligations 72 3,707
Total liabilities 1,648 5,204
Stockholders' equity 7,078 4,063
$8,726 $9,267
SOURCE Biocircuits Corp.
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CONTACT:
John Kaiser, President & CEO, 408-752-8706,
or Donald Hawthorne, Chief Financial Officer, 408-752-8705, both
of Biocircuits Corp.
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