SUNNYVALE, Calif., April 23 /PRNewswire/ -- Biocircuits Corporation
(Nasdaq: BIOC) announced today its financial results for the first quarter
ended March 31, 1997. The Company reported a net loss of approximately
$3.5 million, or $0.41 per share, compared to a net loss of approximately
$3.9 million, or $0.99 per share recorded in the first quarter of 1996.
On April 15, 1997 the Company closed a private placement in the aggregate
amount of $8.0 million, which resulted in gross proceeds to the Company of
approximately $1.7 million on April 15, additional gross proceeds of
approximately $5.5 million to be received upon completion of certain
milestones at the end of the second quarter and additional gross proceeds of
approximately $0.8 million to be received upon the completion of certain other
milestones at year end 1997.
With its IOS(TM) 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.
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 report on Form
10-K.
BIOCIRCUITS CORPORATION
(a development stage company)
STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
1997 1996
Revenues:
Product sales $ 234 $ 45
Operating costs and expenses:
Cost of sales 1,034 307
Research and development 1,480 2,353
Sales, general and administrative 1,316 1,250
3,830 3,910
Loss from operations (3,596) (3,865)
Other income and expense 48 3
Net loss $(3,548) $(3,862)
Net loss per share $ (0.41) $ (0.99)
Shares used in computing
net loss per share 8,592 3,902
Pro forma net loss per share $ (0.30) $ (0.53)
Shares used in computing pro forma
net loss per share (A) 11,705 7,268
(A) Including outstanding convertible preferred stock on an if converted
basis.
BIOCIRCUITS CORPORATION
(a development stage company)
CONDENSED BALANCE SHEETS
(in thousands)
(unaudited)
March 31, December 31,
1997 1996
Assets
Current Assets:
Cash, cash equivalents
and short-term investments $ 593 $4,944
Other current assets 2,788 1,987
Total current assets 3,381 6,931
Property and equipment, net 1,441 1,375
Restricted cash 263 376
Other assets 44 44
$5,129 $8,726
Liabilities and stockholders' equity
Current liabilities $1,453 $1,576
Long-term obligations 13 72
Total liabilities 1,466 1,648
Stockholders'equity 3,663 7,078
$5,129 $8,726
SOURCE Biocircuits Corp.
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CONTACT:
John Kaiser, President & CEO, of Biocircuits
Corp., 408-752-8706
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