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Spectral announces first quarter financial results
Spectral announces first quarter financial results
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\n May 14, 2010 (Canada NewsWire Group) -- Spectral Diagnostics Inc. (TSX:SDI) today announced its operational highlights and financial results for the first quarter ended March 31, 2010.\n"During the first quarter we continued to focus on preparations for the initiation of our US pivotal trial for Toraymyxin(TM), a therapeutic hemoperfusion device that removes endotoxin from the bloodstream. Toraymyxin(TM) has the potential to fulfill an unmet need for the approximately 250,000 patients that develop severe sepsis or septic shock in the US each year. In combination with our EAA(TM) diagnostic, this would be the first theranostic treatment for sepsis," said Dr. Paul Walker, President and CEO of Spectral. "With the cash resources now in place and our recent Investigational Device Exemption ("IDE") approval from the FDA, we are planning to start the trial in the first half of this year."\n\nHighlights:\n\n\n >\n\n\nFinancial Review\n\nFor the three-months ended March 31, 2010, Spectral reported sales of $748,000 compared to $842,000 for the corresponding period in 2009. First quarter sales were consistent year over year but were negatively impacted by the foreign exchange effect of the strengthening Canadian dollar versus the US and Euro currencies.\nSelling, general and administrative expenses for the quarter ended March 31, 2010 were $1,492,000 compared to $891,000 for the corresponding period in 2009. The increase is attributable primarily to incremental consulting and regulatory costs of $298,000 related to the commercialization of Toraymyxin(TM) as the Company completed its IDE and prepared to initiate the US pivotal trial. In addition, the first quarter expenses in 2010 included $250,000 of fees paid to BioMS Medical pursuant to a three year services agreement that became effective January 1, 2010. Other operating expenses, that support the existing business, have not increased substantially year over year.\nFor the three-months ended March 31, 2010, the Company reported a loss of $1,943,000, or ($0.05) per share, compared to a loss of $404,000 or ($0.02) per share for the corresponding period in 2009. The first quarter loss in 2010 included the aforementioned expenses, totalling $548,000 and $792,000 of stock based compensation expense related to the issue of stock options to directors, of...