Business
Spectral announces fourth quarter and fiscal 2013 results
TORONTO , March 27, 2014 /CNW/ - Spectral Diagnostics Inc., (TSX:SDI) (OTCQX: DIAGF) , ...
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\nTORONTO, March 27, 2014 /CNW/ - Spectral Diagnostics Inc., (TSX:SDI) (OTCQX: DIAGF), a Phase III company developing the first theranostic treatment for\n patients with severe sepis and septic shock, today announced its\n audited financial results for the fourth quarter and year ended\n December 31, 2013.\n\n\nFourth Quarter Highlights:\n\n\n\nContinued to enroll patients into the Company's Phase III EUPHRATES\n trial. As of March 26, 2014, 265 patients have been randomized into the\n study.\n\n\n\n\nOn January 27, 2014 announced that the Data Safety Monitoring Board\n (DSMB) had evaluated the safety, efficacy and futility of its EUPHRATES\n trial based on actual data for 184 randomized patients followed for 28\n days. The DSMB recommended that the trial continue, but asked that\n further analysis be performed before recalculation of the trial's\n sample size is finalized.\n\n\n\n\nSubsequent to year end, on February 20, 2014, the Company extended the\n expiry date of its $0.60 warrants from March 2, 2014 to September 2,\n 2014, subject to obtaining all regulatory and shareholder approvals.\n\n\n\n\nOn March 11, 2014, the Company disclosed that it has scheduled the next\n quarterly DSMB meeting in early April, 2014 at which time it\n anticipates receiving the recommendations of the DSMB based on its\n review of the requested detailed analysis, as well as data from\n additional patients enrolled since the 184 patient cut off for the\n second interim analysis. The Company expects to announce its clinical\n path forward after receiving and evaluating the DSMB recommendations.\n\n\n\n\n\n\n\"The progress that we made in 2013 with the EUPHRATES trial has put us\n in a good position to better understand the path forward for our Phase\n III sepsis product,\" stated Dr. Paul Walker, President and CEO of\n Spectral. \"We look forward to sharing that disclosure with the market\n in the coming weeks.\"\n\n\nFinancial Review\n\n\nRevenue for the three months ended December 31, 2013 was $713,000\n compared to $647,000 for the same three month period last year. Revenue\n for the year ended December 31, 2013 was $2,672,000 compared to\n $2,589,000 for the prior year, representing an increase of $83,000.\n\n\nFor the quarter ended December 31, 2013, the Company reported operating\n costs of $4,396,000 compared to $2,752,000 for the corresp...