Business
Spectral announces second quarter 2009 results
TORONTO, Aug. 13 /CNW/ - Spectral Diagnostics Inc., (TSX: SDI), a company focused on bringing to ...
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 13 /CNW/ - Spectral Diagnostics Inc., (TSX: SDI), a company\nfocused on bringing to market a diagnostic and a therapeutic targeting severe\nsepsis, today announced its financial results for the second quarter ended\nJune 30, 2009.\n\n\n"During the quarter, results of the EUPHAS trial in Italy were published\nin the Journal of American Medical Association (JAMA). The findings showed\nthat the Toraymyxin(TM) cartridge significantly reduced mortality from sepsis\nin a prospective controlled trial, further supporting our planned U.S.\nregistration trial for this product," said Dr. Paul Walker, President and CEO\nof Spectral. "The degree of reduction in mortality demonstrated by\nToraymyxin(TM) in the EUPHAS trial is an unprecedented result for sepsis\ntherapies. We believe that Toraymyxin(TM), when used together with our\nproprietary Endotoxin Activity Assay (EAA(TM)), has the potential to fulfill\nan unmet need for the approximately 125,000 patients that develop severe\nsepsis or septic shock in the U.S. each year. Our work towards obtaining an\nInvestigational Device Exemption (IDE) from the U.S. FDA is on schedule and we\nshould be in a position to initiate our registration trial for Toraymyxin(TM)\nfollowing IDE approval."\n\n\nFinancial Review\n\n\nFor the second quarter ended June 30, 2009, Spectral reported revenues of\n$776,000, compared to $785,000 for the corresponding period in 2008. For the\nsix months ended June 30, 2009, revenues were $1,618,000 compared to\n$1,449,000 for the same 2008 period. Sales of the EAA(TM) diagnostic\nincreased, while royalty and reagent revenues from the Company's proprietary\nTroponin I products remained consistent with prior year levels.\n\n\nOperating expenses for the second quarter ended June 30, 2009 were\n$1,186,000, compared to $978,000 for the corresponding period in 2008. For the\nsix months ended June 30, 2009, operating expenses were $2,229,000 compared to\n$1,954,000 in the same 2008 period. The increase in operating expenses in the\nfirst half of the year was entirely due to incremental consulting costs\nrelated to the development of the clinical pathway for Toraymyxin(TM) and the\nforeign exchange impact of a rising Canadian dollar against the U.S. currency.\nOperating expenses related to the existing business remained consistent with\np...