Business
Westaim announces 2006 third quarter results
Westaim announces 2006 third quarter results.
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\n\nCALGARY, Nov. 7 /CNW/ - The Westaim Corporation announced today that for\nthe third quarter ended September 30, 2006, it recorded a net loss of\n$9.6 million or 10 cents per share, on revenues of $8.2 million. In the same\nquarter last year, the company recorded a net loss of $5.0 million, or 5 cents\nper share, on revenues of $12.3 million. The change in revenue and net loss in\nthe third quarter of 2006 compared to 2005 is primarily attributable to\n$5.9 million in milestone revenue recorded in 2005.\nAt September 30, 2006, Westaim had consolidated $70.7 million in cash and\nshort-term investments.\n\"Westaim continues to place top priority on executing our business\nstrategy and we are encouraged by the progress made through the first three\nquarters of 2006,\" said Barry M. Heck, President and CEO of The Westaim\nCorporation. \"We were pleased with the new potential partner interest in\niFire's TDEL technology as well as the continued progress at the pilot\nfacility toward generating the process repeatability data required to secure a\nmanufacturing partner. Westaim believes NUCRYST's nanocrystalline silver\ntechnology platform holds tremendous value and we support NUCRYST's continued\npursuit of new product opportunities.\"\nNUCRYST's wound care division reported revenues of $8.2 million in the\nthird quarter compared to $12.3 million in the same period last year.\nNUCRYST's operating loss, reported in Westaim's consolidated results, was\n$2.6 million compared to net income of $4.9 million last year, a decline\nprimarily attributable to higher clinical study and R&D expenditures and\n$5.9 million in milestone revenues earned in the third quarter of 2005 under\nan agreement NUCRYST has with Smith & Nephew plc.\nThe Westaim Corporation's technology investments include iFire Technology\nCorp., which has developed a low-cost flat panel display and a 74.8 per cent\ninterest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX; NCS), which\ndevelops, manufactures and commercializes medical products that fight\ninfection and inflammation based on its nanocrystalline silver technology.\nWestaim's common shares are listed on NASDAQ under the symbol WEDX and on The\nToronto Stock Exchange under the trading symbol WED.\n\nSILCRYST(TM) is a trademark of NUCRYST Pharmaceuticals Corp.\nActicoat(TM) is a trademark of Smit...