Matritech (Amex: MZT), a leading developer and marketer of
protein-based diagnostic products for the early detection of
cancer, today reported financial results for the first quarter
ended March 31, 2007. The Company also reaffirmed its full year
guidance of $14.5 to $15.5 million in total revenues. Revenues for
the first quarter of 2007 were $3,414,000, compared with $2,909,000
for the first quarter of 2006, an increase of 17%. Revenue
recognized from sales of the NMP22 BladderChek Test increased 17%
during the quarter to $2,792,000 compared to $2,387,000 in the
first quarter of 2006. NMP22 BladderChek Test sales accounted for
approximately 89% of sales in the NMP22 product line. The Company
reported a loss from operations of $2,022,000 for the quarter ended
March 31, 2007, compared with a loss from operations of $2,197,000
for the same period in 2006. This 8% decrease was due primarily to
increased sales of the NMP22 BladderChek Test. The Company reported
a net loss of $4,144,000 or $0.07 per share for the quarter ended
March 31, 2007, compared with a net loss of $3,093,000 or $0.06 per
share for the same period in 2006. David L. Corbet, Matritech�s
President and COO said, �We continued to see year-over-year growth
in urology sales in both the US and Germany and the year-over-year
growth in German gynecology sales were still proceeding at an
encouraging pace. In all, sales of the BladderChek Test in these
three core businesses � where we sell direct to the doctor with our
own sales forces � were up 25% year-over-year. While the
performance of�these businesses�in Germany was aided by exchange
rate gains, we are pleased with the underlying growth that occurred
in each of these segments.��He added, �Our first quarter
performance marks progress toward meeting our 2007 goals. We
believe we are on plan toward attaining our 2007 financial
guidance.� Stephen D. Chubb, Matritech�s Chairman and CEO noted,
�We are pleased by the support many of our existing investors
showed in providing additional funding to us during the first
quarter. However, we must still secure further financing in order
to meet our ongoing obligations, including possible cash payments
on our outstanding debt. The terms of our previously issued
securities restrict some financing options. We are attempting to
work within these constraints and are considering a range of
financing and strategic alternatives.� Mr. Chubb also said, �We
have seen and continue to see increasing support for the use of our
NMP22 BladderChek Test to screen people at risk for bladder cancer.
The San Francisco Fire Department is using the BladderChek Test in
an annual screening program of active and retired firefighters and
occupational health groups have begun using the BladderChek Test to
screen people in high-risk occupations for bladder cancer.� Mr.
Corbet concluded, �In a few weeks, the American Urology Association
(AUA) annual meeting will take place in Anaheim, California. Each
year since its launch, the NMP22 BladderChek Test has become
increasingly prominent at the AUA meeting, which we believe is the
result of increased adoption of the test. This year we are
especially pleased with the BladderChek� Test�s latest distinction
� inclusion in the AUA�s State-of-the-Art Lecture, �Is Screening
for Bladder Cancer Ready for Prime Time?� Highlights of the NMP22�
BladderChek� Test In addition to San Francisco, voluntary screening
of firefighters with the NMP22 BladderChek Test is on-going or has
occurred in a number of smaller communities throughout the country.
Legislation providing for the screening of firefighters is being
considered in Rhode Island, Florida, New York, and Massachusetts.
The Test is also being used by local wellness and/or occupational
health programs to test individuals in Arizona, Colorado,
Wisconsin, Texas, Michigan, Kentucky, New York, Massachusetts,
Washington, DC and Rhode Island. Scheduled Web Cast of Call Today
Matritech has scheduled a conference call at 8:30 a.m. (ET) on
Tuesday, May 1, 2007 to discuss the results of operations for the
first quarter and progress in the achievement of corporate
objectives. This call is being web cast by CCBN and can be accessed
on the Matritech website at www.matritech.com by going to the
�Investor Relations� section on the site. The conference call may
be accessed in the United States by dialing is 800-291-9234. The
International number is 617-614-3923. The participant pass code is
50191288. About Matritech Matritech is using its patented
proteomics technology to develop diagnostics for the detection of a
variety of cancers. The Company's first two products, the NMP22�
Test Kit and NMP22� BladderChek� Test, have been FDA approved for
the monitoring and diagnosis of bladder cancer. The NMP22
BladderChek Test is based on Matritech's proprietary nuclear matrix
protein (NMP) technology, which correlates levels of NMPs in body
fluids to the presence of cancer. Beginning with a patent portfolio
licensed exclusively from the Massachusetts Institute of Technology
(MIT), Matritech�s patent portfolio has grown to 14 other U.S.
patents. In addition to the NMP22 protein marker utilized in the
NMP22 Test Kit and NMP22 BladderChek Test, the Company has
discovered other proteins associated with cervical, breast,
prostate, and colon cancer. The Company�s goal is to utilize
protein markers to develop, through its own research staff and
through strategic alliances, clinical applications to detect
cancer. More information about Matritech is available at
www.matritech.com. Statement under the Private Securities
Litigation Reform Act Any forward-looking statements in this press
release including those related to the Company's expectations
regarding future sales of the Company�s products, market acceptance
and uses of its products, prospects for securing financing or
consummating other strategic transactions are subject to a number
of risks and uncertainties, many of which are beyond the Company�s
control. Please refer to the risk factors detailed in the Company's
periodic reports and registration statements as filed with the
Securities and Exchange Commission. These forward-looking
statements are neither promises nor guarantees. There can be no
assurance that the Company's expectations for its products or
future financial performance will be achieved. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Matritech
undertakes no responsibility to revise or update any such
forward-looking information. -- Financial Results Follow --
Matritech, Inc. Financial Highlights � � Three Months Ended � March
31, � 2007� 2006� � Revenues $ 3,413,739� $ 2,908,611� � � Cost of
sales 759,433� 790,075� Research & development and clinical
& regulatory expense 640,374� 831,461� Selling, general and
administrative expense 4,036,099� 3,484,353� � Loss from operations
(2,022,167) (2,197,278) � Interest income 23,496� 41,553� Interest
expense 2,145,182� 913,275� Other income (expense) -� (23,659) �
Net loss $ (4,143,853) $ (3,092,659) � Basic/diluted net loss per
share $ (0.07) $ (0.06) � Basic/diluted weighted average number of
common shares outstanding 58,494,674� 50,811,207� � � � March 31,
December 31, 2007� 2006� � Cash & cash equivalents $ 2,894,847�
$ 1,460,403� Working capital (1,810,113) (3,606,729) Total assets
7,399,549� 5,505,875� Long-term debt (a) 21,854� 95,227� Series A
convertible preferred stock 104,312� 104,312� Stockholders' equity
(1,550,820) (2,900,452) � � � (a) At March 31, 2007 and December
31, 2006 the face value of our current and long-term debt was
$9,661,118 and $6,162,584 and the carrying value was $5,140,673 and
$3,412,087, respectively.
Matritech (AMEX:MZT)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Matritech (AMEX:MZT)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024