CULVER CITY, Calif., August 13, 1999 (PRIMEZONE) -- CARESIDE, Inc. (AMEX:CSA) announced a net loss for the second quarter ended June 30, 1999 of $(2.4) million or $(0.44) per share compared to a net loss of $(2.3) million or $(0.48) per share for the same period last year.
For the six months ended June 30, 1999, the Company reported a net loss of $(5.4) million or $(1.02) per share compared to $(4.0) million or $(0.96) per share for the six-month period last year.
The Company also announced clearance of its CARESIDE(TM) Ammonia blood test by the U.S. Food and Drug Administration (FDA), bringing the current number of cleared or exempt tests on the CARESIDE Analyzer(TM) to 33. CARESIDE's ammonia test measures the ammonia concentration in anti-coagulated blood and plasma. This test aids in the diagnosis and treatment of patients with severe liver disorders.
During the quarter, the Company said it made solid progress in planning for the fourth quarter launch of its proprietary blood-testing system 1999 at a cost just less than $10,000. Recent highlights at CARESIDE(TM) include:
-- The successful completion of a $15 million initial
public offering consisting of two million units priced
at $7.50. Subsequently, the units separated into
common shares and warrants now trading on the American
Stock Exchange.
-- Pre-selling of the Company's proprietary blood-testing
system to physician groups and hospitals across the US.
-- Addition of hematology tests to the Company's blood-
testing system, increasing its test menu options to 53
and enabling the CARESIDE Analyzer System(TM) to
provide for the majority of all blood tests routinely
requested by physicians.
-- Company has initiated FDA clinical studies to validate
its product for point-of-care use. Submission is
expected in September.
-- FDA clearance on CARESIDE's PT coagulation blood
test--making the CARESIDE Analyzer(TM) the first
small medical device able to provide chemistry,
electrochemistry and coagulation results in one
instrument.
-- FDA clearance on CARESIDE CK, CARESIDE CKMB,
CARESIDE %CKMB, tests often used in detecting
heart ailments.
-- Submission of CARESIDE CO2 and CARESIDE Magnesium
tests to the FDA for clearance.
"Becoming a public company," said Chairman and CEO W. Vickery Stoughton, "was undoubtedly our greatest accomplishment for the quarter--providing our Company with the capital it needs for additional product development and marketing.
"We also made great strides in establishing our sales network and in pre-selling our proprietary blood testing system. Most recently, we reached several more milestones by adding the hematology component to our system, and receiving FDA clearance on our coagulation and ammonia tests.
"We believe we are well-poised to execute our strategy of bringing to market the first comprehensive, integrated blood-testing system that may be performed at the same location as the patient and will produce accurate results in less than 15 minutes," concluded Mr. Stoughton.
CARESIDE, Inc., based in Culver City, California is developing a proprietary blood testing system including its CARESIDE Analyzer(TM) a blood diagnostic device, and accompanying record management software. The Company plans to manufacture and distribute the product to health care providers in the U.S and abroad.
Summary Statement of Operations
(in thousands except shares and per share data)
(unaudited)
Three months ended Six months ended
June 30, June 30,
1999 1998 1999 1998
OPERATING EXPENSES:
Research and
development costs 1,626 2,229 3,856 3,699
Sales and marketing 118 74 269 127
General and administrative 277 116 535 287
Total operating expenses 2,021 2,419 4,660 4,113
OPERATING LOSS: (2,021) (2,419) (4,660) (4,113)
INTEREST INCOME (EXPENSE): (354) 98 (713) 116
NET LOSS $ (2,375) $(2,321) $(5,373) $ (3,998)
Dividend payable on
Preferred Stock $ 3 $ - $ 3 $ -
NET LOSS to
Common Stockholders $ (2,378) $(2,321) $(5,376) $ (3,998)
NET LOSS PER SHARE $ (0.44) $ (0.48) $ (1.02) $ (0.96)
Weighted average number
of common stock and
common stock equivalents
outstanding 5,414,010 4,807,144 5,250,086 4,168,019
Summary Balance Sheets
(in thousands)
June 30, 1999 December 31, 1998
ASSETS unaudited
CURRENT ASSETS
Cash and cash equivalents $ 12,423 $ 3,927
Inventories 113 -
Prepaid expenses and other 156 82
PROPERTY AND EQUIPMENT (net) 4,926 3,386
DEFERRED OFFERING COSTS - 498
DEPOSITS 18 18
Total Assets $ 17,636 $ 7,911
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES 4,304 1,717
LONG-TERM DEBT 751 2,045
STOCKHOLDER'S EQUITY 12,581 4,149
Total liabilities and
stockholder's equity $ 17,636 $ 7,911
Safe Harbor: Statements in this press release regarding CARESIDE Inc. which are not historical facts are forward-looking statements that involve risks and uncertainties. Such forward-looking statements include the date of market launch, the price of the instrument, and date of FDA submission. Key factors which may impact on these statements include technological hurdles, studysite efficiency, and other challenges inherent in product research, development, manufacturing, marketing, and other factors discussed in the Company's prospectus. The Company undertakes no obligation to update forward-looking statements. Please see the risk factors listed from time to time in the Company's prospectus and reports on file with the SEC.