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Financial results (CDN dollars) for the second quarter (Apr. 1, 2007 -
June 30, 2007):
Total revenue for the quarter ended June 30, 2007 was $0.5 millioncompared to $0.9 million for the same period last fiscal year. Revenues in2007 resulted from an agreement entered into by the Company with an Asianbiomedical consortium to identify and validate a set of biomarkers in thefield of prostate diseases, for a total fee of $2 million (USD), whilerevenues in 2006, resulted from a collaboration agreement with Pfizercompleted in the first fiscal quarter of 2007.
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Interest earned during the three months ended June 30, 2007 was $358,000,compared with $116,000 during the prior year. The increase was due toincreased balances of cash and short-term investments.
Total operating expenditures for the quarter ended June 30, 2007 were $2.7million compared with $2.9 million for the same period last year. Research anddevelopment expenses for the quarter were $1.8 million compared with $2.1million for the same period last year. General and administrative expenses forthe first quarter were $0.7 million compared with $0.5 million for thecorresponding quarter in the previous year.
The net loss for the quarter ended June 30, 2007 was $1.8 million or($0.03) per common share compared with a net loss of $1.9 million or ($0.04)per common share for the same period last year. The net loss is reflective ofthe Company's continuing focus on research and development and the processleading to commercialization of its first product ColonSentry(TM), aconvenient and patient-friendly blood-based test that can detect colon cancer,and the advancement of related products in the Company's pipeline.
Financial results (CDN dollars) for the six month period ended June 30,
2007:
Total revenue for the six-month period ended June 30, 2007 was $2.2million compared with $1.7 million for the same period last fiscal year.Revenues in 2007 resulted from the prostate disease biomarker developmentagreement and the final revenue from the Pfizer collaboration agreement, andin 2006, resulted entirely from the Pfizer agreement, which was completed inthe first fiscal quarter of 2007.
Interest earned during the six-month period ended June 30, 2007 was$541,000, compared to $153,000 during the prior year, the result of increasedbalances of cash and short-term investments.
Total operating expenditures for the six-month period ended June 30, 2007were $6.2 million compared with $6.0 million for the same period last year.Research and development expenses for the quarter were $4.4 million comparedwith $4.5 million for the same period last year. General and administrativeexpenses for the six-month period ended June 30, 2007 were $1.3 millioncompared with $1.0 million for the corresponding period in 2006.
The net loss for the six-month period ended June 30, 2007 was $3.4 millionor ($0.06) per common share compared to a net loss of $4.1 million or ($0.10)per common share for the same period last year. The Company's continuing focusis on research and development leading to commercialization of its firstproduct and the development of related products in the Company's pipeline.
As at June 30, 2007 the Company had cash and cash equivalents totalling$16.6 million compared to $20.6 million as at December 31, 2006. Accountspayable and accrued liabilities at June 30, 2007 were $1.9 million comparedwith $1.8 million at December 31, 2006.
As at June 30, 2007 the Company had 55,450,571 common shares, and 625,000broker warrants were outstan
