BDSI Reports Financial Results for the Third Quarter Ended September 30, 2004
2004年11月13日 - 6:37AM
PRニュース・ワイアー (英語)
BDSI Reports Financial Results for the Third Quarter Ended
September 30, 2004 Increase in Stockholders' Equity Meets Nasdaq
Requirements for Continued Listing NEWARK, N.J., Nov. 12
/PRNewswire-FirstCall/ -- BioDelivery Sciences International, Inc.
(NASDAQ:BDSICNASDAQ:BDSIW) today reported financial results for its
fiscal quarter ended September 30, 2004 by filing its Quarterly
Report on Form 10-QSB with the Securities and Exchange Commission.
For the third quarter of fiscal 2004, BDSI reported total revenue
of approximately $665,000, compared to revenue of approximately
$780,000 for the same period in fiscal 2003. However, BDSI reported
its first quarterly profit, slightly in excess of $1 million, or
$0.14 per share, due in part to a one-time $2.5 million asset sale
(consisting of a future royalty revenue stream) to Accentia
Biopharmaceuticals, Inc., a related company. Net loss for the third
quarter of 2003 was approximately $500,000, or ($0.07) per share.
BDSI also reported total stockholders' equity of approximately
$7.24 million as of the quarter ended September 30, 2004, compared
to approximately $3.14 million as of the year ended December 31,
2003 and approximately $768,000 for the quarterly period ended June
30, 2004. This increase was due to BDSI's consummation of several
strategic transactions in the third quarter of 2004, including: (i)
the acquisition of Arius Pharmaceuticals, Inc. (and the issuance of
a newly-created series of Series A Preferred Stock in connection
therewith), (ii) the entry into a $4 million Equity Line of Credit
Agreement with Hopkins Capital Group II, LLC, BDSI's principal
stockholder (and the issuance of $1.45 million of a newly-created
series of Series A Preferred Stock in connection therewith) and
(iii) cost-cutting efforts by the company. Additionally, as of
September 30, 2004, BDSI had cash on hand of approximately $2.14
million, compared to approximately $526,000 as of the year ended
December 31, 2003 and approximately $143,000 for the quarterly
period ended June 30, 2004. The increase in stockholders' equity is
particularly important as the reported level of stockholders'
equity will allow BDSI to meet the requirements for continued
listing on the Nasdaq SmallCap Market. BDSI has been threatened
with delisting from such market because stockholders' equity was
below $2.5 million as of March 31, 2004 and because of certain
other matters. A Nasdaq hearing was held on September 9, 2004 and
on October 13, a hearing panel of the Nasdaq Stock Market informed
BDSI that it had been granted a exception to such deficiencies
pending the announcement of the company's third quarter financial
results. BDSI plans to report its financial results to the Nasdaq
Hearings Department immediately and is hopeful that the exception
will be lifted and that BDSI's stock will return to normal trading
status. Dr. Frank O'Donnell, Chairman, CEO and President of BDSI,
stated, "We are very gratified by our third quarter results and are
proud of the hard work BDSI has put in to achieve this outcome. We
expect, barring any unforeseen matters, to return to normal trading
status on the Nasdaq as soon as possible." BioDelivery Sciences
International, Inc. is a biotechnology company that is developing
and seeking to commercialize patented and licensed delivery
technologies for pharmaceuticals, vaccines, over-the-counter drugs,
nutraceuticals and micronutrients. The company's technologies
include: (i) the patented Bioral(TM) nanocochleate technology,
designed for a potentially broad base of applications, and (ii) the
patented BEMA(TM) (buccal or mouth) drug delivery technology being
developed by the company's Arius Pharmaceuticals subsidiary with a
focus on "acute" treatment opportunities for surgical and oncology
patients. Note: Except for the historical information contained
herein, this press release contains, among other things, certain
forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995, that involve risks and
uncertainties. Such statement may include, without limitation,
statements with respect to the Company's plans, objectives,
expectations and intentions and other statements identified by
words such as "may", "could", "would", "should", "believes",
"expects", "anticipates", "estimates", "intends", "plans" or
similar expressions. These statements are based upon the current
beliefs and expectations of the Company's management and are
subject to significant risks and uncertainties, including those
detailed in the Company's filings with the Securities and Exchange
Commission. Actual results may differ from those set forth in the
forward-looking statements. These forward-looking statements
involve certain risks and uncertainties that are subject to change
based on various factors (many of which are beyond the Company's
control). L.G. Zangani, LLC provides financial public relations
service to the Company. As such L.G. Zangani, LLC and/or its
officers, agents and employees, receives remuneration for public
relations and or other services in the form of monies, capital
stock in the Company, warrants or options to purchase capital in
the Company. DATASOURCE: BioDelivery Sciences International, Inc.
CONTACT: Francis E. O'Donnell, Jr., President and CEO of
BioDelivery Sciences International, Inc., +1-973-972-0015; or
M.DLeonardo Zangani of L.G. Zangani, LLC, +1-908-788-9660 Web site:
http://www.biodeliverysciences.com/
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