Corporate Banner
Satellite Banner
Molecular & Clinical Diagnostics
Scientific Community
Become a Member | Sign in
Home>News>This Article

Spectral Announces Fourth Quarter and 2011 Results

Published: Monday, March 19, 2012
Last Updated: Monday, March 19, 2012
Bookmark and Share
Company is expanding its U.S. Phase III EUPHRATES trial to Canadian clinical trial sites.

Spectral Diagnostics Inc., has announced its financial results for the fourth quarter and year ended December 31, 2011.

Fourth Quarter Highlights:
• Continued to enroll patients into the Company's Phase III EUPHRATES trial. Directed by the Company's Endotoxin Activity Assay (EAA™), the only FDA cleared diagnostic for the risk of developing sepsis, Spectral's EUPHRATES trial is the world's first theranostics trial in the area of sepsis. The trial is targeted to enroll approximately 360 patients at 30 U.S. and Canadian sites;
• Concluded the reporting period with approximately $18.5 million in cash and short term investments;
• Announced the Company is expanding its U.S. Phase III EUPHRATES trial to Canadian clinical trial sites;
• Subsequent to quarter end, announced that its common shares began trading on OTCQX International, the highest tier of the OTC market in the United States, under the symbol "DIAGF".

Spectral expects to benefit from trading on OTCQX by gaining greater exposure and liquidity in the United States, which represents the major market for its theranostic treatment, and where most of its Phase III EUPHRATES trial sites are located.

"Our EUPHRATES trial remains the most advanced in the area of severe sepsis and is the only currently active Phase III trial. In the past six months, a commercial sepsis product was pulled from the market, and a late stage clinical trial for another product was halted due to safety concerns ", said Dr. Paul Walker, President and CEO of Spectral Diagnostics.

Dr. Walker continued, "For Spectral, these events reinforce two things. First, there continues to be a large unmet medical need in the area of septic shock. Second, as we continue to enroll patients in our Phase III sepsis trial, we are closer to potentially introducing an exciting new product for severe sepsis and septic shock to the market."

Financial Review
Revenues for the three months ended December 31, 2011 were $628,000 compared to $712,000 for the same period in 2010. For the year ended December 31, 2011, revenues were $2,430,000 compared to $2,981,000 for 2010.

Revenues declined from 2010 levels due mainly to the timing and revised terms of certain EAA™ distribution agreements that were renegotiated subsequent to their expiry in the previous year.

Also, revenues are predominantly denominated in U.S. and EURO currencies and have been impacted by the continuing strength of the Canadian dollar.

For the three months ended December 31, 2011, the Company reported a loss of $1,940,000 compared to $2,010,000 for the corresponding period in 2010. For the year ended December 31, 2011, the Company reported a loss of $6,713,000, or ($0.07) per share, compared to a loss of $6,498,000 or ($0.10) per share for the corresponding period in 2010.

Cash, cash equivalents and short-term investments on hand at December 31, 2011 were $18,556,000 compared to $15,332,000 at December 31, 2010.

Cash was used during the quarter and year ended December 31, 2011 to fund operations and for working capital purposes.

The total number of shares outstanding for the Company was 113,883,394 as at December 31, 2011.

Further Information
Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,800+ scientific posters on ePosters
  • More than 4,000+ scientific videos on LabTube
  • 35 community eNewsletters

Sign In

Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.

Related Content

Spectral Announces Fourth Quarter and Fiscal 2013 Results
Company announces fourth quarter highlights and financial review.
Tuesday, April 01, 2014
Spectral Announces Status of Second Interim Analysis
DSMB evaluates the safety, efficacy and futility of Company’s EUPHRATES trial.
Friday, January 31, 2014
Spectral Announces Third Quarter 2013 Results
Company to disclose information from the second interim analysis in early 2014.
Monday, November 18, 2013
Spectral Announces Second Quarter 2013 Results
Appointment of Dr. Gualtiero Guadagni as the Company's Vice President.
Wednesday, August 14, 2013
Toray Makes $5 Million Strategic Investment in Spectral Diagnostics
Private placement expected to close at the beginning of April, 2013.
Monday, March 11, 2013
Spectral Diagnostics to Present at BioFinance 2012
Conference to be held at the St. Andrew's Club & Conference Centre in Toronto, Ontario.
Monday, May 21, 2012
Spectral Announces First Quarter 2012 Results
Enrollment of patients into the Company's Phase III EUPHRATES trial.
Thursday, May 17, 2012
Spectral Begins Trading on OTCQX
Brean Murray, Carret & Co. will act as Company's PAL and provide guidance on OTCQX requirements.
Tuesday, April 10, 2012
Scientific News
Measuring microRNAs in Blood to Speed Cancer Detection
A simple, ultrasensitive microRNA sensor holds promise for the design of new diagnostic strategies and, potentially, for the prognosis and treatment of pancreatic and other cancers.
Biomedical Imaging at One-Thousandth the Cost
Mathematical modeling enables $100 depth sensor to approximate the measurements of a $100,000 piece of lab equipment.
Improving Outcomes for Lung Cancer and Diabetic Patients
Novel technologies have been developed with support from SBRI Healthcare funding.
New Way of Detecting Cancer
A new RNA test of blood platelets can be used to detect, classify and pinpoint the location of cancer by analysing a sample equivalent to one drop of blood.
Rapid, Portable Ebola Diagnostic
Scientists confirmed the efficiency of the novel Ebola detection method in field trials.
New, Better Test for Prostate Cancer
A study from Karolinska Institutet shows that a new test for prostate cancer is better at detecting aggressive cancer than PSA.
Blood Test Picks Out Prostate Cancer Drug Resistance
Scientists have developed a blood test that can identify key mutations driving resistance to a widely used prostate cancer drug, and identify in advance patients who will not respond to treatment.
Antibody Targets Key Cancer Marker
University of Wisconsin-Madison researchers have created a molecular structure that attaches to a molecule on highly aggressive brain cancer and causes tumors to light up in a scanning machine.
Key Piece of MRSA Vaccine Puzzle
New research funded by the Health Research Board and the Wellcome Trust has pinpointed immune cells that could be targeted by an MRSA vaccine.
Biomarker Finder Adjusts On the Fly
Rice University scientists build better tool to find signs of disease.
Skyscraper Banner

Skyscraper Banner
Go to LabTube
Go to eposters
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,800+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,000+ scientific videos