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

Spectral Announces Second Quarter 2013 Results

Published: Wednesday, August 14, 2013
Last Updated: Wednesday, August 14, 2013
Bookmark and Share
Appointment of Dr. Gualtiero Guadagni as the Company's Vice President.

Spectral Diagnostics Inc. has announced its unaudited financial results for the second quarter ended June 30, 2013.

Second Quarter Highlights:
• Enrolled patients into the Company's Phase III EUPHRATES trial at an accelerated rate compared to the prior year. Directed by the Company's Endotoxin Activity Assay (EAA™), which is the only FDA-cleared diagnostic for the risk of developing sepsis, Spectral's EUPHRATES trial is targeted to enroll 306 evaluable patients. Contingent on maintaining current enrollment rates and timely site start ups, the trial should be fully enrolled in the second half of 2014. As of August 12, 2013, 159 patients have been randomized into Spectral's EUPHRATES trial.
• Announced the appointment of Dr. Gualtiero Guadagni as the Company's Vice President, Sales and Marketing. Dr. Guadagni will primarily be responsible for the development and expansion of commercial activities and market preparation plans for Toraymyxin and Spectral's Endotoxin Activity Assay (EAA™) in Canada, the United States and Europe.
• Closed a private placement for gross proceeds of $5.6 million.
• Concluded the reporting period with approximately $10.6 million in cash, cash equivalents and short-term investments.
• Subsequent to quarter end, disclosed that the trial's composite 28-day mortality rate was approximately 33 per cent for randomized patients. The composite mortality rate continues to suggest that the Company is enrolling patients who are most likely to benefit from Spectral's treatment.

"We made excellent progress with the trial's patient enrollment in the second quarter, which moves us closer to the study's planned, second interim analysis," stated Dr. Paul Walker, President and CEO of Spectral. "We are optimistic that the results from the second interim analysis should support the successful completion of the trial."

At the second interim analysis, the Data and Safety Monitoring Board will advise the Company on the trial's safety, efficacy or futility, with stopping rules in place for efficacy and futility.

A sample size recalculation will be done if necessary. Management intends to disclose the results of the interim analysis after 184 patients have been randomized and followed for 28 days, and the data from the analysis has been thoroughly reviewed.

Spectral remains on track to disclose information from the second interim analysis in late 2013 or early 2014.

Financial Review
Revenue for the three months ended June 30, 2013 was $572,000 compared to $599,000 for the same period in the preceding year. For the six months ended June 30, 2013 revenue was $1,280,000 compared to $1,275,000 for the same period in 2012.

It is anticipated that revenue in 2013 will remain consistent with levels achieved in 2012.

Total expenses for the three months ended June 30, 2013 were $3,642,000 compared to $2,798,000 in the second quarter of 2012. For the six months ended June 30, 2013, total expenses were $6,449,000 compared to $5,774,000 for the same period in 2012.

The increase of $675,000 for the six months ended June 30, 2013 is primarily attributable to higher EUPHRATES trial costs ($1,261,000) due to the accelerated patient enrollment rate, offset by a $475,000 reduction in management service fees.

The Company continues to maintain a low cost operating structure for its base business and expects no material increase in non clinical operating costs in 2013.

The Company concluded the second quarter of 2013 with cash, cash equivalents and short-term investment of $10,600,000 compared to $10,562,000 as at December 31, 2012.


Further Information

Join For Free

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 2,900+ scientific posters on ePosters
  • More than 4,200+ 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 TechnologyNetworks.com 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
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
Spectral Announces Fourth Quarter and 2011 Results
Company is expanding its U.S. Phase III EUPHRATES trial to Canadian clinical trial sites.
Monday, March 19, 2012
Scientific News
‘Smelling’ Prostate Cancer
A research team from the University of Liverpool and the University of the West of England (UWE Bristol) has reached an important milestone towards creating a urine diagnostic test for prostate cancer that could mean that invasive diagnostic procedures that men currently undergo eventually become a thing of the past.
Criminal Justice Alcohol Program Linked to Decreased Mortality
Institute has announced that in the criminal justice alcohol program deaths dropped by 4.2 percent over six years.
Charting Kidney Cancer Metabolism
Changes in cell metabolism are increasingly recognized as an important way tumors develop and progress, yet these changes are hard to measure and interpret. A new tool designed by MSK scientists allows users to identify metabolic changes in kidney cancer tumors that may one day be targets for therapy.
Individuals' Medical Histories Predicted by their Noncoding Genomes
Researchers have found that analyzing mutations in regions of the genome that control genes can predict medical conditions such as hypertension, narcolepsy and heart problems.
'Molecular Movie' Opens Door to New Cancer Treatments
An international team of scientists led by the University of Liverpool has produced a 'structural movie' revealing the step-by-step creation of an important naturally occurring chemical in the body that plays a role in some cancers.
Advancing Synthetic Biology
Living systems rely on a dizzying variety of chemical reactions essential to development and survival. Most of these involve a specialized class of protein molecules — the enzymes.
Preparing for Potential Zika Outbreaks
Experts at the European Society of Clinical Microbiology and Infectious Diseases (ESCMID) are developing tools to monitor the spread of the Zika virus and are conducting research to gather more solid data to better assess the risks associated with the infection.
What do Banana Peels and Human Skin Have in Common?
Human skin and banana peels have something in common: they produce the same enzyme when attacked. By studying fruit, researchers have come up with an accurate method for diagnosing the stages of this form of skin cancer.
Biomarker for Recurring HPV-Linked Oropharyngeal Cancers
A look-back analysis of HPV infection antibodies in patients treated for oropharyngeal (mouth and throat) cancers linked to HPV infection suggests at least one of the antibodies could be useful in identifying those at risk for a recurrence of the cancer, say scientists at the Johns Hopkins University.
Counting Cancer-busting Oxygen Molecules
Researchers from the Centre for Nanoscale BioPhotonics (CNBP), an Australian Research Centre of Excellence, have shown that nanoparticles used in combination with X-rays, are a viable method for killing cancer cells deep within the living body.
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
2,900+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,200+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FOR FREE!