Spectral Diagnostics Inc. has announced its financial results for the first quarter ended March 31, 2012.
First Quarter Highlights:
• 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".
On a long-term basis, 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;
• Continued enrolling patients into the Company's Phase III EUPHRATES trial. 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 the world's first theranostics trial in the area of sepsis. The trial is currently targeted to enroll 306 evaluable patients at 30 U.S. and Canadian sites;
• Concluded the reporting period with approximately $16 million in cash and short term investments.
"There continues to be a significant unmet medical need in the area of severe sepsis and septic shock," said Dr. Paul Walker, President and CEO of Spectral Diagnostics.
Dr. Walker continued, "Our EUPHRATES trial remains the most advanced clinical trial in the area of severe sepsis. As we accelerate the enrollment of patients in our Phase III sepsis trial, we are increasing our lead to potentially introduce a new sepsis product to the market."
Revenues for the three months ended March 31, 2012 were $676,000 compared to $622,000 for the same period in 2011.
Revenues increased modestly from 2011 levels due mainly to the impact of certain previously expired contracts that have now been renegotiated.
For the first quarter ended March 31, 2012, the Company reported a loss of $2,248,000 compared to a loss of $1,458,000 for the corresponding period in 2011.
The higher loss is due almost entirely to increased clinical trial costs resulting from more trial sites that became operational over the course of the last year. Trial costs continue to be on plan.
Cash, cash equivalents and short-term investments on hand at March 31, 2012 were $15.9 million compared to $18.5 million at December 31, 2011.
Cash was used during the quarter ended March 31, 2012 to fund operations and for working capital purposes.
The total number of shares outstanding for the Company was 113,883,394 as at March 31, 2012.