Calypte Announces Second Quarter 2007 Results
LAKE OSWEGO, Ore.--(BUSINESS WIRE)--Aug. 14, 2007--Calypte Biomedical Corporation (OTCBB: CBMC), a manufacturer of medical diagnostic tests for the rapid detection of antibodies to the human immunodeficiency virus (HIV), announced today its financial results for the quarter ended June 30, 2007.
For the quarter ended June 30, 2007 Calypte recorded revenues of $282,000, compared with $49,000 in the second quarter of 2006. The net loss for the quarter was approximately $0.8 million, or $0.00 per common share, in 2007 compared with a net loss of approximately $3.7 million or $0.02 per common share in 2006. Net loss for the quarter includes net non-cash selling, general and administrative and interest (income) expense totaling $(0.6) million in 2007 and $2.5 million in 2006.
For the six-month period ended June 30, 2007, revenues totaled $334,000 versus revenues of $140,000 for the same period in 2006. The net loss was $3.6 million or $0.01 per common share for the six-months ended June 30, 2007, compared to a net loss of $7.1 million or $0.04 per common share for the same period in 2006. The net loss for the six-month period ended June 30, 2007 and 2006 includes non-cash selling, general and administrative and interest expense totaling $1.1 million and $4.6 million, respectively.
The Company ended the second quarter with cash and cash equivalents of approximately $3.2 million.
Some of the recent highlights include:
-- Registration and Marketing Approval of Aware in India. The
Company received registration and marketing approval for its
Aware(R) HIV-1/2 OMT (oral fluid) rapid test in India from the
Central Drugs Standard Control Organisation, commonly referred
to as the Drug Control Authority of India ("DCAI"). According
to recently published 2006 estimates by the National AIDS
Control Organization or NACO, supported by both UNAIDS and the
WHO, India has an estimated 2.5 million HIV infections,
ranking third behind South Africa and Nigeria for the highest
number of HIV/AIDS infected people.
-- Positive Results on Accuracy of Aware(R). The Company reported
positive results of a field evaluation of its Aware(R) HIV-1/2
OMT (oral fluid) rapid test in the Republic of South Africa.
The field evaluation was conducted on 600 clients of unknown
HIV status at two busy Voluntary Counseling and Testing (VCT)
clinics in South Africa. The expected HIV prevalence rate was
30-40%; overall, 44% of the clients tested positive. The study
found that "the results obtained on OMT were comparable with
results on serum, and were statistically significant."
The researchers also commented that a non-invasive rapid test is expected to result in increased testing, primarily because it is more readily acceptable and painless, especially for children.
-- New Manufacturing/Headquarters Facility in Portland, Oregon.
The Company leased an 11,000+ square foot site located in the
Portland, Oregon area. The site permits the consolidation of
its research laboratory and administrative functions under one
roof and will become the Company's new headquarters location.
The site also provides manufacturing space which the Company
plans to utilize to build pilot lots for clinical trials in
the U.S.