Calypte Announces Fourth Quarter and Year End Results
Company To Host Conference Call Monday April 4th
3/31/2005 3:03:08 PM
PLEASANTON, Calif., March 31, 2005 /PRNewswire-FirstCall via COMTEX/ -- Calypte Biomedical Corporation (HIV) today announces its financial results for the fourth quarter and year ended December 31, 2004.
For the fourth quarter ended December 31, 2004, Calypte recorded revenues of $1.1 million, compared with $1.0 million in the fourth quarter of 2003. The net loss attributable to common stockholders for the quarter was approximately $6.2 million, or $0.04 per common share, compared with a net loss attributable to common stockholders of $4.9 million, or $0.04 per common share, for the three months ended December 31, 2003. Net loss for the quarter includes non-cash expenses of $1.8 million in 2004 and $1.3 million in 2003.
For the year-ended December 31, 2004, Calypte reported revenues of $3.3 million, compared with $3.5 million in 2003. The net loss attributable to common stockholders for 2004 was $17.3 million, or $0.11 per common share, compared with a net loss attributable to common stockholders of $26.5 million, or $0.47 per common share, for the year ended December 31, 2003. Net loss for the year includes non-cash expenses of $3.1 million for 2004 and $13.7 million for 2003.
The non-cash charges for the quarter and year were primarily related to the grants of common stock, options and warrants as compensation for services and non-cash interest expense related primarily to the accounting for Calypte's financing instruments.
Richard George, President and CEO commented, "We are encouraged by the progress Calypte has made in the past quarter. We hope that these advances will be more apparent in the coming weeks. Our goal has always been to enhance shareholder value by creating, manufacturing and delivering a quality product and we believe that that goal is in sight. We hope that shareholders will not misinterpret our silence."
Recent Highlights:
Following are Calypte's most significant milestones achieved during 2004:
* Calypte has advanced its strategic initiatives and acquired the
intellectual property rights necessary for the "freedom to operate" for
its HIV rapid test products on a global basis.
* Calypte's common stock was approved for listing on the American Stock
Exchange ("Amex") and began trading on the Amex under the symbol "HIV"
on Wednesday, August 18, 2004.
* Calypte's Rockville, Maryland manufacturing facility became the sole US
manufacturing site as a result of a mid-2004 consolidation of the
Company's West Coast facility. Additionally, the Rockville facility
successfully passed its quality system audit to obtain certification of
its quality system to the international standard, ISO 13485:1996.
* Calypte introduced an HIV-1 Incidence Test in the fourth quarter of
2004. The Centers for Disease Control and Prevention (CDC) granted
Calypte a worldwide, non-exclusive license that enables the Company to
use technologies and proprietary antigens developed by the CDC to
manufacture and commercialize this serum enzyme immunoassay. This is a
surveillance test used to estimate the proportion of HIV infections
that are recently acquired in a population (infections occurring in
approximately the last 6 months).
* Calypte initiated a clinical trial program of its rapid HIV-1/2 test
platform in The Peoples' Republic of China (China). The trial is
evaluating the sensitivity and specificity of the Company's three rapid
HIV-1/2 Antibody Tests using blood, oral fluid and urine as samples.
The trial is also evaluating the Company's HIV-1 Western Blot
supplemental tests in blood and urine. The results of this program will
form the basis to file the required regulatory applications with the
Chinese FDA (SFDA). The Company expects to receive approval from SFDA
around mid-2005 subject to the results of the clinical trial, and
subsequently launch its rapid HIV testing platform in China during the
second half of 2005.
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