Accelr8 Announces First Quarter 2006 Results
DENVER, Dec. 15 /PRNewswire-FirstCall/ -- Accelr8 Technology Corp. (Amex: AXK) today reported a loss of $772,038, or $0.08 per share, on net revenues of $86,388 in its first fiscal quarter ended Oct. 31, 2005. In the comparable quarter of fiscal 2005, Accelr8 reported a net loss of $509,800 or $0.05 per share on net revenues of $21,724. The company is currently focused on the development of the BACcelr8r(TM) diagnostic system, which when fully developed, has the potential to replace bacterial culturing by producing test results in a matter of hours. This is in contrast to current methods of traditional culturing which typically take several days. "The BACcelr8r embodies all three of Accelr8's wholly owned core technologies: OptiChem surface chemistry, QuanDx optical detection, and YoDx(TM) accelerated assay processing," said David Howson, Accelr8 Technology president. "We believe the same integrated technology combination will provide a platform for molecular analysis, as used in genomics and proteomics, and molecular diagnostics. We expect the benefits of BACcelr8r to be very high sensitivity, rapid results, high reproducibility, and relatively low cost per test and expect the BACelr8r will be initially used in the ICU (intensive care units) of hospitals for the diagnosis and treatment assessment of VAP (ventilator associated pneumonia)." In fiscal 2006 Accelr8 intend to complete technical studies on materials and processes to be used in the BACcelr8r system. The Company believes the BACcelr8r will significantly speed up bacterial testing and improve treatment outcomes. By developing and selling the system, the Company intends to generate revenues and prove the value of the technology to large diagnostic companies. Accelr8 believes the most significant achievement of the BACcelr8r may be its ability to provide the physician with rapid antibiotic susceptibility tests results. About Accelr8 Accelr8 Technology Corporation (www.accelr8.com) is a developer of innovative materials and instrumentation for advanced applications in medical instrumentation, basic research, drug discovery, and bio-detection. In addition to its microarraying products, Accelr8 is also developing a rapid clinical pathogen platform, the BACcelr8r(TM), based on its innovative surface coatings, assay processing, and detection technologies. Amex Symbol: AXK 52-week High/Low: $3.50/$1.99 Price per Share: $3.00 / Dec 14, 2005 Market Capitalization: $29.88 million Safe Harbor for Forward-Looking Statements Certain statements in this news release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statement, including those detailed in the company's filings with the Securities and Exchange Commission. Accelr8 does not undertake an obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events.
SOURCE Accelr8 Technology Corporation
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