Accelr8 Announces Third Quarter Results and BACcelr8r(TM) Progress
DENVER, June 15 /PRNewswire-FirstCall/ -- Accelr8 Technology Corporation (Amex: AXK) reported today its third quarter financial results. The company reported a loss of $788,865 or $0.08 per share on net revenues of $19,800 for the quarter ended April 30, 2006. In the comparable three-month period of fiscal 2005, Accelr8 reported a net loss of $562,838 or $0.06 per share on net revenues of $120,104. For the nine-month period ending April 30, 2006, the company reported a loss of $2,347,470 or $0.24 per share on net revenues of $161,678. For the comparable nine-month period in fiscal 2005 the company reported a loss of $1,387,160 or $0.14 per share on net revenues of $382,859. The company's fiscal year ends July 31, 2006. The company also cited progress with its BACcelr8r(TM) development project. The new product is being designed to provide bacterial identification and antibiotic resistance analysis in far less time than required by current lab culturing methods. Culturing typically requires one to three days before results become available. Accelr8's management believes that the BACcelr8r will be able to provide identification and counts within two hours and antibiotic test results within eight hours. Research articles in leading medical journals identify delays in starting effective antibiotics as causing otherwise avoidable mortality, length of stay and treatment cost in the ICU. The usual cause of initial treatment failure is antibiotic resistance and the delay in obtaining specific lab results to guide therapy. Recently featured articles in the business press have also highlighted the problem of increasingly widespread antibiotic resistance and the parallel decline in new antibiotic development. Articles include the cover story in the June 19 issue of Forbes magazine and articles in the Wall Street Journal. The company presented a technical poster at the 106th General Meeting of the American Society for Microbiology (ASM, www.asm.org) on May 23 in Orlando, FL. The ASM is the leading American professional society for microbiologists. The title of the presentation is "Direct Observation of Inducible Clindamycin Resistance in Staphylococcus aureus Using Single Live Cell Imaging." The poster is available on the company's Web site (www.accelr8.com). It describes experiments with the company's novel test for a type of hidden antibiotic resistance mechanism that now requires special methods in order to be revealed by culturing. Test results obtained from the company's new method agreed with those obtained by the special culturing methods. The new method obtained results in less than five hours, while culturing requires at least 18 hours after obtaining strain isolates. According to David Howson, Accelr8's president, "In addition to the testing time, culturing requires prior enrichment and isolation before starting the test. This requirement adds many hours, with the result that isolates are not even available until at least the next day. Our study used pure reference strains, but we also have evidence that clinical application will not require strain isolation prior to testing. Because of this, we believe that the BACcelr8r could produce results in less than eight hours that now typically require approximately 48 hours by culturing. "The drug we tested, clindamycin, may become even more important if an emerging new community-acquired virulent Staph strain continues to spread." Howson continued. "The Centers for Disease Control has highlighted this as a worldwide trend. The strain is one of the new so-called 'superbugs' reported in the press. Only a few antibiotics can suppress the toxin release as well as block bacterial growth. Clindamycin is one of them, and is the conservative choice as long as the organisms are susceptible. But this important antibiotic, and others that work by similar mechanisms, are vulnerable to a hidden resistance mechanism called 'inducible resistance.' The same type of resistance also exists in hospital strains. "Our study demonstrated that our unique Quantum Microbiology(TM) methods are able to accurately reveal inducible resistance in a fraction of the time needed by culturing. The study shows that the BACcelr8r has the potential to perform sophisticated tests quickly and accurately. It also provides an excellent example of the need for direct live-cell analysis of resistance. Other methods, such as gene analysis, are not accurate enough. "The ASM's annual meeting is probably the largest microbiology meeting of the year. Virtually all significant manufacturers and research organizations participate. The major new technology presentations featured gene analysis for screening or identification. The gene studies did not include tests for antibiotic resistance in suspected infections except with cultured isolates. Therefore we appear to be leading the field in addressing the ICU opportunity," Howson concluded. About Accelr8 Accelr8 Technology Corporation (www.accelr8.com) is a developer of innovative materials and instrumentation for advanced applications in medical diagnostics, basic research, drug discovery, and bio-detection. Accelr8 is developing a new diagnostic platform, the BACcelr8r(TM), based on its proprietary surface coatings, assay processing, and detection technologies. The company intends the BACcelr8r(TM) to become the world's first diagnostic system to provide bacterial identification and quantitation in 2 hours or less, and complete antibiotic resistance strain identification in 8 hours or less. Standard culturing typically delays lab results from one to three days, which is far beyond the short time window that physicians have available to assure adequate initial therapy for a life-threatening hospital acquired infection (HAI).
SOURCE Accelr8 Technology Corporation
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