Accelr8 Reports 2006 Results and Product Development Progress

Nov 01, 2006, 00:00 ET from Accelr8 Technology Corporation

    DENVER, Nov. 1 /PRNewswire/ -- Accelr8 Technology Corporation (Amex:  
 AXK) reported financial results for the fiscal year ended July 31, 2006.
 Total revenues were $212,701 as compared to $502,110 in 2005. Revenues
 declined due to the company's transition from direct product sales to
 royalty income solely from licensees of OptiChem(R) coated microarraying
 slides. Overall performance resulted in a net loss of $3,030,621 or $0.30
 per share as compared to fiscal year 2005 which recorded a net loss
 $2,090,800 or $0.21 per share.
     "The 2006 fiscal year saw our transition to a complete Research and
 Development operation," said David Howson, president. "We now devote
 essentially all of our resources to the BACcelr8r(TM) development program.
 During the fiscal year and the subsequent quarter we achieved a number of
 key technical objectives. As a result, we have reduced our spending level
 from $1.1 million for outside engineering and have focused our internal
 staff on developing statistical data sets for the BACcelr8r's methods.
     "We now have two research systems working in our lab, and have
 completed design of 8-channel single-use analyzer cassettes for rapid
 bacterial identification. The cassette design represents a new level of
 sophistication in a disposable device that enables automated operation. Our
 automated image analysis has progressed to the point where we were able to
 conduct limited testing with blinded laboratory samples," noted Howson.
     "We've defined an early-release product that we call the
 BACcel(TM)-1.0. It will perform rapid, quantitative pathogen
 identification. Based on our testing, we believe that it will also identify
 organisms according to major antibiotic resistance categories. For example,
 most people have seen press reports about so-called 'superbug' infections
 by a kind of 'Staph' known medically as 'MRSA.' We have shown that our
 methods can identify whether a patient's Staph infection belongs to the
 MRSA category or the more easily treated type of Staph.
     "There are organisms, such as Pseudomonas, that are even more difficult
 than MRSA to identify and treat. We've developed analytical methods that
 categorize those as well. We plan to include these in the first clinical
 research versions of the BACcel-1.0. In clinical application, this
 capability could help the physician to avoid drugs that are most likely to
 fail in initial empiric therapy.
     "We have also started to present experimental evidence to the
 scientific and medical communities to support the BACcelr8r's novel
 operating principles. We have additional publications in the pipeline, and
 expect to expand this activity," Howson concluded.
     About Accelr8
     Accelr8 Technology Corporation ( 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).
     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