Accelr8 Reports 2006 Results and Product Development Progress
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 (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). 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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