Ostex International Announces First Quarter 2001 Results

Apr 19, 2001, 01:00 ET from Ostex International, Inc.

    SEATTLE, April 19 /PRNewswire/ -- Ostex International, Inc. (Nasdaq:   OSTX)
 today reported results of operations for the three-month period ended
 March 31, 2001.
     Total revenues of $1,529,000 for the first quarter of 2001 increased
 72% over first quarter 2000 revenues of $887,000.  Increased shipments of
 Osteomark(R) NTx Serum, the NTx Point-of-Care (POC) device and shipments to
 our corporate partners, Mochida Pharmaceutical, Co. Ltd. for the Japanese
 market, and Johnson and Johnson, contributed to the substantial increase in
 revenue.
     In the first quarter of 2001, the Company recorded a net loss of
 $858,000 ($0.07 per share) compared to a net loss of $612,000 ($0.05 per
 share) for the corresponding quarter of the prior year.  Increased activities
 associated with the introduction of the Osteomark NTx Point-of-Care device
 including focused R&D efforts, build-out of the new POC manufacturing
 facility, and clinical trials related to obtaining CLIA waiver and
 Prescription Home Use clearance for the POC device in the U.S. contributed to
 the net loss.
     Thomas Bologna, Chairman, President and Chief Executive Officer of Ostex,
 stated, "First quarter results are consistent with our plan.  In the first
 quarter of 2001, we shipped additional NTx Point-of-Care devices to Procter
 & Gamble (P&G) Germany, began shipping NTx Point-of-Care devices to P&G's
 partner for Actonel(R), Aventis Pharmaceuticals, in Spain and are working out
 the details to begin shipping NTx Point-of-Care devices to Aventis
 Pharmaceuticals in the Netherlands."
     Bologna continued, "In the first quarter of 2001, we completed the
 construction phase of the Company's POC production facility and began
 installing equipment for testing and validation.  We submitted additional data
 to the FDA to attain CLIA waiver status for the POC in the U.S. and we
 completed our clinical trial and submitted the results to the FDA two weeks
 ago for using the NTx POC device for Prescription Home Use.  Looking forward,
 we are in the process of finalizing programs to test the use of the NTx POC
 device with P&G's osteoporosis drug, Actonel, in the U.S. and for pursuing the
 use of the NTx device with Actonel in additional European countries."
     Ostex International is engaged in the discovery and commercialization of
 products associated with osteoporosis and other collagen-related diseases.
 The Company's lead product, the Osteomark NTx test, now available in multiple
 test formats, incorporates breakthrough and patented technology for the
 management and prevention of osteoporosis.  The Company has related products
 under development to measure breakdown of type II collagen associated with
 joint diseases (e.g., osteoarthritis) and type III collagen associated with
 vascular disease.
     Forward looking statements in this release involve a number of risks and
 uncertainties including, but not limited to, product demand, pricing, market
 acceptance of the Osteomark test, changing economic conditions, the actions of
 competitors, the effect of the Company's accounting policies, obtaining
 regulatory clearances for the Company's new product, product development,
 manufacturing performance and other risk factors detailed in the Company's
 most recently filed Form 10-K and its other public filings filed with the
 Securities and Exchange Commission.
 
                           OSTEX INTERNATIONAL, INC.
                       CONDENSED STATEMENTS OF OPERATIONS
                    (In thousands, except per share amounts)
                                  (unaudited)
 
                                                            Quarter Ended
                                                      March 31,      March 31,
                                                        2001            2000
 
     Total Revenues                                     1,529            887
 
     Cost of products sold                                614             78
 
     Gross Profit                                         915            809
 
     Operating expenses:
      Research and development                            569            374
      Selling, general and administrative              1,262           1,137
     Total operating expenses                          1,831           1,511
 
     Loss from operations                               (916)           (702)
 
     Other Income, net                                    58              90
     Net loss                                          $(858)          $(612)
 
     Basic and diluted net loss per common
      and common equivalent share                      $(0.07)        $(0.05)
     Weighted shares used in calculation of
      net loss per share                               12,485         12,472
 
 
                                 BALANCE SHEET DATA
                   (Dollars in thousands, except per share data)
 
                                                      March 31,   December 31,
                                                        2001           2000
                                                     (unaudited)
     Cash, cash equivalents and
     short-term investments                           $5,666          $6,578
     Working capital                                   6,103           6,662
     Total assets                                     11,934          12,311
     Accumulated deficit                             (36,667)        (35,810)
     Total shareholders' equity                        9,076           9,906
 
     CONTACT:  financial contact, Tad K. Larsen, Director of Finance,
 206-292-8082, or tlarsen@ostex.com, or company contact, Thomas A. Bologna,
 CEO, 206-292-8082, or tbologna@ostex.com, both of Ostex International, Inc.
 
 

SOURCE Ostex International, Inc.
    SEATTLE, April 19 /PRNewswire/ -- Ostex International, Inc. (Nasdaq:   OSTX)
 today reported results of operations for the three-month period ended
 March 31, 2001.
     Total revenues of $1,529,000 for the first quarter of 2001 increased
 72% over first quarter 2000 revenues of $887,000.  Increased shipments of
 Osteomark(R) NTx Serum, the NTx Point-of-Care (POC) device and shipments to
 our corporate partners, Mochida Pharmaceutical, Co. Ltd. for the Japanese
 market, and Johnson and Johnson, contributed to the substantial increase in
 revenue.
     In the first quarter of 2001, the Company recorded a net loss of
 $858,000 ($0.07 per share) compared to a net loss of $612,000 ($0.05 per
 share) for the corresponding quarter of the prior year.  Increased activities
 associated with the introduction of the Osteomark NTx Point-of-Care device
 including focused R&D efforts, build-out of the new POC manufacturing
 facility, and clinical trials related to obtaining CLIA waiver and
 Prescription Home Use clearance for the POC device in the U.S. contributed to
 the net loss.
     Thomas Bologna, Chairman, President and Chief Executive Officer of Ostex,
 stated, "First quarter results are consistent with our plan.  In the first
 quarter of 2001, we shipped additional NTx Point-of-Care devices to Procter
 & Gamble (P&G) Germany, began shipping NTx Point-of-Care devices to P&G's
 partner for Actonel(R), Aventis Pharmaceuticals, in Spain and are working out
 the details to begin shipping NTx Point-of-Care devices to Aventis
 Pharmaceuticals in the Netherlands."
     Bologna continued, "In the first quarter of 2001, we completed the
 construction phase of the Company's POC production facility and began
 installing equipment for testing and validation.  We submitted additional data
 to the FDA to attain CLIA waiver status for the POC in the U.S. and we
 completed our clinical trial and submitted the results to the FDA two weeks
 ago for using the NTx POC device for Prescription Home Use.  Looking forward,
 we are in the process of finalizing programs to test the use of the NTx POC
 device with P&G's osteoporosis drug, Actonel, in the U.S. and for pursuing the
 use of the NTx device with Actonel in additional European countries."
     Ostex International is engaged in the discovery and commercialization of
 products associated with osteoporosis and other collagen-related diseases.
 The Company's lead product, the Osteomark NTx test, now available in multiple
 test formats, incorporates breakthrough and patented technology for the
 management and prevention of osteoporosis.  The Company has related products
 under development to measure breakdown of type II collagen associated with
 joint diseases (e.g., osteoarthritis) and type III collagen associated with
 vascular disease.
     Forward looking statements in this release involve a number of risks and
 uncertainties including, but not limited to, product demand, pricing, market
 acceptance of the Osteomark test, changing economic conditions, the actions of
 competitors, the effect of the Company's accounting policies, obtaining
 regulatory clearances for the Company's new product, product development,
 manufacturing performance and other risk factors detailed in the Company's
 most recently filed Form 10-K and its other public filings filed with the
 Securities and Exchange Commission.
 
                           OSTEX INTERNATIONAL, INC.
                       CONDENSED STATEMENTS OF OPERATIONS
                    (In thousands, except per share amounts)
                                  (unaudited)
 
                                                            Quarter Ended
                                                      March 31,      March 31,
                                                        2001            2000
 
     Total Revenues                                     1,529            887
 
     Cost of products sold                                614             78
 
     Gross Profit                                         915            809
 
     Operating expenses:
      Research and development                            569            374
      Selling, general and administrative              1,262           1,137
     Total operating expenses                          1,831           1,511
 
     Loss from operations                               (916)           (702)
 
     Other Income, net                                    58              90
     Net loss                                          $(858)          $(612)
 
     Basic and diluted net loss per common
      and common equivalent share                      $(0.07)        $(0.05)
     Weighted shares used in calculation of
      net loss per share                               12,485         12,472
 
 
                                 BALANCE SHEET DATA
                   (Dollars in thousands, except per share data)
 
                                                      March 31,   December 31,
                                                        2001           2000
                                                     (unaudited)
     Cash, cash equivalents and
     short-term investments                           $5,666          $6,578
     Working capital                                   6,103           6,662
     Total assets                                     11,934          12,311
     Accumulated deficit                             (36,667)        (35,810)
     Total shareholders' equity                        9,076           9,906
 
     CONTACT:  financial contact, Tad K. Larsen, Director of Finance,
 206-292-8082, or tlarsen@ostex.com, or company contact, Thomas A. Bologna,
 CEO, 206-292-8082, or tbologna@ostex.com, both of Ostex International, Inc.
 
 SOURCE  Ostex International, Inc.