Biophage Pharma announces 2006 financial results
Friday March 30, 2:45 pm ET
MONTREAL, March 30 /CNW Telbec/ - Biophage Pharma Inc. (TSX: BUG.V - News), a high potential, revenue driven biotechnology company focused on the development of an integrated approach for the prevention and control of bacterial infections, announced today its financial results and review of operating hightlights for the year ended November 30, 2006.
Biophage focuses on the development of products that address the large infectious disease market with unmet needs. Biophage operates three different divisions: (1) the Biosensor Division; (2) the Therapeutic Division and (3) the service division, Immunotox Labs. We develop advanced, environmentally friendly-patented technologies, to create value and build a superior investment return for our shareholders.
In the Biosensor Division, our lead product the Compact PDS96(R) biosensor is in the pre-commercialization stage. This biosensor measures in a highly efficient and easy to use automated system, extremely small electrical variations induced by bacterial growth. This biosensor will find applications in many different industries, including the pharmaceutical and biomedical industries, food quality and safety sectors as well as in environmental monitoring and homeland security. Biophage is also developing four news biosensors: The BacTrapping(R) system, the micro-fluidics system, the "FastBac" biosensor and the e.sensor.
In the Therapeutic Division, since the groundbreaking announcement by FDA on August 19, 2006 on the safety of phages in the treatment of meat, Biophage has accelerated its phage therapy program. We are now developing phage preparations that aim at providing a safe and environmentally friendly solution for the prevention and control of undesirable and deadly bacteria in food produce (including meat, fruits and vegetable). Our first product is Listex(TM), a phage preparation produced by EBI Food Safety and distributed in North America by Biophage. Two other phage preparations Coli(R) Pro and Salmo(R) Pro, are in an advanced development stage.
Immunotox Labs provides services in Immunogenicity and Immunotoxicity, Beryllium sensitization testing and MELISA(R) testing for the detection of sensitivity to more than 200 different allergens including metals, penicillin, gluten and pollens. We are aiming at extending our core services to include Ecotoxicology and Nanotoxicity screening in order to increase our revenues and offset the needs for additional financing.
Revenues from the contracts amounted to $779,996 despite competitive pressures and decreased demand in the pharmaceutical service sector. This decrease in revenue was mainly due to a completion of a significant project with an important contractor and was partially offset by the increased revenues generated by Beryllium testing, which increased substantially this year. We also started generating revenues from MELISA(R) testing. In February 2006, Biophage signed an exclusive licence for the commercialisation of this technology. This year, MELISA(R) tests have contributed positively in the increase of our revenues and will continue to generate revenues in the coming years.
During fiscal 2006, Biophage continued its efforts to streamline its activities in order to manage burn rate, awaiting a general improvement in the market for small-cap biotech companies. These steps protected both the integrity of the Corporation and the long-term value for its shareholders.
SELECTED ANNUAL INFORMATION
Statements of Operations 2006 2005 2004
Total revenues 784,394 909,453 1,067,948
Total expenses 1,647,713 1,627,477 1,883,440
Net loss for the year (863,319) (718,024) (815,492)
Weighted average number of
common shares outstanding 36,534,695 32,221,995 28,450,615
Basic and diluted loss per share (0.02) (0.02) (0.03)
BALANCE SHEETS
Working capital 77,653 226,765 789,984
Total assets 1,016,561 824,091 1,539,519
Total long-term liabilities Nil Nil Nil
Shareholders' equity 540,402 544,797 1,183,046
Common shares outstanding 42,948,912 32,470,551 32,221,312
More detailed information regarding the foregoing can be found in the
financial statements and the management discussion and analysis of those
financial statements which have been filed today on www.sedar.com.
Biophage wishes to rectify the information provided in its press release
issued on December 22, 2006, announcing the closing of the first tranche of
its private placement. The said press release states that 107,353 common share
purchase warrants exercisable at a price of $0.17 per share until December 22,
2008 were granted to Boom Capital Inc., whereas it should have mentioned
82,094 common share purchase warrants exercisable at a price of $0.17 per
share until December 22, 2008.
About Biophage Pharma inc.
Biophage Pharma is a high potential Canadian biotechnology company focused
on the development of novel phage-based biosensors for live pathogen
diagnostics and cytotoxicity screening. Founded in 1995, Biophage has now
completed the final design of its PDS(R) Biosensor first prototype and is
entering in the pre-commercialization stage. The Corporation has also an
important profit center that provides services in Immunology/Immunotoxicology,
in Beryllium sensitivity testing as well as allergy to more than 20 different
metals and a very large number of allergens including antibiotics (penicillin,
Gentamycin) and pollens.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
For further information
Biophage Pharma Inc: Rosemonde Mandeville, M.B., Ch.B., PhD. President and Chief Executive Officer, (514) 496-1488, rosemonde.mandeville@biophagepharma.net
Renmark Financial Communications Inc.: Christine Stewart: cstewart@renmarkfinancial.com
Maurice Dagenais: mdagenais@renmarkfinancial.com
(514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com
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