There were 1,815 press releases posted in the last 24 hours and 402,666 in the last 365 days.

CORRECTION FROM SOURCE: Spectral Announces Fourth Quarter and Fiscal 2015 Results


/EINPresswire.com/ -- TORONTO, ONTARIO -- (Marketwired) -- 03/30/16 -- This document corrects and replaces the press release that was sent today at 8:00 a.m. The error occured in the 4th Paragraph in Financial Review where $14,048 should be $14,048,000. The complete and corrected version follows.

Spectral Medical Inc., (TSX: EDT) (OTCQX: EDTXF), a Phase III company developing the first treatment for patients with septic shock guided by a companion diagnostic, today announced its financial results for the fourth quarter and for the year ended December 31, 2015.

Financial Review

Revenue for the three months ended December 31, 2015 was $715,000 compared to $699,000 for the same three month period last year. Revenue for the year ended December 31, 2015 was $3,089,000 compared to $2,964,000 for the prior year, representing an increase of $125,000, or 4%.

For the quarter ended December 31, 2015, the Company reported operating costs of $3,130,000 compared to $3,195,000 for the corresponding period in 2014. Operating costs for the year ended December 31, 2015 amounted to $12,696,000 compared to $13,125,000 in 2014. Most of the Company's expenses are incurred in its Phase III clinical trial and will vary depending on the timing and level of patient enrolment. Apart from clinical trial activities, the Company continues to maintain a low cost operating structure for its base business operations.

Loss for the quarter ended December 31, 2015 was $2,400,000 ($0.01 per share) compared to $2,463,000 ($0.01 per share) for the same quarter last year. For the year ended December 31, 2015, the Company reported a loss of $9,524,000, ($0.05 per share), compared to a loss of $9,492,000 ($0.06 per share), for the year ended December 31, 2014.

The Company concluded the 2015 year with cash and cash equivalents of $6,369,000 compared to $10,054,000 cash and cash equivalents on hand as of December 31, 2014. After closing of its bought deal financing subsequent to the year end, the Company had $14,048,000 of cash to fund its operations.

The total number of shares outstanding for the Company was 190,771,405 as at December 31, 2015.

About Spectral

Spectral is a Phase III company seeking U.S. FDA approval for its unique product for the treatment of patients with septic shock, Toraymyxin™ ('PMX"). PMX is a therapeutic hemoperfusion device that removes endotoxin, which can cause sepsis, from the bloodstream. Directed by the Company's Endotoxin Activity Assay (EAA™), the only FDA cleared diagnostic for the risk of developing sepsis. Spectral's EUPHRATES trial is the world's only active and most innovative Phase III study in the area of septic shock.

PMX has been approved for therapeutic use in Japan and Europe, and has been used safely and effectively on more than 150,000 patients to date. In March 2009, Spectral obtained the exclusive development and commercial rights in the U.S. for PMX, and in November 2010, signed an exclusive distribution agreement for this product in Canada. Approximately 350,000 patients are diagnosed with severe sepsis and septic shock in North America each year, representing a greater than $3 billion market opportunity for Spectral. Spectral is listed on the Toronto Stock Exchange under the symbol EDT, and on the OTCQX under the symbol EDTXF. For more information please visit www.spectraldx.com

Forward-looking statement

Information in this news release that is not current or historical factual information may constitute forward- looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of Spectral and anticipated events or results, are assumptions based on beliefs of Spectral's senior management as well as information currently available to it. While these assumptions were considered reasonable by Spectral at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of Spectral to take advantage of business opportunities in the biomedical industry, the granting of necessary approvals by regulatory authorities as well as general economic, market and business conditions, and could differ materially from what is currently expected.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.



Spectral Medical Inc.
Consolidated Statements of Financial Position
----------------------------------------------------------------------------

(in thousands of Canadian dollars)

                                                    December 31 December 31
                                                           2015        2014
                                                              $           $
----------------------------------------------------------------------------

Assets
Current assets
Cash                                                      6,369      10,054
Trade and other receivables                                 630         583
Inventories                                                 243         166
Prepayments and other assets                                141         185
----------------------------------------------------------------------------
                                                          7,383      10,988
Non-current assets
Property and equipment                                      717         490
Intangible asset                                            359         384
----------------------------------------------------------------------------
                                                          1,076         874

----------------------------------------------------------------------------
Total assets                                              8,459      11,862
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Liabilities
Current liabilities
Trade and other payables                                  2,850       2,893
Deferred revenue                                            176         149
----------------------------------------------------------------------------
Total liabilities                                         3,026       3,042

Equity
Share capital                                            53,058      46,879
Contributed surplus                                       7,849       7,849
Other equity reserves                                     3,723       3,542
Deficit                                                 (59,197)    (49,450)
----------------------------------------------------------------------------
Total equity                                              5,433       8,820

----------------------------------------------------------------------------
Total liabilities and equity                              8,459      11,862
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Spectral Medical Inc.
Consolidated Statements of Loss and Comprehensive Loss
For the years ended December 31, 2015 and 2014
----------------------------------------------------------------------------

(in thousands of Canadian dollars, except for share and per share data)

                                                           2015        2014
                                                              $           $
----------------------------------------------------------------------------
Revenue                                                   3,089       2,964
----------------------------------------------------------------------------
Expenses
Changes in inventories of finished goods and work-
 in-process                                                 199         310
Raw materials and consumables used                          469         444
Employee benefits                                         3,600       3,460
Consulting and professional fees                          6,112       6,584
Product development                                          16         273
Regulatory and investor relations                           624         300
Travel and entertainment                                    976         989
Depreciation and amortization                               172         205
Foreign exchange (gain) loss                                (12)         54
Other expenses                                              540         506
----------------------------------------------------------------------------
                                                         12,696      13,125

----------------------------------------------------------------------------
Operating loss                                           (9,607)    (10,161)
----------------------------------------------------------------------------
Finance income                                               83          60
----------------------------------------------------------------------------
Loss and comprehensive loss before tax                   (9,524)    (10,101)
Deferred tax recovery                                         -         609
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Loss and comprehensive loss for the year                 (9,524)     (9,492)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Basic and diluted loss per common share                   (0.05)      (0.06)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Weighted average number of common sharesoutstanding 188,064,621 154,540,951
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Spectral Medical Inc.
Consolidated Statements of Changes in Equity
For the years ended December 31, 2015 and 2014
----------------------------------------------------------------------------

(in thousands of Canadian dollars)
                                                   Contributed  Share-based
                           Issued capital              surplus compensation

                           Number             $              $            $
----------------------------------------------------------------------------
Balance, January 1,
 2014                 134,462,561        33,957          3,864        3,239
Private placement      45,051,186        12,816              -            -
Share options
 exercised                222,500           105              -          (45)
Warrants exercised            994             1              -            -
Warrants expiry, net
 of tax                         -             -          3,985            -
Loss and
 comprehensive loss
 for the year                   -             -              -            -
Share-based
 compensation                   -             -              -          348
----------------------------------------------------------------------------
Balance, December
 31, 2014             179,737,241        46,879          7,849        3,542
Private placement      11,049,464         6,021              -            -
Shares repurchased
 under NCIB              (480,000)         (132)             -            -
Share options
 exercised                464,700           290              -         (124)
Loss and
 comprehensive loss
 for the year                   -             -              -            -
Share-based
 compensation                   -             -              -          305
----------------------------------------------------------------------------
Balance, December
 31, 2015             190,771,405        53,058          7,849        3,723
----------------------------------------------------------------------------


Spectral Medical Inc.
Consolidated Statements of Changes in Equity
For the years ended December 31, 2015 and 2014
----------------------------------------------------------------------------

(in thousands of Canadian dollars)

                                       Warrants       Deficit  Total equity

                                              $             $             $
----------------------------------------------------------------------------
Balance, January 1,
 2014                                     4,594       (39,958)        5,696
Private placement                             -             -        12,816
Share options
 exercised                                    -             -            60
Warrants exercised                            -             -             1
Warrants expiry, net
 of tax                                  (4,594)            -          (609)
Loss and
 comprehensive loss
 for the year                                 -        (9,492)       (9,492)
Share-based
 compensation                                 -             -           348
----------------------------------------------------------------------------
Balance, December
 31, 2014                                     -       (49,450)        8,820
Private placement                             -             -         6,021
Shares repurchased
 under NCIB                                   -          (223)         (355)
Share options
 exercised                                    -             -           166
Loss and
 comprehensive loss
 for the year                                 -        (9,524)       (9,524)
Share-based
 compensation                                 -             -           305
----------------------------------------------------------------------------
Balance, December
 31, 2015                                     -       (59,197)        5,433
----------------------------------------------------------------------------

Spectral Medical Inc.
Consolidated Statements of Cash Flows
For the years ended December 31, 2015 and 2014
----------------------------------------------------------------------------


(in thousands of Canadian dollars)
                                                           2015        2014
                                                              $           $
----------------------------------------------------------------------------
Cash flow provided by (used in)
Operating activities
Loss and comprehensive loss for the year                 (9,524)     (9,492)
Adjustments for:
  Depreciation on property and equipment                    147         180
  Amortization of intangible asset                           25          25
  Share-based compensation                                  305         348
  Loss on disposal of property and equipment                  7           1
  Deferred tax recovery                                       -        (609)
Changes in items of working capital :
  Trade and other receivables                               (47)        (14)
  Inventories                                               (77)        149
  Prepayments and other assets                               44         104
  Trade and other payables                                  (43)       (743)
  Deferred revenue                                           27          43
----------------------------------------------------------------------------
Net cash used in operating activities                    (9,136)    (10,008)
Investing activities
Property and equipment expenditures                        (403)        (60)
Proceeds on disposal of property and equipment               22          16
----------------------------------------------------------------------------
Net cash used in investing activities                      (381)        (44)
Financing activities
Private placement                                         6,021      12,816
Share options exercised                                     166          60
Shares repurchased under NCIB                              (355)          -
Warrants exercised                                            -           1
----------------------------------------------------------------------------
Net cash provided by financing activities                 5,832      12,877
(Decrease) increase in cash                              (3,685)      2,825
Cash, beginning of year                                  10,054       7,229
----------------------------------------------------------------------------
Cash, end of year                                         6,369      10,054
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Contacts:
Anthony Businskas
Executive Vice President and CFO
Spectral Medical Inc.
416-626-3233 ext. 2200
tbusinskas@spectraldx.com

Ali Mahdavi
Capital Markets & Investor Relations
416-962-3300
am@spinnakercmi.com


Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.