OxyFile #406
LifeTECH Corporation Reports Results for the Third Quarter and
Nine Months Ended July 31, 1996.
TORONTO, Sept. 27 1996 /CNW/ - LifeTECH (CDN-LFTK), a
biotechnology company with proprietary technology for the
sterilization of blood and blood products, announces its results
for the nine months ended July 31, 1996.
LifeTECH reports a loss of $599,180 or $0.13 per share for the
three months ended July 31, 1996, compared with a loss of $290,088
or $0.08 per share for the same period in 1995. The loss for the
nine months ended July 31, 1996 was $1,559,477 or $0.34 per share,
compared with $668,333 or $0.21 per share for the nine months
ended July 31, 1995. At July 31, 1996 the Corporation had net
assets of $5,836,921 of which $2,918,588 was cash, short term
deposits and marketable securities.
Mr. Walter J. Dermott, President and CEO, commenting on the
developments during the third quarter, said: "Our scientific
progress during the quarter exceeded our expectations. In July, we
announced confirmation that our technology achieved total viral
kill in Intravenous Immunoglobulin (IVIg). IVIg is an intravenous
solution, made from human protein extracted from blood, that is
transfused into tens of thousands of immune-suppressed patients
each year. This breakthrough positions the Corporation to
capitalize on the US $600 million annual global market for IVIg
products."
"Our pre-eminent position in viral and bacterial inactivation was
also recognized in June by The Canadian Red Cross Society, which
has formed a strategic research alliance with LifeTECH to evaluate
the sterilization of CD34 stem cells. These cells are used by The
Red Cross for transplants in the treatment of diseases such as
leukemia, breast cancer, lymphomas and other serious forms of
cancer. The data generated by this collaborative research will
verify the effectiveness of LifeTECH's Sterizone System to
inactivate viruses and bacteria that may be present in donor CD34
stem cells. The successful completion of this research will create
the platform for the world's first commercially viable
sterilization technology for CD34 stem cells. We expect to file
key patent applications to protect the results of this research."
One of the steps followed by blood centres during the processing
of blood prior to transfusion is to separate whole blood into its
various components, such as red blood cells, serum, plasma,
platelets and intravenous products. The Corporation has,
therefore, focused its development program on determining the
optimal parameters for sterilizing each component. The importance
of LifeTECH's research to the international health sciences
community has been confirmed by the acceptance of two abstracts by
the American Association of Blood Banks and one abstract by the
International Society for Free Radical Research. The Corporation's
scientific team is gaining worldwide attention for their leading
edge research into viral inactivation using ozone. Over the next
few months, the Corporation will strengthen its scientific team
further to maintain its scientific and technological lead.
The following is a summary of third quarter financial information:
3 Months 3 Months 9 Months 9 Months
Ended Ended Ended Ended
960731 950731 960731 950731
(unaudited) (unaudited) (unaudited) (unaudited)
----------- ----------- ----------- -----------
Research and
Development $391,942 $322,287 $1,190,225 $558,832
Loss for the
Period $599,180 $290,088 $1,559,477 $668,333
Loss Per Common
Share $0.13 $0.08 $0.34 $0.21
Weighted Average
Number of Shares
Outstanding 4,523,120 3,669,000 4,522,947 3,214,000
As at As at
July 31, 1996 Oct. 31, 1995
(unaudited) (audited)
----------- ---------
Cash, Short Term Investments
and Marketable Securities $2,918,588 $5,082,835
Total Assets $5,836,921 $6,702,424
Shareholders' Equity $4,813,179 $6,369,880
LifeTECH Corporation is a Canadian biotechnology company dedicated
to developing and commercializing innovative technologies to
sterilize blood and other biological fluids. LifeTECH's
Sterizone(TM) System is designed to inactivate viruses and
bacteria in the global blood supply, including the HIV and
Hepatitis viruses. LifeTECH common shares (LFTK) and Warrants
(LFTK.WT) trade on the Canadian Dealing Network.
From Canada Newswire