Accelr8 Announces Positive Earnings, Major Progress with BACcel™ Rapid Diagnostics Development
December 16 2010 - 8:00AM
Business Wire
Accelr8 Technology Corporation (NYSE Amex: AXK) announced
its financial results for the first fiscal quarter ended October
31, 2010. Net sales revenues totaled $466,362; net income from
operations was $49,974 with total net income of $67,250. For the
previous quarter, net sales were $15,549 with a loss from
operations of $(423,373) and a total net loss of $(411,981).
Shareholders’ equity totaled $4,985,682 at the current quarter’s
end, up from $4,909,778 at the end of the previous fiscal
quarter.
In a subsequent event, Accelr8 extended its technology
evaluation agreement for its BACcel™ rapid diagnostic system with a
global diagnostics company, as previously announced. Also
previously announced, the company received a cash grant from an
Internal Revenue Code program created by the Affordable Care Act.
The grant of $244,479 was the maximum awarded under the
program.
At Accelr8’s Annual Shareholders’ Meeting held on December 14,
management described significant progress toward commercializing
the BACcel™ system. Management outlined steps now underway to fully
integrate its automated fluidics and microscopy instrument for
international market introduction.
Management also highlighted two areas in BACcel™ test
development. Company scientists and outside research collaborators
at Denver Health made significant strides in specimen preparation.
The company has now analyzed almost 700 clinical specimens, and
devised improved cleanup methods for pilot clinical studies with
fresh clinical specimens. The company also added endotracheal
aspirates (ETA) to its specimen capabilities for severe lung
infections. ETAs are easy to access but are highly variable and may
contain dense, complex interfering materials. This addition gives
physicians more choices in specimen access to screen, diagnose, and
monitor severe lung infections. Pneumonia remains the leading
infectious cause of mortality in the ICU.
Development continues to advance with tests to identify
multi-drug resistant organisms, referred to by news media as
“superbugs.” Test targets include an advanced form of resistance in
“Staph” against the favored fallback drug, vancomycin, for treating
multi-resistant MRSA strains. The mechanism is known as “hVISA” for
heteroresistant vancomycin intermediate Staphylococcus aureus.
hVISA strains test as susceptible by standard lab methods, but
exhibit a high treatment failure rate. hVISA has no identified
molecular markers and no reliable culturing test that hospital
laboratories can perform. Company scientists believe that they now
are on track with an accurate hVISA test that fits well within the
BACcel™ system’s 6-hour total test cycle.
According to David Howson, Accelr8’s president, “We’re entering
a development phase that leads directly to product development for
international launch. The first system will include critical tests
for pathogen targets that represent the greatest threats to ICU
patients who become infected. Our scientific team continues to
achieve new levels of performance unmatched by any other diagnostic
technology in addressing the dire global pandemic of relentlessly
evolving antibiotic resistance,” Howson concluded.
About Accelr8
Accelr8 Technology Corporation (www.accelr8.com) is a developer of innovative
materials and instrumentation for advanced applications in medical
instrumentation, basic research, drug discovery, and bio-detection.
Accelr8 is developing a rapid analytical platform for infectious
pathogens, the BACcel™ system, based on its innovative surface
coatings, assay processing, and detection technologies. In
addition, Accelr8 licenses certain of its proprietary technology
for use in applications outside of Accelr8’s own products.
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.
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