VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 9, 1994--Quadra Logic Technologies Inc. announced today its financial results for the third quarter of 1994.
"The financial results reflect the Company's continued efforts in the development and commercialization of PHOTOFRIN(R) and BPD," said Kenneth Galbraith, Vice President, Finance and Chief Financial Officer.
"Although PHOTOFRIN(R) marketing commenced in the Netherlands in October, the Company does not expect significant sales revenues until 1995 when initial product sales for PHOTOFRIN(R) are expected in Japan and North America and further product sales occur in the Netherlands."
For the nine months ended September 30, 1994, the Company incurred a net loss of $9,541,199, or $0.48 per common share, compared to a net loss of $8,662,870, or $0.54 per common share for the nine months ended September 30, 1993. For the three months ended September 30, 1994, the Company incurred a net loss of $3,464,596 or $0.17 per common share, compared to a net loss of $3,026,627 or $0.18 per common share for the similar period in 1993.
Revenues for the first nine months of 1994 relate to investment income earned on cash reserves and a gain on the renegotiation of a loan with American Cyanamid Company. The Company had cash reserves of approximately $35 million as of September 30, 1994.
Quadra Logic Technologies Inc. is a world-leader in the development of new pharmaceutical products and applications for Photodynamic Therapy (PDT), an emerging medical field that uses light-activated drugs in the treatment of cancer and other diseases.
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QUADRA LOGIC TECHNOLOGIES INC.
CONDENSED STATEMENTS OF OPERATIONS (1)
(in thousands except per share amounts)
(Unaudited)
THREE MONTHS NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1994 1993 1994 1993
Total revenues $ 947 $ 356 $ 2,744 $ 952
Costs and expenses 4,412 3,383 12,285 9,615
Net loss $(3,465) $(3,027) $ (9,541) $(8,663)
_________ _________ _________ ________
Net loss per
common share $ (0.17) $ (0.18) $ (0.48) $ (0.54)
_________ _________ _________ ________
Shares used in calculation
of net loss
per common share 19,740 16,800 19,680 16,050
_________ _________ _________ ________
SELECTED BALANCE SHEET DATA (1)
(In thousands)
(Unaudited)
September 30, 1994 December 31, 1993
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Cash, cash equivalents and
short-term investments $ 34,965 $ 47,873
Total assets 41,094 54,660
Long term obligations 1,014 4,553
Shareholders' equity 38,453 47,401
(1) All amounts shown are in Canadian dollars.
CONTACT: Quadra Logic Technologies Inc., Vancouver
David J. Main, 604/872-7881 or 800/663-5486
