Spectral Diagnostics Reports Net Loss of $9,030,000 in Fiscal 1995

Spectral Diagnostics Inc., developers of Point-of-Care cardiac diagnostics, reported a net loss of $9,030,000 in fiscal 1995, compared to a net loss of $3,368,787 in fiscal 1994. The company had total assets of $40,942,000, with $32,176,000 in cash and short-term securities, at the end of March 1995. Spectral completed a special convertible securities offering, raising approximately $30 million in net proceeds from the issue of one million Common Shares. The company is investing in the commercialization of its Cardiac STATus CK-MB/Myoglobin panel test and ongoing research and product development.

Key Takeaways:

• Spectral Diagnostics reported a net loss of $9,030,000 in fiscal 1995, compared to a net loss of $3,368,787 in fiscal 1994.
• The company completed a special convertible securities offering, raising approximately $30 million in net proceeds from the issue of one million Common Shares.
• Spectral invested in gearing up for the commercialization of the Cardiac STATus CK-MB/Myoglobin panel test, as well as ongoing research and product development.
• At March 31, 1995, the company had total assets of $40,942,000, with $32,176,000 in cash and short-term securities.
• The Cardiac STATus CK-MB/Myoglobin test is a rapid, in vitro diagnostic kit providing qualitative results from whole blood at bedside in less than 20 minutes.

Statistics:

• Net loss in fiscal 1995: $9,030,000
• Net loss in fiscal 1994: $3,368,787
• Total assets at March 31, 1995: $40,942,000
• Cash and short-term securities: $32,176,000
• Net proceeds from special convertible securities offering: approximately $30 million
• Number of Common Shares issued: one million

Sources:

• PRNewswire: Spectral Diagnostics Inc. Reports Net Loss in Fiscal 1995
• Spectral Diagnostics Inc.: News Release
• Dade International: NOW AVAILABLE (FROM DADE INTERNATIONAL) FOR THE EVALUATION OF CHEST PAIN