Matritech (Amex: MZT), a leading marketer and developer of
protein-based diagnostic products for the early detection of
cancer, today reported financial results for the second quarter
ended June 30, 2007. Revenue for the second quarter of 2007 was
$3,300,000 compared with $2,823,000 for the second quarter of 2006,
an increase of 17%. Revenue recognized from sales of the NMP22
BladderChek Test increased 20% during the quarter to $2,681,000
compared to $2,230,000 in the second quarter of 2006. NMP22
BladderChek Test sales accounted for approximately 90% of sales in
the NMP22 product line. The Company reported a loss from operations
of $2,233,000 for the quarter ended June 30, 2007, compared with a
loss from operations of $2,306,000 for the same period in 2006.
This 3% decrease was due primarily to increased sales of the NMP22
BladderChek Test. The Company reported a net loss of $4,581,000 or
$0.08 per share for the quarter ended June 30, 2007, compared with
a net loss of $3,567,000 or $0.06 per share for the same period in
2006. David L. Corbet, Matritech�s President and COO remarked, �We
are pleased with the year-over-year growth in BladderChek Test
sales in both the U.S. and Germany. In Germany we are able to
report another quarter of sales growth in our gynecology customer
base. While in the U.S., occupational health testing is gathering
momentum; we are seeing increasing support for using the
BladderChek Test to screen individuals in occupations at risk for
bladder cancer. We remain optimistic about the growth of sales of
the BladderChek Test and reaffirm our 2007 guidance on total
revenues of between $14.5 and $15.5 million.� Mr. Corbet added,
�UroToday.com recently launched the first web based Bladder Cancer
Diagnosis and Monitoring Center. Matritech supported this
initiative with an educational grant. The new center offers
urologists and other physicians clinically relevant publications,
current clinical trials, media resources, and an Ask the Expert
area where participants can receive answers to medical questions.
We believe our support of this new center reflects our leadership
role in the early detection of bladder cancer.� Revenue recognized
from sales of the NMP22 BladderChek Test increased 19% during the
first six months of 2007 to $5,473,000 as compared with $4,617,000
in the first six months of 2006. Overall product sales for the
first six months of 2007 were $6,647,000 compared to $5,678,000 for
the first six months of 2006. Total revenues for the first six
months of 2007 were $6,713,000 compared to $5,732,000 for the first
six months of 2006. The Company reported a loss from operations of
$4,255,000 for the six months ended June 30, 2007, compared with a
loss of $4,503,000 for the same period in 2006. The Company
reported a net loss of $8,724,000 or $0.15 per share, for the six
months ended June 30, 2007, compared with a net loss of $6,660,000
or $0.13 per share, for the same period in 2006. Stephen D. Chubb,
Matritech�s Chairman and CEO noted, �As we commented in our first
quarter earnings announcement,�we must secure further financing in
order to meet our ongoing obligations, including possible cash
payments on our outstanding debt. In June and July, most of our
note holders deferred interest and principal payments due, which
has been very helpful to the Company. We are actively exploring
financing and strategic alternatives, but our range of financing
options is restricted by our previously issued securities.�We hope
to be able to provide clarifying information about this situation
in the near future.� Mr. Chubb concluded, �We are delivering on our
mission to help save lives by detecting cancer early. Screenings
for bladder cancer have increased in high risk occupations, most
notably firefighters. Recently, the San Francisco firefighter
bladder cancer screening program, using the NMP22 BladderChek Test,
diagnosed a cancer in a retired firefighter that could not be seen
with a cystoscopic examination. The BladderChek Test aided in the
early diagnosis of a cancer that otherwise might not have been
found until it was more advanced and less treatable.� Review of
NMP22� BladderChek� Test American Urological Association (AUA) May
2007 Annual Meeting, Anaheim, CA. The NMP22 BladderChek Test was
featured in a plenary session and discussed during poster sessions.
Highlights included: New information from the NMP22 Investigation
Group showing the use of the NMP22 BladderChek Test as a diagnostic
tool in evaluating patients with risk factors for bladder cancer.
Data showed positive predictive value (PPV) increased in patients
at higher risk for bladder cancer. The predictive value of the
NMP22 BladderChek Test demonstrates its utility as a diagnostic
tool to help physicians with patient diagnosis and a management
plan. For example: In men, the PPV of the NMP22 BladderChek Test
was higher among those who were older, smokers, and patients with
gross hematuria (factors considered to increase risk for bladder
cancer). The negative predictive value (NPV), or reliability of a
negative test result, is enhanced in lower risk patients, up to
100% in women under age 65. A large scale multi-site screening
study that Dr. H. Barton Grossman is heading from the M.D. Anderson
Cancer Center and supported by an NIH grant will get underway in
the next several months. The study includes the use of the NMP22
BladderChek Test. Scheduled Web Cast of Call Today The Company has
scheduled a conference call at 8:30 a.m. (ET) today to discuss the
results of operations and provide a company update. The call will
be webcast and can be accessed on the Matritech web site at
www.matritech.com. Conference Call Dial-in Number To access the
conference call by telephone, the number in the United States is
800-591-6945. The International number is 617-614-4911. The
participant pass code is 18241894. The webcast will also be
distributed over CCBN's Investor Distribution Network to both
institutional and individual investors. About Matritech Matritech
is using its patented proteomics technology to develop diagnostics
for the detection of a variety of cancers. The Company's first two
products, the NMP22� Test Kit and NMP22� BladderChek� Test, have
been FDA approved for the monitoring and diagnosis of bladder
cancer. The NMP22 BladderChek Test is based on Matritech's
proprietary nuclear matrix protein (NMP) technology, which
correlates levels of NMPs in body fluids to the presence of cancer.
Beginning with a patent portfolio licensed exclusively from the
Massachusetts Institute of Technology (MIT), Matritech�s patent
portfolio has grown to 14 other U.S. patents. In addition to the
NMP22 protein marker utilized in the NMP22 Test Kit and NMP22
BladderChek Test, the Company has discovered other proteins
associated with cervical, breast, prostate, and colon cancer. The
Company�s goal is to utilize protein markers to develop, through
its own research staff and through strategic alliances, clinical
applications to detect cancer. More information about Matritech is
available at www.matritech.com. Statement under the Private
Securities Litigation Reform Act Any forward-looking statements in
this press release including those related to the Company's
expectations regarding future sales of the Company�s products,
sales in specific target markets, screening studies, business
prospects and financings and strategic alternatives are subject to
a number of risks and uncertainties, many of which are beyond the
Company�s control. Please refer to the risk factors detailed in the
Company's periodic reports and registration statements as filed
with the Securities and Exchange Commission. These forward-looking
statements are neither promises nor guarantees. There can be no
assurance that the Company's expectations for its products or
future financial performance will be achieved. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Matritech
undertakes no responsibility to revise or update any such
forward-looking information. Matritech, Inc. Financial Highlights �
� Three Months Ended Six Months Ended June 30, June 30, � � 2007 �
� 2006 � � 2007 � � 2006 � � Revenues $ 3,299,631 $ 2,823,112 $
6,713,370 $ 5,731,723 � � Cost of sales 785,280 748,957 1,544,713
1,539,032 Research, development and clinical expense 592,928
725,886 1,233,302 1,557,347 Selling, general and administrative
expense � 4,154,704 � � 3,654,126 � � 8,190,803 � � 7,138,479 � �
Loss from operations � (2,233,281 ) � (2,305,857 ) � (4,255,448 ) �
(4,503,135 ) � Interest income 16,318 50,133 39,814 91,687 Interest
expense 2,363,663 1,297,091 4,508,845 2,210,366 Other expense � - �
� 14,248 � � - � � 37,908 � � Net loss $ (4,580,626 ) $ (3,567,063
) $ (8,724,479 ) $ (6,659,722 ) � Basic/diluted net loss per share
$ (0.08 ) $ (0.06 ) $ (0.15 ) $ (0.13 ) � Basic/diluted weighted
average number of common shares outstanding � 60,686,458 � �
55,121,109 � � 59,596,621 � � 52,978,064 � � � � June 30, December
31, � 2007 � � 2006 � � Cash & cash equivalents $ 1,666,950 $
1,460,403 Working capital (5,799,610 ) (3,606,729 ) Total assets
5,832,871 5,505,875 Long-term debt (a) 16,775 95,227 Series A
convertible preferred stock 104,312 104,312 Stockholders' deficit
(5,195,559 ) (2,900,452 ) � (a) At June 30, 2007 and December 31,
2006 the face value of our current and long-term debt was
$9,087,613 and $6,162,584 and the carrying value was $6,271,121 and
$3,412,087, respectively. �
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