NEW YORK (GenomeWeb News) – Accelr8 Technology today reported an upswing in revenues and a profit for its first quarter ended Oct. 31.
The Denver-based firm brought in total revenues of $466,362 for the quarter compared to $15,549 for the first quarter of the previous year. Its revenues were boosted by a $244,479 grant from the Internal Revenues Service under the Qualified Therapeutic Discovery program. It also received technical development fees of $210,000, with no such fees received the year before.
Accelr8 disclosed in a recent US Securities and Exchange Commission filing that Novartis Vaccines and Diagnostics is evaluating the firm's BACcel system for identifying the type and quantity of bacterial pathogens in clinical specimens. It noted that Novartis will pay it an undisclosed fee for the evaluation.
Accelr8 posted a profit of $67,250, or $.01 per share, compared to a net loss of $411,981, or $.04 per share, for last year's Q1.
Its R&D spending declined to $111,050 from $160,899, while its SG&A spending increased to $241,560 from 212,683.
The firm finished the quarter with $222,494 in cash and cash equivalents.
"[W]e’re entering a development phase that leads directly to product development for international launch" of the BACcel system, Accelr8 President David Howson said in a statement. "The first system will include critical tests for pathogen targets that represent the greatest threats to ICU patients who become infected."
In Thursday afternoon trade on the American Stock Exchange, shares of Accelr8 were down 3 percent at $1.02.