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www.sererra.com
CollabRx, Inc. (NASDAQ: CLRX) today announced financial results for the
Second Quarter Fiscal Year 2013, which ended September 30, 2012.
Fiscal 2013 Second Quarter Financial Statement Highlights
The Company’s Net Loss per share in the Second Quarter of Fiscal Year
2013 was ($0.68), compared with ($0.28) in the Second Quarter of the
prior fiscal year and ($0.40) Net Loss in the First Quarter of Fiscal
Year 2013.
CollabRx recorded a Net Loss of ($1,284) in the Second Quarter of
Fiscal Year 2013 compared with ($476) in the Second Quarter of the
prior fiscal year.
Operating Expenses totaled $1,347 and included a full quarter of the
expenses of the merged company. In addition to approximately $500 in
transaction-related and employment retention costs, operating expenses
included approximately $280 in non-cash stock compensation (ASC Topic
718) and depreciation / amortization expenses.
CollabRx ended the Second Quarter of Fiscal Year 2013 with
approximately $6.2 million in cash.
Business Highlights
On July 12, 2012, the Company, under its former name, Tegal
Corporation, announced the closing of a transaction to acquire
CollabRx, Inc., a development-stage data analytics company that uses
cloud-based expert systems to inform healthcare decision-making. The
Company consolidated operations from Petaluma, CA and Palo Alto, CA
into new headquarters in San Francisco, CA.
On September 27, 2012, the Company amended its charter to change its
name to CollabRx, Inc. and began trading on the NASDAQ CM under the
symbol CLRX.
During the quarter, CollabRx signed an exclusive license agreement to
provide a version of its proprietary Therapy Finder™ tool to MedPage
Today, Everyday Health, Inc.'s rapidly growing online site.
Everyday Health reports that 96% of oncologists are served by MedPage
Today, which had over 1.6 million unique visitors in June
2012, according to comScore. In addition to license fees, a portion of
the revenue generated by sponsorships to Everyday Health’s “Oncology
Next” service is to be shared with CollabRx.
CollabRx announced a multi-year partnership agreement with Life
Technologies Corporation (NASDAQ: LIFE) for development and
commercialization of CollabRx technology and content resources to be
used in conjunction with Life Technologies’ global cancer diagnostics
development and its laboratory developed test services business.
“We have emerged quickly and powerfully in the few short weeks since we
formally launched as the publicly traded CollabRx, Inc.,” said Chairman
and Co-CEO Thomas Mika. “The agreements that we signed with Everyday
Health and Life Technologies marks the entry of the Company into its
commercialization phase and validates the business model in two key
sectors of the health care market. We have a strong pipeline of
additional strategic deals that will build on our platform and lead to
significant future revenues.”
“CollabRx is at the forefront of providing actionable information to
physicians and patients in the cancer space, where targeted therapies
are guided by genomic testing and other molecular biomarkers,” said
James Karis, Co-CEO of CollabRx. “We have ensured that our interpretive
data and analytics are available to a wide audience of physicians and
patients. At the same time, we have established a platform for
significant growth and profitability. CollabRx now intends to make the
most of its early position as a leader and innovator in a market that is
poised for explosive growth.”
About CollabRx
CollabRx, Inc. (NASDAQ: CLRX) is a recognized leader in cloud-based
expert systems to inform health care decision-making. CollabRx uses
information technology to aggregate and contextualize the world’s
knowledge on genomics-based medicine with specific insights from the
nation’s top cancer experts starting with the area of greatest need:
advanced cancers in patients who have effectively exhausted the standard
of care. More information may be obtained at http://www.collabrx.com.
CollabRx Safe Harbor Statement
This press release includes forward-looking statements about CollabRx’s
anticipated results that involve risks and uncertainties. Some of the
information contained in this press release, including, but not limited
to, statements as to industry trends and CollabRx’s plans, objectives,
expectations and strategy for its business, contains forward-looking
statements that are subject to risks and uncertainties that could cause
actual results or events to differ materially from those expressed or
implied by such forward-looking statements. Any statements that are not
statements of historical fact are forward-looking statements. When used,
the words "believe," "plan," "intend," "anticipate," "target,"
"estimate," "expect" and the like, and/or future tense or conditional
constructions ("will," "may," "could," "should," etc.), or similar
expressions, identify certain of these forward-looking statements.
Important factors which could cause actual results to differ materially
from those in the forward-looking statements are detailed in filings
made by CollabRx with the Securities and Exchange Commission. CollabRx
undertakes no obligation to update or revise any such forward-looking
statements to reflect subsequent events or circumstances.
COLLABRX, INC. AND SUBSIDIARIES
(formerly TEGAL CORPORATION)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share data)
Sept 30,
March 31,
2012
2012
ASSETS
Current assets:
Cash and cash equivalents
$
6,217
$
7,820
Prepaid expenses and other current assets
113
56
Other assets of discontinued operations
11
418
Total current assets
6,341
8,294
Property and equipment, net
109
56
Intangible assets, net
1,630
-
Goodwill
603
-
Investment in convertible promissory note
329
312
Total assets
$
9,012
$
8,662
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
3
$
1
Promissory note
500
-
Common stock warrant liability
16
19
Accrued expenses and other current liabilities
313
316
Liabilities of discontinued operations
155
246
Total current liabilities
987
582
Deferred tax liability
664
-
Total liabilities
1,651
582
Stockholders’ equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized; none
issued and outstanding
-
-
Common stock, $0.01 par value; 50,000,000 shares authorized;
1,925,240 and 1,688,807 shares issued and outstanding at Sept. 30,
2012 and March 31, 2012, respectively
19
17
Additional paid-in capital
130,294
129,052
Accumulated other comprehensive loss
(142
)
(142
)
Accumulated deficit
(122,810
)
(120,847
)
Total stockholders’ equity
7,361
8,080
Total liabilities and stockholders’ equity
$
9,012
$
8,662
COLLABRX, INC. AND SUBSIDIARIES
(formerly TEGAL CORPORATION)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
and OTHER COMPREHENSIVE INCOME
(Unaudited)
(In thousands, except share data)
Three Months Ended
Six Months Ended
September 30,
September 30,
2012
2011
2012
2011
Revenue
$
75
$
19
$
100
$
38
Cost of revenue
20
--
20
--
Gross profit
55
19
80
38
Operating expenses:
Engineering
328
--
328
--
Sales and marketing expenses
49
--
49
--
General and administrative expenses
970
568
1,682
1,441
Total operating expenses
1,347
568
2,059
1,441
Operating loss
(1,292
)
(549
)
(1,979
)
(1,403
)
Equity in (loss) of unconsolidated affiliate
--
(170
)
--
(320
)
Other income (expense), net
11
2
20
14
Loss before income tax expense (benefit)
(1,281
)
(717
)
(1,959
)
(1,709
)
Income tax expense (benefit)
--
--
--
--
Loss from continuing operations
(1,281
)
(717
)
(1,959
)
(1,709
)
(Loss) income from discontinued operations, net of taxes
(3
)
241
(4
)
239
Net loss and comprehensive loss
$
(1,284
)
$
(476
)
$
(1,963
)
$
(1,470
)
Net loss per share:
Basic and diluted
$
(0.68
)
$
(0.28
)
$
(1.13
)
$
(0.87
)
Weighted-average shares used in per share computation:
Basic and diluted
1,884
1,689
1,738
1,689
The weighted average number of shares and the net (loss) income
per share reflect a 1-for-5 reverse split effected by the Company
on June 15, 2011
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