CABG Medical Announces 2004 Results
March 02 2005 - 6:30AM
PR Newswire (US)
CABG Medical Announces 2004 Results MINNEAPOLIS, March 2
/PRNewswire-FirstCall/ -- CABG Medical, Inc. (NASDAQ:CABG), the
developer of an innovative drug-eluting graft for coronary artery
bypass surgery, today reported results for the year ended 2004.
Revenue for the year ended 2004 was $21,000 compared to no revenue
for 2003. Net loss for the year ended 2004 was $3.5 million, or
$0.34 per share, compared to $1.5 million, or $0.17 per share, for
the year ended 2003. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050114/CGF013LOGO ) Manny
Villafana, Chairman and Chief Executive Officer of CABG Medical,
commented, "We are proud to report that 2004 was a year of
tremendous excitement and accomplishment for all associated with
our organization. We advanced from a development program to an
entity prepared to begin human clinical trials. We initiated the
training of our international distribution network, which in turn
has helped us identify highly qualified medical professionals to
execute our clinical trials." "In addition, in 2004 we solidified
our financial condition through an initial public offering,
recruited an outstanding Board of Directors and strengthened our
Scientific Advisory Board," said Mr. Villafana. "In November 2004,
surgeons in Brisbane, Australia, implanted the first Holly Graft
System in a human. Eight days later the patient went home for
Christmas with his family and continues to experience life symptom
free." "Looking ahead to 2005, we expect to initiate our clinical
trials in Australia and in Europe, with leading centers in Germany
and Spain. In the second half of 2005 we believe we will be able to
present the first initial follow-up results from our international
human clinical sites and initiate human cases in the United
States," concluded Mr. Villafana. About CABG Medical CABG Medical,
Inc. is a medical device company developing drug-eluting
technologies and therapies to improve the treatment of coronary
heart disease, or CHD, by advancing conventional bypass surgery. We
have designed our first product, the Holly Graft System, by
leveraging our understanding of flow dynamics, material sciences
and drug combinations to create a drug-eluting coronary graft
system. Safe Harbor Certain statements in this release that are not
historical facts, including, without limitation, those relating to
our expectation regarding the commencement of clinical trials in
2005 in Australia and Europe, our expectation regarding the
initiation of human cases in the United States in 2005, and our
anticipation that we will be able to present in 2005 the first
follow-up results from such clinical trials, are forward-looking
statements that involve risks and uncertainties. Such statements
are based upon the current beliefs and expectations of our
management. Actual results may vary materially from those contained
in such forward-looking statements based on a number of factors
including, without limitation, our need to obtain regulatory
approval in each relevant jurisdiction prior to the initiation of
any clinical trials or human cases in such jurisdiction, the
selection of clinical sites, the completion of such trials and
cases, and other factors disclosed from time to time in our filings
with the U.S. Securities and Exchange Commission. Investors should
take such risks into account when making investment decisions.
Shareholders and other readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date on which they are made. We undertake no obligation to
update any forward- looking statements. CABG Medical, Inc.
Statements of Operations Three months ended Year Ended December 31,
December 31, 2003 2004 2003 2004 (In thousands, except share and
per share amounts) Revenue $- $21 $- $21 Expenses: Research and
development 421 1,007 1,153 2,647 Marketing, general and
administrative 168 400 405 996 Total 589 1,407 1,558 3,643 Interest
income 6 46 16 71 Net loss $(583) $(1,340) $(1,542) $(3,551) Basic
and diluted net loss per share $(0.06) $(0.11) $(0.17) $(0.34)
Weighted average shares outstanding -- basic and diluted 9,352,294
11,773,524 8,967,308 10,298,639 CABG Medical, Inc. Balance Sheets
December 31, 2003 2004 (In thousands) Assets Current assets: Cash
and short term investments $1,737 $28,936 Other current assets 30
291 Total current assets 1,767 29,227 Property and equipment, net
74 199 Total assets $1,841 $29,426 Liabilities & Stockholders'
Equity Current liabilities: Accounts payable $74 $841 Accrued
liabilities 84 19 Total current liabilities 158 860 Total
stockholders' equity 1,683 28,566 Total liabilities and
stockholders' equity $1,841 $29,426
http://www.newscom.com/cgi-bin/prnh/20050114/CGF013LOGO
http://photoarchive.ap.org/ DATASOURCE: CABG Medical, Inc. CONTACT:
Manny Villafana, Chairman & CEO, or John L. Babitt, President
& COO, both of CABG Medical, Inc., +1-763-258-8005, or fax,
+1-763-258-8008 Web site: http://www.cabgmedical.com/
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