| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for SpectRx, Inc. > News item |
SpectRx's cash drops to $168,000; company secures $625,000 bridge loan
By Angela McDaniels
Seattle, Sept. 18 - SpectRx, Inc. said its cash position decreased by 46% to $168,000 at June 30 from $313,000 at Dec. 31, 2005.
"We have received commitments for an additional $625,000 in short-term bridge financing designed to sustain our operations until we can refinance SpectRx and complete the separate financing of our cervical cancer detection business [Guided Therapeutics, Inc.]," chairman and chief executive officer Mark A. Samuels said in a company news release.
"We are also in discussions with a number of parties interested in our SimpleChoice products and technology and now believe that the best plan for success for our SimpleChoice product line is in establishing a strategic relationship with an existing insulin pump company.
"As part of a broad effort to reduce operating costs, president and chief operating officer Bill Arthur has changed his status with the company to part time, and SimpleChoice has postponed new product development activities."
Revenue for the second quarter ended June 30 was $207,000, compared with revenue of $269,000 for the second quarter of 2005. For the six months ended June 30, revenue fell to $334,000 from $638,000 for the same period last year. The company attributed the decrease in revenue primarily to a reduction in contract revenue.
The net loss increased to $1.532 million for the second quarter from $1.247 million for the second quarter of 2005. For the first half of 2006, the net loss increased to $2.724 million from $2.594 million for the same period of 2005.
SpectRx is based in Norcross, Ga., and develops products used to deliver insulin and monitor glucose levels.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.