SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

   Biotech / MedicalParadigm Genetics -- PDGM


Previous 10 Next 10 
To: tuck who started this subject4/30/2003 5:59:47 PM
From: nigel bates
   of 101
 
Paradigm Genetics Announces 2003 First Quarter Financial Results

RESEARCH TRIANGLE PARK, NC, April 30 / PRNewswire-FirstCall/Paradigm Genetics, Inc. (Nasdaq: PDGM - News), a biotechnology company, today reported financial results for the first quarter ended March 31, 2003.
The company reported a first quarter 2003 net loss attributable to common stockholders of $4.1 million, or $0.13 per common share, compared to earlier guidance provided by the company of $0.15 to $0.17 loss per common share. This compares to a net loss attributable to common stockholders of $5.2 million, or $0.16 per common share for the first quarter 2002. The reduced loss compared to guidance was due to better than anticipated revenues from Bayer CropScience and the National Institute of Environmental Health Sciences (NIEHS) contract, greater throughput for the Monsanto contract, and continued cost savings within the company.
Total revenues for the first quarter 2003 decreased to $4.1 million compared to $5.6 million for the same period in 2002. This anticipated decrease was due to the contract with Bayer entering later stages with less associated revenue; and lower throughput than in 2002 with respect to the Monsanto contract, offset in part by revenue recognized from the NIEHS contract and Advanced Technology Program grant.
Offsetting this revenue decline, total operating expenses for the three months ended March 31, 2003 decreased to $8.1 million compared to $10.6 million for the first quarter 2002. The reduction in operating expenses is primarily attributable to reduced payroll expenses and other internal cost control measures.
Paradigm reported income from discontinued operations in the first quarter 2003 of $25,000 compared to a loss of $226,000 in the first quarter 2002. Due to the discontinuation in December 2002 and subsequent sale in February 2003 of its ParaGen plant genotyping business, the company is reporting all operations related to the unit as discontinued operations, in accordance with generally accepted accounting principles.
For the three months ended March 31, 2003, cash utilization decreased to $4 million compared to $10.6 million in the same period in 2002. This decrease was due to improved cash flow from operations, lower capital expenditures and lower debt payments.
"I am very pleased to report that we have done what we said we were going to do in terms of controlling our expenses and improving cash flow," said Heinrich Gugger, Ph.D., President and CEO of Paradigm Genetics. "As importantly, we are trending in the right direction. If you compare fourth quarter 2002 to this quarter, our revenues increased from $1.9 million to $4.1 million while our overall expense base decreased from $8.5 million to $8.1 million. Further our SG&A expenses declined while we kept investing in our human health platform."
Gugger continued, "We're on track with our business development activities and see near-term revenue opportunities, as evidenced by the recently signed $8.4 million addition to our $23.8 million contract, for a total of up to $32.3 million, with the National Institute of Environmental Health Sciences for additional toxicogenomic studies. We continue to see growing acceptance in the marketplace of our expertise and offerings."
About Paradigm Genetics
Paradigm is a biotechnology company aiming to increase R&D productivity by focusing its integrated suite of technologies on the product development cycle, from target discovery to subsequent enhancement of the safety and efficacy profiles of development candidates in agriculture and human health. Paradigm chooses a systems biology approach to understand gene function in the context of biological pathways, to develop assays and biomarkers for molecular diagnostic solutions tailored to the needs of our partners. Paradigm's proprietary Gene to Cell to System(TM) approach has three major components: gene expression profiling, biochemical profiling (also known as metabolomics) and data integration and coherence. For more information, visit www.paradigmgenetics.com.
Quarterly Conference Call
Paradigm will host a conference call at 8:30 a.m. ET on Thursday, May 1, 2003 to review financial results for the three months ended March 31, 2003 and update 2003 guidance. This call will be webcast via the Internet at www.paradigmgenetics.com, where any supplemental financial information will be available, and will be accessible through the investor relations section and homepage of Paradigm's web site through May 15, 2003. Contact Investor Relations at (919) 425-3000 for information on accessing a taped replay via telephone.
Financial Charts Follow

PARADIGM GENETICS, INC.
CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended
March 31,
(unaudited)
2003 2002

Revenues:
Commercial partnerships $3,839,000 $5,643,000
Grant revenues 228,000 --
Total revenues 4,067,000 5,643,000

Operating expenses:
Research and development (includes
$71,000 and $105,000 of stock based
compensation expense for the three months
ended March 31, 2003 and March
31, 2002, respectively) 5,832,000 7,633,000

Selling, general and administrative
(includes $41,000 and $159,000 of stock based
compensation expense for the three months
ended March 31, 2003 and
March 31, 2002 respectively) 2,252,000 2,945,000

Total operating expenses 8,084,000 10,578,000

Loss from operations (4,017,000) (4,935,000)

Other Interest income (expense), net (125,000) (56,000)

Net loss from continuing operations (4,142,000) (4,991,000)

Discontinued operations 25,000 (226,000)

Net loss attributable to common
stockholders (4,117,000) (5,217,000)

Net loss per share _ basic and diluted
Loss for continuing operations $(0.13) $(0.16)

Loss from discontinued operations -- $(0.01)

Net loss per share $(0.13) $(0.16)

Weighted average common shares
outstanding -
basic and diluted 32,041,000 31,938,000

Paradigm Genetics, Inc.
2003 First-Quarter Results
Condensed Balance Sheet Data

March 31, December 31,
2003 2002
(unaudited)
Assets:
Cash, cash equivalents, short-term
investments $11,039,000 $10,909,000
Other current assets 6,522,000 6,500,000
Total Current Assets 17,561,000 17,409,000
Long term investments 6,182,000 10,323,000
Property plant & equipment net 21,199,000 22,431,000
Other noncurrent assets 1,783,000 2,459,000
Total Assets $46,725,000 $52,622,000
Liabilities and Stockholders' Equity:
Current liabilities 17,684,000 18,557,000
Long-term obligations 2,368,000 3,378,000
Stockholders' equity 26,673,000 30,687,000
Total Liabilities and Stockholders'
Equity $46,725,000 $52,622,000

Paradigm Genetics, Inc.
Supplemental Information Re: Increase/(Decrease) in Cash, Cash
Equivalents,
Short _ Term and Long _ Term Investments (See Note Below)
(Unaudited)

Q1 Q1 Increase/
2003 2002 Decrease
Cash flows from operating activities:
Net loss attributable to common
stockholders $(4,117,000) $(5,217,000) $1,100,000
Adjustments to reconcile net loss to net
cash used in operating activities 1,630,000 (1,057,000) 2,687,000
Net cash provided by (used in)
operating activities (2,487,000) (6,274,000) 3,787,000

Net cash (used in) investing activities,
excluding purchases and maturities of
short-term and long-term investments (57,000) (356,000) 299,000

Net cash provided by (used in)
financing activities (1,466,000) (3,947,000) 2,481,000

Cash, cash equivalents, short-term
investments and long term investments,
beginning of period 21,232,000 42,992,000 (21,760,000)
Cash, cash equivalents, short-term
investments and long term investments,
end of period 17,222,000 32,415,000 (15,193,000)

Net (decrease) increase in cash, cash
equivalents, short-term investments
and long term investments $(4,010,000) $(10,577,000) 6,567,000

Note: The above presentation of the change in cash and investments is not
meant to be in accordance with generally accepted accounting principles
("GAAP") in the U.S. GAAP requires the presentation of a statement of
cash flows only (i.e., excluding changes in short and long-term
investments). In order to fully assess the Company's liquidity position,
management believes that the cash flow measure presented above, which
includes Short-Term and Long-Term Investments, is an appropriate measure
for evaluating the Company's liquidity, because this reflects all liquid
resources available for strategic opportunities including, among others,
to invest in the business and continue operating activities. However this
measure should be considered in addition to, and not as a substitute, or
superior to, cash flows, prepared in accordance with generally accepted
accounting principles.

Under GAAP, cash flows from investing activities above would improve by
net maturities of investment securities in the amount of $6.1 million and
$7.3 million in Q1 2003 and 2002, respectively, and, cash and cash
equivalents at the beginning and end of the period would be less, as they
would exclude short and long-term investments of $15.3 million and $9.3
million, and $36.8 million and $29.2 million for Q1 2003 and 2002,
respectively. Cash, cash equivalents, short-term and long-term investments
exclude restricted cash...

Share RecommendKeepReplyMark as Last Read


To: tuck who started this subject5/16/2003 7:17:03 AM
From: nigel bates
   of 101
 
Paradigm Granted U.S. Patent for its TAG-KO(R) Technology

RESEARCH TRIANGLE PARK, N.C., May 15 /PRNewswire-FirstCall/ -- Paradigm Genetics, Inc. (Nasdaq: PDGM - News) today announced that the company has been issued U.S. Patent No. 6,562,624 titled "Methods and Materials for the Rapid and High Volume Production of a Gene Knock-Out Library in an Organism." The patent covers Paradigm's proprietary Transposon-Arrayed Gene Knock-Out (TAG-KO®) technology, which provides methods for the rapid and systematic mutation of pathogenic fungi, enabling the efficient identification of novel antifungal and fungicide targets as well as novel biosynthetic and degradation pathways. TAG-KO® technology may lead to new fungicides, human anti-fungal products, and industrial products.

ADVERTISEMENT
"TAG-KO® is a key technology asset in Paradigm's crop protection program, and specifically, for our work in microbial genomics," says John E. Hamer, Ph.D., Paradigm's Chief Scientific Officer and principal inventor of the TAG-KO® technology. "As the sequencing of more fungal genomes is completed there is a growing need for versatile and robust target validation and pathway discovery. We believe that TAG-KO® is the most rapid and versatile technology available for these organisms."

Details of Paradigm's TAG-KO® technology were first published in 2001 in Proceedings of the National Academy of Sciences.(1) Paradigm has also pursued U.S. and international patent protection for numerous novel fungicide targets discovered by its TAG-KO® technology. To date, Paradigm has received two Notices of Allowance from the United States Patent and Trademark Office for fungicide target patent applications titled, "Methods for the Identification of Inhibitors of 5-Aminolevulinate Synthase as Antibiotics" and "Methods for the Identification of Inhibitors of Threonine Synthase as Antibiotics."

"We are pursuing an aggressive intellectual property strategy to lay the foundation for a proprietary, product-oriented business down the road," says Heiri Gugger, Ph.D., President and CEO. "At the same time, fundamental patents like this one just issued strengthen and protect our current technology offering."

Paradigm's core agricultural biotechnology competencies include gene expression profiling, biochemical profiling, phenotypic profiling and data integration/coherence tools. These technologies, and those discoveries made using them, are protected by nine other issued patents.

About Paradigm Genetics

Paradigm is a biotechnology company aiming to increase R&D productivity by focusing its integrated suite of technologies on the product development cycle, from target discovery to subsequent enhancement of the safety and efficacy profiles of development candidates in agriculture and human health. Paradigm chooses a systems biology approach to understand gene function in the context of biological pathways, to develop assays and biomarkers for molecular diagnostic solutions tailored to the needs of our partners. Paradigm's proprietary Gene to Cell to System(TM) approach has three major components: gene expression profiling, biochemical profiling (also known as metabolomics) and data integration and coherence. For more information, visit www.paradigmgenetics.com.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: nigel bates who wrote (70)5/16/2003 2:23:33 PM
From: tuck
   of 101
 
Interestingly, the General Counsel just increased his position by about 25% at $0.95.

Cheers, Tuck

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: tuck who wrote (71)5/21/2003 3:45:08 AM
From: nigel bates
   of 101
 
Clearly got wind of the Canadian 'mad cow' thing. <g>

Stock was up over 20% at one stage yesterday. Proteome Sciences (PRM.L), also involved in prion testing, this morning sports an improbable capitalisation of around $260m.

Bio-Rad jumps on 'mad cow' case
Paradigm, VI Tech stand to gain from more testing
By Greg Morcroft, CBS.MarketWatch.com
Last Update: 5:29 PM ET May 20, 2003

NEW YORK (CBS.MW) -- Shares of clinical testing firm Bio-Rad Laboratories jumped 12.5 percent Tuesday on the likelihood the company will benefit from increased testing for "mad cow disease" after a case was confirmed in Canada.

Canadian agricultural officials said an 8-year-old cow in the province of Alberta had turned up with the disease, called bovine spongiform encephalopathy (BSE). While the animal was tested for the malady after being slaughtered on Jan. 31, the results were not known until last week.

"This is important," Deutsche Banc Securities said in a research note, adding, "the case could trigger widespread testing in both Canada and the United States, leading to potential upside for Bio-Rad."

Bio-Rad (BIO: news, chart, profile) shares closed up $6.10 at $54.95, a 52-week high.

Paradigm Genetics (PDGM: news, chart, profile), which is also developing blood-based tests for detecting the disease in humans and animals with Switerland's Prionics AG, saw its shares rise 6.1 percent, or 6 cents to $1.06.

And VI Technologies (VITX: news, chart, profile) shares jumped 27.3 percent, or 24 cents, to $1.20.

According to VI Tech's Web site, the company "is developing a diagnostic test for pathogenic prion proteins." Prion proteins can cause the disease in cows and are also behind the variant Creutzfeldt-Jakob disease in humans, "which is 100 percent fatal and for which no therapy or diagnostic currently exists," the company said.

According to Baird U.S. Equity Research, "Alberta accounts for nearly 60 percent of Canada's beef production and has about 5.5 million head of cattle. According to government reports, over 500,000 live head of cattle were shipped from Alberta to the U.S. in 2002."

After Canada announced the case, U.S. officials temporarily banned imports of meat products from Canada.

Baird said it's not aware of an official BSE test approved by Canada, but it said Bio-Rad's Platelia test was the first U.S.-approved screen for the chronic wasting disease in deer, a condition related to BSE.

Baird said testing for BSE accounts for about 10 to 12 percent of Bio-Rad's revenue and provides operating margins of 20 to 25 percent.

"We view the unfortunate news as incrementally positive for BIO, but we believe significant revenue opportunities will not arise unless long-term, widespread testing becomes official," the report concluded.

The disease is difficult to detect, and testing can only be done on dead animals.

Deutsche Banc estimated that the total market for BSE testing in Canada at $24.4 million and $200 million per year in the United States.

A BSE epidemic afflicted Britain's cattle in the mid-1990s, leading other countries to ban import of British beef. A 2000 outbreak in France raised similar concerns, and the European Union ordered the destruction of older cattle that hadn't been tested for BSE...

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: nigel bates who wrote (72)5/21/2003 4:53:48 PM
From: tuck
   of 101
 
It was news to me that PDGM was involved with BSE. Sure enough, MarketWatch botched that and corrected today:

>>On May 20 and 21, CBS MarketWatch incorrectly reported the status of work by Paradigm Genetics (PDGM: news, chart, profile) on developing tests for detecting "mad cow" disease. The company was working on such a project in 2000 and 2001 but is not doing so now, according to a company spokesman.<<

Oops. Meanwhile, BIO got a 6 point pop out of it, which is a bit much. Somewhat tempted to short it.

Cheers, Tuck

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: tuck who wrote (73)5/22/2003 3:21:07 AM
From: nigel bates
   of 101
 
First time I'd heard of it, too: it'll teach me to check MarketWatch reports in future.

I don't hold any PDGM right now, but I wouldn't short them.

Share RecommendKeepReplyMark as Last Read


To: tuck who started this subject5/27/2003 9:43:30 AM
From: tuck
   of 101
 
>>RESEARCH TRIANGLE PARK, N.C., May 27 /PRNewswire-FirstCall/ --
Paradigm Genetics, Inc. (Nasdaq: PDGM - News) today announced that genes analyzed and confirmed as "hits" in its Arabidopsis thaliana GeneFunction Factory(TM) platform have moved into Monsanto Company's corn and soybean research-and- development testing pipeline. These genes may affect valuable agronomic traits, such as increased growth rates and stress resistance.

"We have been very pleased with the results from Paradigm's research and the success of our collaboration thus far," said Stephen Padgette, Ph.D., Vice President, Biotechnology, Monsanto Company. "The fact that we've received confirmed hits from Paradigm means the process of moving promising genes into crop testing at Monsanto is substantially expedited."

"This is a tremendous success for Paradigm," said Heinrich Gugger, Ph.D. "Over the years, we have demonstrated our leadership in determining the function of genes in plants. Now that Monsanto is incorporating genes analyzed by Paradigm into its crop trait pipeline, the potential for the commercial value of our research has clearly increased. This exciting step strengthens our current collaboration and open new doors in our relationship with Monsanto."

In its collaboration with Monsanto, Paradigm is running thousands of genes through its Gene Function Factory(TM) platform for the purpose of discovering those that can affect commercially relevant traits. As part of its recently restructured research plan, Paradigm also reanalyzes a select subset of the genes, a step that provides statistically rigorous confirmation of the genes' ability to affect valuable agronomic traits.<<

snip

Cheers, Tuck

Share RecommendKeepReplyMark as Last Read


To: tuck who started this subject6/6/2003 2:31:57 PM
From: tuck
   of 101
 
>.Paradigm Genetics, Inc. (Nasdaq: PDGM - News) today announced that it has received notice from The Nasdaq Stock Market, Inc. that the company's common stock is now in compliance with the $1.00 minimum closing bid price requirement, pursuant to Marketplace Rule 4450(a)(5). As Paradigm has remained in compliance with all other listing criteria, the company's stock will continue to be listed on the Nasdaq National Market.

"Today, we have added a critical chapter to Paradigm's turnaround story," said Philip R. Alfano, Vice President, Finance, and Chief Financial Officer. "We have diligently and consistently executed on our corporate strategy, and the marketplace has responded. Now we can more fully focus on building greater value in the company. We appreciate the support from Nasdaq as we overcame the temporary decline in our stock price, which had fallen below the minimum bid price requirement."

In April, Paradigm received notification from Nasdaq granting the company an extension until July 3, 2003 to re-establish compliance with the Nasdaq National Market's minimum bid price requirement. Since then, Paradigm has continued to make progress in its strategy of expanding its agricultural customer base and building its human health business. Highlights include an $8.4 million addition to the company's $23.8 million contract with the National Institute of Environmental Health Sciences; the announced improvement in cash flow for first quarter 2003 as compared to first quarter 2002; the issuance of a U.S. patent for its proprietary TAG-KO(TM) technology; the announcement of the entrance of genes analyzed and confirmed as "hits" by the company into Monsanto Company's corn and soybean research-and-development testing; and significant personnel appointments in its human health business.<<

snip

Cheers, Tuck

Share RecommendKeepReplyMark as Last Read


To: tuck who started this subject9/30/2003 11:39:51 AM
From: nigel bates
   of 101
 
Paradigm Genetics and University of North Carolina Enter Collaboration To Identify Biomarkers of Choline Deficiency

RESEARCH TRIANGLE PARK, N.C., Sept. 30 /PRNewswire-FirstCall/ -- Paradigm Genetics, Inc. (Nasdaq: PDGM - News), a biotechnology company, today announced it has entered into a research collaboration with the University of North Carolina at Chapel Hill to identify biomarkers indicative of choline deficiency, a physiological state that has been implicated in the onset of liver damage in humans.

Under the terms of the agreement, UNC-CH will provide to Paradigm serum and urine samples collected as part of its research to determine the required daily amount of choline. Paradigm Genetics researchers will then perform biochemical analyses on the biofluid samples and identify the pathways and mechanisms that may be involved.

"Choline deficiency is known to cause progressive liver damage and has been associated with increased risk of hepatic cancer in experimental models. Current serum markers of liver injury lack the sensitivity and specificity to differentiate among patients with simple or more complex forms of liver disease, and often fail to signal its early onset," said Thomas J. Colatsky, Ph.D., Vice President of Healthcare Research for Paradigm. "This collaboration extends our access to clinical samples from patients with hepatotoxicity, and provides us with an opportunity to continue to build our portfolio of proprietary biomarkers of liver injury."

Choline is an essential nutrient that plays a critical role in normal cellular membrane composition and repair, normal brain function and normal cardiovascular function. The human body does not synthesize enough choline to meet its own demands; however, choline is widely distributed in foods. The Food and Nutrition Board of the National Academy of Sciences has recently recommended increased choline intake for pregnant and nursing women to help ensure normal fetal brain development. Choline intake may also be helpful in some liver diseases, manic conditions, cognitive disorders, tardive dyskinesia and, possibly, some cancers.

About Paradigm Genetics

Paradigm is a biotechnology company that increases R&D productivity by focusing its integrated suite of technologies on the product development cycle, from target discovery to subsequent enhancement of the safety and efficacy profiles of development candidates in agriculture and human health. Paradigm uses a systems biology approach to understand gene function in the context of biological pathways, to develop assays and biomarkers for molecular diagnostic solutions tailored to the needs of our partners. Paradigm's proprietary Gene to Cell to System(TM) approach has four major components: gene expression profiling, biochemical profiling (also known as metabolomics), phenotypic profiling and data integration and coherence. For more information, visit www.paradigmgenetics.com.

Share RecommendKeepReplyMark as Last Read


To: tuck who started this subject10/23/2003 11:44:33 AM
From: nigel bates
   of 101
 
Paradigm Genetics Receives U.S. Patent for Fungicide Target; Target Part of Fungal Pathway for Lysine Production

RESEARCH TRIANGLE PARK, N.C., Oct. 23 /PRNewswire-FirstCall/ -- Paradigm Genetics, Inc. (Nasdaq: PDGM - News), a biotechnology company, today announced that the company has been issued U.S. Patent No. 6,632,631, titled "Methods for the Identification of Inhibitors of Homocitrate Synthase as Antibiotics." The patent covers a gene target (homocitrate synthase) in the biosynthetic pathway by which fungi produce lysine, a nutrient necessary for fungi to thrive, as well as methods enabling the discovery of chemicals that inhibit enzymatic steps within the lysine pathway. Chemical compounds discovered by Paradigm's patented method may lead to the development of novel, less toxic fungicides or antifungals, which are highly sought after in the agricultural industry.

"The pathway used by fungi to make lysine is not present in humans and animals, and is very different from the lysine production pathway in plants," said Keith Davis, Ph.D., Vice President of Agricultural Research. "By focusing on fungal-specific pathways, such as lysine production, scientists can identify more selective and safer antifungal compounds. Our patented gene target is a critical first step in this powerful approach, and we expect that large agrochemical companies may be interested in licensing rights related to this patent for the development of effective, less toxic fungicidal products."

Paradigm used its patented TAG-KO® technology (U.S. Patent No. 6,562,624) to identify the target in the lysine pathway. Davis continued, "This discovery validates our TAG-KO® technology as a very compelling tool for the discovery and development of new antibiotic compounds such as new fungicides and human antifungals."

Share RecommendKeepReplyMark as Last Read
Previous 10 Next 10