Pacific Biometrics, Inc. Reports Fiscal 2008 Second Quarter Results
Seattle, Washington, February 14, 2008 - Pacific Biometrics, Inc. (PBI) (OTCBB: PBME) a leading provider of specialized central laboratory and contract research services, released its financial results for the second quarter of fiscal 2008, ended December 31, 2007. Revenues for the second quarter decreased 26% to $1,648,000 from $2,219,000 for the comparable period last year. The company recorded a net operating loss for the second quarter of fiscal 2008 of $729,000 compared with a net operating loss of $65,000 for the same period last year. Total net loss for the second fiscal quarter was $818,000, or $0.04 per share, compared with a total net loss of $399,000, or $0.02 per share, for the same period during fiscal 2007.
“We continue to experience a slow start to fiscal 2008,” commented Ron Helm, Pacific Biometrics’ President and Chief Executive Officer. “As noted previously, there has been softness in the central lab market during most of calendar 2007, in part related to a series of delays and cancellations in the dyslipidemia therapeutic area. However, the recent announcement by Roche Pharmaceuticals that it will proceed with phase III clinical trails of its lead CETP inhibitor (which raises HDL levels) is encouraging, and we are cautiously optimistic that there will be a revival in the lipid testing market in the second half of calendar 2008. Furthermore, we are encouraged that several large contract awards made in the fourth quarter of fiscal 2007 will begin to positively impact revenues in the third and fourth quarters of fiscal 2008.”
Mr. Helm concluded, “We are also seeing positive results from our recently launched new subsidiary, Pacific Biomarkers Inc., which was created to focus specifically on the emerging field of biomarker development and testing. Through this subsidiary, we are committed to becoming a significant player in outsourced clinical biomarker services and we expect to see meaningful backlog and revenues associated with these services going forward. Indeed, since launching clinical biomarker services six months ago, we have already captured a significant number of contracts in this space and we are observing ongoing demand for these services.”
For additional information, see Pacific Biometrics’ Annual Report filed with the SEC on Form 10-KSB for the fiscal year ended June 30, 2007 and the quarterly reports filed with the SEC on Form 10-QSB for the fiscal quarters ended September 30, 2007 and December 31, 2007.
About Pacific Biometrics, Inc. (PBI)
Established in 1989, PBI provides specialized central laboratory and contract research services to support pharmaceutical and diagnostic manufacturers conducting human clinical trial research. The company provides expert services in the areas of dyslipidemia, cardiovascular and metabolic disease, diabetes, obesity, osteoporosis, arthritis, and nutrition. The new, wholly owned subsidiary Pacific Biomarkers, Inc. provides highly specialized services in biomarker assay development and immunogenicity testing. The PBI laboratory is accredited by the College of American Pathologists, and through its non-profit affiliate Pacific Biometrics Research Foundation, is one of only three U.S.-based members of the Centers for Disease Control (CDC) Cholesterol Reference Method Laboratory Network. PBI's clients include many of the world's largest pharmaceutical, biotech, and diagnostic companies.
For more information about Pacific Biometrics, visit the company's web site at www.pacbio.com.
Source: Pacific Biometrics, Inc.
Contact:
Pacific Biometrics, Inc.
Ron Helm, CEO
(206) 298-0068
Kari Charbonnel, Investors and Media
(206) 298-0068
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements including, but not limited to, statements about our strategic planning and business development plans, our future growth, growth of backlog and revenues, growth of our clinical biomarker services, and the viability and acceptance of our products and services in the market. In particular, the words “expect,” “will,” “optimistic” and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements.These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, our ability to bid on and win laboratory services contracts, the success of our marketing and business development efforts, competition in the industry, and our ability to manage growth, as well as the risks and other factors set forth in our periodic filings with the U.S. Securities and Exchange Commission (including our Form 10-KSB for the year ended June 30, 2007 and our quarterly reports on Form 10-QSB for the quarters ended September 30, 2007 and December 31, 2007).
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