LOS ANGELES--(BUSINESS WIRE)--Clearant, Inc. (OTCBB: CLRI) today announced financial results for the
three and nine months ended September 30, 2006.
Revenue in the third quarter was $191,000, compared with revenue of
$106,000 in the second quarter of 2006. The sequential improvement is
primarily due to revenue in the third quarter of $76,000 from the
distribution of Clearant Process®
sterile implants.
The net loss in the third quarter was $2.6 million, or $0.07 per share,
compared with a net loss of $2.3 million, or $0.06 per share, in the
second quarter of 2006.
“The third quarter marked the first full
quarter of availability for Clearant Process sterile implants, and the
response from spinal and orthopedic surgeons has been very positive,”
said Clearant Chief Executive Officer Alain Delongchamp. “The
medical community is becoming increasingly aware of the importance of
tissue sterilization for patient safety, and we expect demand for our
sterile implants to increase in the fourth quarter of 2006.”
For the first nine months of 2006, revenue was $488,000, compared with
revenue of $452,000 in the first nine months of 2005. The net loss in
the first nine months of 2006 was $7.5 million, or $0.19 per share,
compared with a net loss of 10.2 million, or $0.39 per share, in the
first nine months of 2005.
A full review of Clearant’s third quarter 2006
results, including financial tables, is contained in the Company’s
Form 10-Q, filed today with the Securities and Exchange Commission.
About Clearant, Inc.
Clearant, Inc. is a leader in pathogen inactivation for biological
products. Clearant has developed the patent-protected Clearant Process,
which substantially reduces all types of bacteria and viruses in
biological products while maintaining the functionality of the
underlying tissue implant or protein. The Company began to distribute
directly to surgeons, hospitals and clinics Clearant Process sterile
implants in June 2006; in addition, Clearant continues to license the
Clearant Process and provides its patented sterilization services to
tissue banks and other biological products manufacturers. Clearant also
has 10 license and service agreements with tissue banks. To date more
than 9,000 patients have been successfully implanted with Clearant
Process sterile implants supplied by one of the Company's licensed
partners. Whereas various competing sterilization methods only kill
specific types of pathogens (such as bacteria or lipid-enveloped
viruses) for specific products, the Clearant Process reduces all types
of pathogens for products across many market segments including tissue
implants, plasma proteins, recombinant products, medical devices and
blood products. Also, the Clearant Process can be applied at various
stages of product processing and/or manufacturing, including in the
final packaging. For more information, please visit www.clearant.com.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in
this press release are forward looking and made pursuant to the Safe
Harbor provisions of the Private Securities Litigation Reform Act of
1995.These forward-looking statements reflect numerous
assumptions and involve a variety of risks and uncertainties, many of
which are beyond the company's control, which may cause actual results
to differ materially from stated expectations. These risk factors
include, among others, limited operating history, difficulty in
developing, exploiting and protecting proprietary technologies, results
of additional clinical studies, acceptance and success of our direct
distribution of allografts, efficacy of the technology, intense
competition and substantial regulation in the biotechnology industry,
and additional risks discussed in the company's filings with the SEC,
available on the SEC web site http://www.sec.gov.
