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CollabRx Reports Q2 Fiscal Year 2013 Financial Results

CollabRx, Inc. (NASDAQ: CLRX) today announced financial results for the Second Quarter Fiscal Year 2013, which ended September 30, 2012.

Fiscal 2013 Second Quarter Financial Statement Highlights

  • The Company’s Net Loss per share in the Second Quarter of Fiscal Year 2013 was ($0.68), compared with ($0.28) in the Second Quarter of the prior fiscal year and ($0.40) Net Loss in the First Quarter of Fiscal Year 2013.
  • CollabRx recorded a Net Loss of ($1,284) in the Second Quarter of Fiscal Year 2013 compared with ($476) in the Second Quarter of the prior fiscal year.
  • Operating Expenses totaled $1,347 and included a full quarter of the expenses of the merged company. In addition to approximately $500 in transaction-related and employment retention costs, operating expenses included approximately $280 in non-cash stock compensation (ASC Topic 718) and depreciation / amortization expenses.
  • CollabRx ended the Second Quarter of Fiscal Year 2013 with approximately $6.2 million in cash.

Business Highlights

  • On July 12, 2012, the Company, under its former name, Tegal Corporation, announced the closing of a transaction to acquire CollabRx, Inc., a development-stage data analytics company that uses cloud-based expert systems to inform healthcare decision-making. The Company consolidated operations from Petaluma, CA and Palo Alto, CA into new headquarters in San Francisco, CA.
  • On September 27, 2012, the Company amended its charter to change its name to CollabRx, Inc. and began trading on the NASDAQ CM under the symbol CLRX.
  • During the quarter, CollabRx signed an exclusive license agreement to provide a version of its proprietary Therapy Finder™ tool to MedPage Today, Everyday Health, Inc.'s rapidly growing online site. Everyday Health reports that 96% of oncologists are served by MedPage Today, which had over 1.6 million unique visitors in June 2012, according to comScore. In addition to license fees, a portion of the revenue generated by sponsorships to Everyday Health’s “Oncology Next” service is to be shared with CollabRx.
  • CollabRx announced a multi-year partnership agreement with Life Technologies Corporation (NASDAQ: LIFE) for development and commercialization of CollabRx technology and content resources to be used in conjunction with Life Technologies’ global cancer diagnostics development and its laboratory developed test services business.

“We have emerged quickly and powerfully in the few short weeks since we formally launched as the publicly traded CollabRx, Inc.,” said Chairman and Co-CEO Thomas Mika. “The agreements that we signed with Everyday Health and Life Technologies marks the entry of the Company into its commercialization phase and validates the business model in two key sectors of the health care market. We have a strong pipeline of additional strategic deals that will build on our platform and lead to significant future revenues.”

“CollabRx is at the forefront of providing actionable information to physicians and patients in the cancer space, where targeted therapies are guided by genomic testing and other molecular biomarkers,” said James Karis, Co-CEO of CollabRx. “We have ensured that our interpretive data and analytics are available to a wide audience of physicians and patients. At the same time, we have established a platform for significant growth and profitability. CollabRx now intends to make the most of its early position as a leader and innovator in a market that is poised for explosive growth.”

About CollabRx

CollabRx, Inc. (NASDAQ: CLRX) is a recognized leader in cloud-based expert systems to inform health care decision-making. CollabRx uses information technology to aggregate and contextualize the world’s knowledge on genomics-based medicine with specific insights from the nation’s top cancer experts starting with the area of greatest need: advanced cancers in patients who have effectively exhausted the standard of care. More information may be obtained at http://www.collabrx.com.

CollabRx Safe Harbor Statement

This press release includes forward-looking statements about CollabRx’s anticipated results that involve risks and uncertainties. Some of the information contained in this press release, including, but not limited to, statements as to industry trends and CollabRx’s plans, objectives, expectations and strategy for its business, contains forward-looking statements that are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. When used, the words "believe," "plan," "intend," "anticipate," "target," "estimate," "expect" and the like, and/or future tense or conditional constructions ("will," "may," "could," "should," etc.), or similar expressions, identify certain of these forward-looking statements. Important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in filings made by CollabRx with the Securities and Exchange Commission. CollabRx undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.

 

COLLABRX, INC. AND SUBSIDIARIES

(formerly TEGAL CORPORATION)

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share data)

 
      Sept 30,     March 31,
2012 2012
ASSETS
Current assets:
Cash and cash equivalents $ 6,217 $ 7,820
Prepaid expenses and other current assets 113 56
Other assets of discontinued operations   11     418  
Total current assets 6,341 8,294
Property and equipment, net 109 56
Intangible assets, net 1,630 -
Goodwill 603 -
Investment in convertible promissory note   329     312  
Total assets $ 9,012   $ 8,662  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 3 $ 1
Promissory note 500 -
Common stock warrant liability 16 19
Accrued expenses and other current liabilities 313 316
Liabilities of discontinued operations   155     246  
Total current liabilities 987 582
Deferred tax liability   664     -  
Total liabilities   1,651     582  
 
Stockholders’ equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized; none issued and outstanding - -
Common stock, $0.01 par value; 50,000,000 shares authorized; 1,925,240 and 1,688,807 shares issued and outstanding at Sept. 30, 2012 and March 31, 2012, respectively 19 17
Additional paid-in capital 130,294 129,052
Accumulated other comprehensive loss (142 ) (142 )
Accumulated deficit   (122,810 )   (120,847 )
Total stockholders’ equity   7,361     8,080  
Total liabilities and stockholders’ equity $ 9,012   $ 8,662  
 
 

COLLABRX, INC. AND SUBSIDIARIES

(formerly TEGAL CORPORATION)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

and OTHER COMPREHENSIVE INCOME

(Unaudited)

(In thousands, except share data)

 
      Three Months Ended     Six Months Ended
September 30, September 30,
2012     2011 2012     2011
 
Revenue $ 75 $ 19 $ 100 $ 38
Cost of revenue   20     --     20     --  
Gross profit   55     19     80     38  
Operating expenses:
Engineering 328 -- 328 --
Sales and marketing expenses 49 -- 49 --
General and administrative expenses   970     568     1,682     1,441  
Total operating expenses   1,347     568     2,059     1,441  
Operating loss (1,292 ) (549 ) (1,979 ) (1,403 )
Equity in (loss) of unconsolidated affiliate -- (170 ) -- (320 )
Other income (expense), net   11     2     20     14  
Loss before income tax expense (benefit) (1,281 ) (717 ) (1,959 ) (1,709 )
Income tax expense (benefit)   --     --     --     --  
Loss from continuing operations (1,281 ) (717 ) (1,959 ) (1,709 )
(Loss) income from discontinued operations, net of taxes   (3 )   241     (4 )   239  
Net loss and comprehensive loss $ (1,284 ) $ (476 ) $ (1,963 ) $ (1,470 )
 
Net loss per share:
Basic and diluted $ (0.68 ) $ (0.28 ) $ (1.13 ) $ (0.87 )
 
Weighted-average shares used in per share computation:
Basic and diluted 1,884 1,689 1,738 1,689
 

The weighted average number of shares and the net (loss) income per share reflect a 1-for-5 reverse split effected by the Company on June 15, 2011

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