The fiscal 2000 net loss includes non-cash charges of $19.8 million; which if excluded, results in a net loss of $1.0 million, or $0.04 per share, for the period ended March 31, 2000.
The Company’s total operating expenses decreased by $20.6 million, to $400,000, for the first quarter of 2001 from $21.0 million for the comparable period of 2000. Total operating expenses for the comparative quarter ended March 31, 2000 include non-cash charges of $19.8 million, of which $19.2 million relates to non-cash stock-based compensation charges and $600,000 reflects amortization of goodwill. These non-cash charges excluded, total operating expenses decreased by $900,000 in the quarter ended March 31, 2001 from $1.3 million in the comparative quarter in fiscal 2000.
Since its inception in 1985, Paligent has operated as a biopharmaceutical company engaged in the development and commercialization of novel drugs with a product portfolio focused on infectious diseases and oncology. During fiscal 2000, the Company embarked on an Internet strategy focused on promoting and facilitating services for senior citizens. After a sustained period of deterioration in the technology sector and related capital markets, the Company decided in late 2000 to discontinue its Internet operations and sold all of its Web-based assets.
Since disposing of its Internet assets and related operations, the Company has significantly reduced its operating costs. The Company is actively engaged in evaluating strategic alternatives in the area of biotechnology, including potential business investments and related financing, that will maximize value for existing stockholders.
