CollabRx Reports Q2 Fiscal Year 2013 Financial Results

  CollabRx Reports Q2 Fiscal Year 2013 Financial Results

Business Wire

SAN FRANCISCO -- November 14, 2012

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
    providea 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               313              316
  liabilities
  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       19               17
  shares issued and outstanding at Sept. 30,
  2012 and March 31, 2012, respectively
  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              49             --            49             --
   expenses
   General and
   administrative        970          568         1,682        1,441  
   expenses
Total operating          1,347        568         2,059        1,441  
expenses
   Operating loss         (1,292 )       (549  )       (1,979 )       (1,403 )
   Equity in
   (loss) of              --             (170  )       --             (320   )
   unconsolidated
   affiliate
   Other income          11           2           20           14     
   (expense), net
Loss before income
tax expense               (1,281 )       (717  )       (1,959 )       (1,709 )
(benefit)
Income tax expense       --           --          --           --     
(benefit)
Loss from
continuing                (1,281 )       (717  )       (1,959 )       (1,709 )
operations
(Loss) income from
discontinued             (3     )      241         (4     )      239    
operations, net of
taxes
Net loss and            $ (1,284 )     $ (476  )     $ (1,963 )     $ (1,470 )
comprehensive loss
                                                                    
Net loss per
share:
   Basic and            $ (0.68  )     $ (0.28 )     $ (1.13  )     $ (0.87  )
   diluted
                                                                    
Weighted-average
shares used in per
share computation:
   Basic and              1,884          1,689         1,738          1,689
   diluted

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

Contact:

CollabRx Contacts:
CollabRx, Inc.
James M. Karis, Co-CEO
Thomas R. Mika, Co-CEO
415-248-5350
or
Robert Ferri Partners, LLC
Robert Ferri, 415-575-1589 (direct)
robert.ferri@robertferri.com
 
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