-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N8Z111BRsyb5tShQL1NtIcG7v/vq6FLpnmLkL8QmF5NZRlsgDRRUMR0MM2H238le s9LwHUipQy2rD2UPYNRKKQ== 0001140361-09-011617.txt : 20090511 0001140361-09-011617.hdr.sgml : 20090511 20090511060635 ACCESSION NUMBER: 0001140361-09-011617 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090511 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090511 DATE AS OF CHANGE: 20090511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORTHOLOGIC CORP CENTRAL INDEX KEY: 0000887151 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 860585310 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33560 FILM NUMBER: 09812574 BUSINESS ADDRESS: STREET 1: 1275 WEST WASHINGTON STREET CITY: TEMPE STATE: AZ ZIP: 85281 BUSINESS PHONE: 6024375520 MAIL ADDRESS: STREET 1: 1275 WEST WASHINGTON STREET CITY: TEMPE STATE: AZ ZIP: 85281 8-K 1 form8k.htm ORTHOLOGIC CORP 8-K 5-11-2009 form8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
______________________

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
_______________________
Date of Report:  May 11, 2009 (Date of earliest event reported)


ORTHOLOGIC CORP.
 (Exact name of registrant as specified in its charter)

Delaware
  
000-21214
  
86-0585310
(State or other jurisdiction of incorporation)
  
(Commission File Number)
  
(I.R.S. Employer Identification No.)

 
1275 West Washington Street, Suite 101,  Tempe, Arizona
  
85281
(Address of principal executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code:
(602) 286-5520
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
£
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 
Section 2 – Financial Information
 
Item 2.02               Results of Operations and Financial Condition.
 
On May 11, 2009, OrthoLogic Corp., dba Capstone Therapeutics, announced by press release its financial results for the three months ended March 31, 2009.  A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
 
The information in Item 2.02 of this Form 8-K and the exhibit furnished herewith shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing.

 
 
 

Section 9 – Financial Statements and Exhibits
 
Item 9.01           Financial Statements and Exhibits.
 
(d)           Exhibits
 
Exhibit No.                   Description
 
99.1                               Press release dated May 11, 2009.
 
 
 
 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Dated:  May 11, 2009
ORTHOLOGIC CORP.
   
   
 
/s/ John M. Holliman, III
 
John M. Holliman, III
 
Executive Chairman
 
 
 EX-99.1 2 ex99_1.htm EXHIBIT 99.1 ex99_1.htm
 

EXHIBIT 99.1    
 
 
1275 West Washington Street - Suite 101
Tempe, AZ 85281
(602) 286-5520
www.capstonethx.com
Nasdaq: CAPS
 
FOR FURTHER INFORMATION:
  
Karen Struck, Investor Relations
   Lauren Glaser – The Trout Group
(602) 286-5250
   (415) 392-3310
kstruck@capstonethx.com
   lglaser@troutgroup.com

 
Capstone Therapeutics Announces First Quarter 2009 Financial Results

Tempe, AZ – May 11, 2009 ─ Capstone Therapeutics (Nasdaq: CAPS), trade name of OrthoLogic Corp. (the “Company”), today announced financial results for the first quarter 2009.
 
The Company reported a net loss of $4.1 million, or $0.10 per share, for the first quarter 2009, compared to a net loss of $2.7 million or $0.06 per share for the first quarter 2008.
 
The increase in net loss for the three months ended March 31, 2009 compared to the same period in 2008 resulted primarily from an increase in AZX100 clinical trial activity, purchases of peptide for pre-clinical studies, reduced interest income due to the decrease in interest rates between the two periods and reduction in the amount available for investment.
 
The Company ended the first quarter of 2009 with $43.6 million in cash and investments.
 
Conference Call Information
 
Management will host a conference call and webcast today at 4:30pm EDT / 3:30pm CDT / 1:30pm PDT. The call may be accessed at 888-211-7292 (domestic), 913-312-1416 (international); accompanying slides can be viewed by logging onto the Investors section of the Company’s website. A replay will be available beginning May 11, 2009 at 7:30pm EDT until 11:55pm EDT May 14, 2009 and may be accessed at 888-203-1112 (domestic) or 719-457-0820 (international) with replay passcode 9402603.
 
About Capstone Therapeutics
 
Capstone Therapeutics (trade name of OrthoLogic Corp.) is a biotechnology company committed to developing a pipeline of novel therapeutic peptides aimed at helping patients with under-served medical conditions.  The Company is focused on development and commercialization of two product platforms: AZX100 and Chrysalin® (rusalatide acetate or TP508).
 
AZX100 is a novel synthetic 24-amino acid peptide, one of a new class of compounds in the field of smooth muscle relaxation and fibrosis.  Based on its demonstrated effects in pre-clinical models and safety in clinical trials, AZX100 is currently being evaluated for commercially significant medical applications such as the prevention or reduction of hypertrophic and keloid scarring, treatment of pulmonary disease and intimal hyperplasia.  Capstone has an exclusive worldwide license to AZX100.
 
Chrysalin, the Company’s novel synthetic 23-amino acid peptide, has been proven in multiple pre-clinical and clinical models to stimulate cellular events leading to angiogenesis, revascularization, and repair of dermal and musculoskeletal tissues.  It is currently being evaluated in disorders that involve vascular endothelial dysfunction, such as acute myocardial infarction and chronic myocardial ischemia.  The Company owns exclusive worldwide rights to Chrysalin.
 
Capstone’s corporate headquarters are in Tempe, Arizona.  For more information, please visit the Company's website: www.capstonethx.com.
 
 
 
 

Capstone Therapeutics Announces First Quarter 2009 Financial Results
Page 2
 
Statements in this press release or otherwise attributable to Capstone Therapeutics regarding our business that are not historical facts are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which include the timing and acceptability of FDA filings and the efficacy and marketability of potential products, involve risks and uncertainties that could cause actual results to differ materially from predicted results. These risks include: delays in obtaining or inability to obtain FDA, institutional review board or other regulatory approvals of pre-clinical or clinical testing; unfavorable outcomes in our pre-clinical and clinical testing; the development by others of competing technologies and therapeutics that may have greater efficacy or lower cost; delays in obtaining or inability to obtain FDA or other necessary regulatory approval of our products; our inability to successfully and cost effectively develop or outsource manufacturing and marketing of any products we are able to bring to market; changes in FDA or other regulations that affect our ability to obtain regulatory approval of our products, increase our manufacturing costs or limit our ability to market our product; effects on our stock price and liquidity if we are unable to meet the requirements for continued listing on the NASDAQ Global Market; our need for additional capital in the future to fund the continued development of our product candidates; and other factors discussed in our Form 10-K for the fiscal year ended December 31, 2008, and other documents we file with the Securities and Exchange Commission.
 
###
 
Editor’s Note:  This press release is also available under the Investors section of the Company’s website at www.capstonethx.com.
 
 
 
 

Capstone Therapeutics Announces First Quarter 2009 Financial Results
Page 3
 
 
ORTHOLOGIC CORP.
(dba Capstone Therapeutics)
(A Development Stage Company)
CONDENSED BALANCE SHEETS
(in thousands, except share data)

   
March 31,
    
December 31,
  
   
2009
    
2008
  
   
(Unaudited)
        
ASSETS
            
Current assets
            
Cash and cash equivalents
   $ 20,620     $ 23,088  
Short-term investments
     22,959       22,675  
Prepaids and other current assets
     853       1,094  
                 
Total current assets
     44,432       46,857  
                 
Furniture and equipment, net
     404       436  
Long-term investments
     -       2,221  
                 
Total assets
   $ 44,836     $ 49,514  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
                 
Current liabilities
                
Accounts payable
   $ 651     $ 1,063  
Accrued compensation
     421       648  
Other accrued liabilities
     310       281  
                 
Total current liabilities
     1,382       1,992  
                 
Stockholders' Equity
                
Common Stock  $.0005 par value; 100,000,000 shares authorized; 40,775,411 in 2009 and 40,775,411 in 2008 shares issued and outstanding
     20       20  
Additional paid-in capital
     188,394       188,314  
Accumulated deficit
     (144,960 )     (140,812 )
Total stockholders' equity
     43,454       47,522  
                 
Total liabilities and stockholders' equity
   $ 44,836     $ 49,514  

 
 
 
 
Capstone Therapeutics Announces First Quarter 2009 Financial Results
Page 4
 
 
ORTHOLOGIC CORP.
(dba Capstone Therapeutics)
(A Development Stage Company)
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
 
               
As a Development
  
   
Three months ended
    
Stage Company
  
   
March 31,
    
August 5, 2004 -
  
   
2009
    
2008
    
March 31, 2009
  
OPERATING EXPENSES
      
General and administrative
   $ 807     $ 821     $ 20,882  
Research and development
     3,608       2,442       77,127  
Purchased in-process research and development
     -       -       34,311  
Other
     -       -       (375 )
Total operating expenses
     4,415       3,263       131,945  
Interest and other income, net
     (267 )     (606 )     (12,901 )
Loss from continuing operations before taxes
     4,148       2,657       119,044  
Income tax benefit
     -       -       (7 )
Loss from continuing operations
     4,148       2,657       119,037  
Discontinued operations - net gain on sale of the bone device business, net of taxes of $267
     -       -       (2,202 )
NET LOSS
   $ 4,148     $ 2,657     $ 116,835  
                         
Per Share Information:
                        
Net loss, basic and diluted
   $ 0.10     $ 0.06          
Basic and diluted shares outstanding
     40,775       41,763          
 
 
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