Navigation Links
MGT Capital Investments, Inc. Reports Fiscal 2008 Financial Results and Provides an Update on Recent Developments
Date:4/3/2009

NEW YORK, April 3 /PRNewswire-FirstCall/ -- MGT Capital Investments, Inc. (NYSE AMEX: MGT), a holding company, today reported financial results for the year ended December 31, 2008 and provided an update on strategic milestones.

For the year ended December 31, 2008 MGT Capital Investments, Inc. reported total revenue of $354,000 compared to $89,000 for the year ended December 31, 2007. Total operating expenses for the year December 31, 2008 were $29.7 million, compared to total operating expenses of $22.0 million in the comparable period for 2007. For the year ended December 31, 2008 net loss was $20.0 million, or ($0.60) per basic and diluted share, compared to a net loss of $13.8 million, or ($0.35) per basic and diluted share, for the same period in 2007. Net loss per share for the year ended December 31, 2008 was based on a weighted average of 33,188,294 million shares outstanding, compared to a weighted average of 38,900,383 million shares outstanding for the comparable period in 2007.

As of December 31, 2008 cash, cash equivalents and marketable securities were $40.2 million compared to $94.6 million at December 31, 2007. The decrease in the cash balance is primarily attributable to general operations, preparing the products for regulatory approval and a share buy-back program. In addition, exchange rates during the year impacted cash and cash equivalents as the U.S. dollar strengthened, reducing the value of these assets by approximately $10.1 million.

"MGT's operating costs for 2008 increased 35% compared to last year predominantly as a result of expanded commercial operations for Medicsight. The increase in Medicsight's operating expenses was to generate greater market awareness of Medicsight's ColonCAD software and move through the regulatory processes in the U.S. and Japan. We have started to experience increased ColonCAD sales in Europe and have already been granted regulatory approval in Canada, Australia, China, and Brazil," stated Tim Paterson-Brown, MGT Capital Investments, Inc.'s Chairman and CEO.

"Medicsight made significant progress during the year in its applications for US FDA and Japanese MHLW regulatory approvals. Its ColonCAD software is in the final stages of the Japanese regulatory approval process and recently submitted a response to an information request from the FDA. We hope to have an update on both the US and Japanese submissions by mid-2009."

"With approximately $40.2 million in cash, cash equivalents and marketable securities as of December 31, 2008 we are confident in MGT's ability to persevere through the current economic downturn and move Medicsight's ColonCAD software through the regulatory process and launch in the US and Japan."

"Medicsight is our principal investment holding at this time. We are currently reviewing opportunities to maximize our value in Medicsight and our other holdings," concluded Mr. Paterson-Brown.

About MGT Capital Investments, Inc.

MGT Capital Investments, Inc. is a holding company. The Company has two subsidiaries, Medicsight and Medicexchange.

Medicsight PLC (AIM: MDST) is a leading developer of computer-aided detection (CAD) and image analysis software for the medical imaging market. The CAD software automatically highlights suspicious areas on computerized tomography (CT) scans of the colon and lung, helping radiologists to identify, measure and analyze potential disease and early indicators of disease. Medicsight's CAD software has been validated using one of the world's largest and most population diverse databases of verified patient CT scan data. Medicsight's ColonCAD(TM) and LungCAD(TM) software products are seamlessly integrated with the advanced 3D visualization workstations of several industry-leading imaging equipment partners.

Medicexchange provides medical imaging professionals with a global web portal containing an online sales, jobs and information channel for diagnostic, treatment and surgery planning solutions. This combined with a variety of relevant clinical papers, training materials and content gives these professionals access to information and products that they otherwise would have difficulty accessing.

Additional information can be found at www.mgtci.com.

All forward-looking statements are made pursuant to the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not limited to, the risks described in company filings with the Securities and Exchange Commission.


'/>"/>
SOURCE MGT Capital Investments, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Golub Capital Provides Debt Financing to Support the Acquisition of Network Express, Inc., by Ace Expediters, Inc.
2. ReGear Life Sciences Closes $2.5 Million in Series A Financing Following $1M Investment by Stonewood Capital Management, Inc.
3. Capital BlueCross Reaches Out to Families of Uninsured Children
4. BioRelix and Dalton Medicinal Chemistry Expand and Renew Research Agreement to Capitalize on Riboswitches
5. Elekta Finds New Interest in Leasing Solutions as Hospitals Debate Capital Purchases
6. NASDAQ Panel Grants Extension to DATATRAK for Continued Listing on the NASDAQ Capital Market
7. Abaxis, Inc. to Attend Lazard Capital Markets Medical Technologies Conference
8. Wyclef Jean and Miri Ben-Ari to Lead Phoenix House Tribute to Lisa Ellis of Fireman Capital Partners and Carnival House Recordings
9. InstaMed Announces Osage Partners and Ashby Point Capital Have Joined Existing Investors in $6 Million Growth Equity Financing
10. LeAnn Rimes Shares Her Personal Struggle With Psoriasis in Nations Capital
11. Amgen to Present at the Barclays Capital Global Healthcare Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... ... June 24, 2016 , ... People across the U.S. are sharpening ... Talker Award, an essay contest in which patients and their families pay tribute to ... at the 2016 National Society of Genetic Counselors (NSGC) Annual Education Conference (AEC) this ...
(Date:6/24/2016)... ... 24, 2016 , ... The Haute Beauty Network, affiliated with ... as a prominent plastic surgeon and the network’s newest partner. , Dr. ... handsome men, look naturally attractive. Plastic surgery should be invisible.” He stands by ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... the Frederick area economy by obtaining investment capital for emerging technology companies. ... years that have already resulted in more than a million dollars of capital ...
(Date:6/24/2016)... D.C. (PRWEB) , ... June 24, 2016 , ... ... Heroes Golf Classic Tournament held on June 20th at the Woodmont Country Club ... charity, Luke’s Wings, an organization dedicated to helping service members that have been wounded ...
(Date:6/24/2016)... Gilbert, Arizona (PRWEB) , ... June 24, 2016 ... ... Gilbert-based practice, is supporting the upcoming 2016 Miss Arizona pageant as its official ... primarily serves Scottsdale, Tempe, Mesa, and Chandler, Arizona. , Dr. Olson says ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... June 23, 2016 Research and Markets ... Market - Forecast to 2022" report to their offering. ... method for the patients with kidney failure, it replaces the ... from the patient,s blood and thus the treatment helps to ... chloride in balance. Increasing number of ESRD ...
(Date:6/23/2016)...  In a startling report released today, National Safety Council ... a comprehensive, proven plan to eliminate prescription opioid overdoses. ... states are tackling the worst drug crisis in recorded U.S. history, ... Kentucky , New Mexico , ... the 28 failing states, three – Michigan , ...
(Date:6/23/2016)... LOS ANGELES , June 23, 2016 /PRNewswire/ ... (NASDAQ: CAPR ), a biotechnology company ... first-in-class therapeutics, today announced that patient enrollment in ... progrEssion in Duchenne) has exceeded 50% of its ... its enrollment in the third quarter of 2016, ...
Breaking Medicine Technology: