Pancretec Inc. has reported increased second-quarter sales and an urgently needed $700,000 cash infusion from a local venture capital firm, Ventana Growth Fund. But losses continue at the medical supply company, which, despite the investment, still has a negative net worth.
A manufacturer of ambulatory drug delivery systems, Pancretec reported a net loss of $161,528, or 9 cents per share, on revenue of $755,000 over the three months ended Dec. 31. The results compare to a net loss of $338,297, or 19 cents per share, on sales of $414,506 over the same three months of 1985.
In exchange for the $700,000, Ventana Growth Fund received 466,667 newly issued Pancretec shares, or 21% of the total Pancretec shares outstanding after the stock sale. The additional funds from Ventana raised Pancretec shareholders' equity to a negative $765,000, President Jim Yarter said.