Updated Guidance Provided for Fiscal Year 2007 Revenues
Simulations Plus, Inc. (AMEX: SLP), a leading provider of ADMET absorption simulation and structure-to-property prediction software for pharmaceutical discovery and development, released the results of its annual shareholders’ meeting held on Friday, February 23, 2007.
At the shareholders’ meeting, all proposals were approved including reelection of existing directors, ratification of the selection of the company’s auditors, and the 2007 Stock Option Plan.
Walt Woltosz, chairman and chief executive officer of Simulations Plus, told shareholders: “We are revising our guidance regarding expected revenues for the fiscal year ending August 31, 2007. Last year we announced that we expected an increase in revenues of at least one million dollars. We have achieved that increase already before the end of the second quarter. We are now revising our revenue estimate to an estimated increase of at least two million dollars over fiscal year 2006, or approximately $7.85 million for the current fiscal year which ends August 31.”
At the shareholders’ meeting, Woltosz also announced that the results of the review of the Company’s application for a $100,000 Small Business Innovation Research grant from the National Institutes of Health were very favorable, but that the actual funding decision for this application is not expected until June. The Company expects to be submitting additional grant applications in the near future.
The Company will file a form 8-K today with the Securities and Exchange Commission that includes a copy of this press release and the presentation slides used in the company overview during the shareholders’ meeting.