Viatar CTC Solutions Reports Third Quarter 2015 Highlights and Financial Results
/EINPresswire.com/ -- LOWELL, MA -- (Marketwired) -- 11/13/15 -- Viatar CTC Solutions, Inc. (OTCQB: VRTT), a medical technology company focused on the treatment of patients with metastatic cancer, today announced highlights and financial results for the third quarter ended September 30, 2015.
- Generated $37,940 of revenue over the past four quarters from sales of Viatar's proprietary filters to a strategic collaborator, for use in that company's liquid biopsy device for molecular analysis.
- Received the prestigious Cavendish Global Health Innovation Award at the Cavendish Global Health Impact Forum co-hosted by Cleveland Clinic in October 2015.
For the third quarter of 2015, Viatar reported sales of $13,985 compared to no sales in the comparable quarter of 2014. For the first nine months of 2015, Viatar reported sales of $37,940 compared to $9,000 for the first nine months of 2014. Earlier this year, those sales were connected to evaluation testing of the Company's filters, but in the third quarter the Company's filters were integrated into a customer's product line for use by medical researchers at prominent cancer institutions.
Research & development expenses during the third quarter of 2015 were $677,878 compared to $552,321 in the third quarter of 2014. General and administrative expenses during the third quarter of 2015 were $250,648 compared to $136,031 in the third quarter of 2014. Expense increases reflect the ongoing development of the Company's two products based on its proprietary CTC removal technology as well as the required costs associated with being a public company.
Viatar reported a net loss of $934,784 for the third quarter of 2015 compared to a net loss of $706,015 for the comparable period in 2014. These losses include $160,266 and $346,379, respectively, of non-cash expenses for stock-based compensation.
For the nine months ended September 30, 2015 Viatar reported a net loss of $2,880,124, which included $857,515 of non-cash expenses for stock-based compensation.
At September 30, 2015, Viatar had cash assets of $107,432. In October 2015, the Company received $1.3 million in exchange for 4% convertible promissory notes due July 2018.
"Viatar's profile has begun to rise with our selection for the respected Cavendish Global Health Innovation Award and through our participation in investment conferences and ongoing investor meetings," said Ilan Reich, Chairman and CEO of Viatar CTC Solutions. "We also continue to meet our timetable for achieving CE Mark regulatory approval for Europe and Canada in late-2016, after which we can begin commercialization. A parallel effort is also underway to obtain FDA approval, but that will take several years due to the vastly different regulatory requirements."
Additional information can be found in the Company's Form 10Q for the period ended September 30, 2015.
About Viatar CTC Solutions
Viatar CTC Solutions Inc. is a medical technology company focused on the treatment of patients with metastatic cancer. The company's lead product, the Viatar™ Therapeutic Oncopheresis System, removes circulating tumor cells from whole blood using label-free cross-flow filtration. Pending regulatory approval targeted for 2016, it will be used as a periodic therapy to improve overall survival for a wide range of solid tumor types such as lung, breast, colon, prostate and gastric cancers.
This proprietary technology also powers the company's liquid biopsy products, which are collection systems for use by genetic testing companies, researchers and medical oncologists that provide a greater quantity and purity of circulating tumor cells for their molecular analysis and personalized medicine objectives.
Viatar CTC Solutions Inc. and Subsidiary
Condensed Consolidated Statements of Operations
(Unaudited)
For the Nine Months For the Three Months
Ended September 30, Ended September 30,
------------------------ ------------------------
2015 2014 2015 2014
----------- ----------- ----------- -----------
REVENUE
Sales $ 37,940 $ 9,000 $ 13,985 $ -
COST OF REVENUE
Cost of sales 7,660 - 3,830 -
----------- ----------- ----------- -----------
GROSS MARGIN 30,280 9,000 10,155 -
----------- ----------- ----------- -----------
EXPENSES
Research and
development 1,889,156 982,450 677,878 552,321
General and
administrative 948,116 806,176 250,648 136,031
----------- ----------- ----------- -----------
TOTAL EXPENSES 2,837,272 1,788,626 928,526 688,352
----------- ----------- ----------- -----------
LOSS FROM OPERATIONS (2,806,992) (1,779,626) (918,371) (688,352)
----------- ----------- ----------- -----------
OTHER INCOME (EXPENSE)
Change in value of
derivative liability - 1,800 - -
Interest expense (73,132) (17,663) (16,413) (17,663)
----------- ----------- ----------- -----------
TOTAL OTHER INCOME
(EXPENSE) (73,132) (15,863) (16,413) (17,663)
----------- ----------- ----------- -----------
LOSS BEFORE INCOME TAX
(EXPENSE) BENEFIT (2,880,124) (1,795,489) (934,784) (706,015)
Income tax (expense)
benefit - - - -
----------- ----------- ----------- -----------
NET LOSS (2,880,124) (1,795,489) (934,784) (706,015)
Net loss attributable
to noncontrolling
interest in
consolidated
subsidiary (393) (280) (120) (194)
----------- ----------- ----------- -----------
NET LOSS ATTRIBUTABLE TO
STOCKHOLDERS $(2,879,731) $(1,795,209) $ (934,664) $ (705,821)
=========== =========== =========== ===========
LOSS PER COMMON SHARE -
BASIC AND DILUTED:
Net Loss Attributable
to Common
Stockholders $ (0.16) $ (0.12) $ (0.05) $ (0.04)
=========== =========== =========== ===========
Weighted Average
Shares 17,604,366 15,556,312 17,981,054 15,918,177
=========== =========== =========== ===========
Viatar CTC Solutions Inc. and Subsidiary
Condensed Consolidated Balance Sheets
September 30, December 31,
2015 2014
-------------- --------------
(Unaudited)
ASSETS
CURRENT ASSETS
Cash $ 107,432 $ 31,351
TOTAL ASSETS $ 107,432 $ 31,351
============== ==============
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 190,595 $ 290,210
Accrued income tax liability 762,637 732,550
Demand note payable - 50,000
Convertible note payable - 93,495
-------------- --------------
Total current liabilities 953,232 1,166,255
Convertible note payable, net 400,000 -
-------------- --------------
TOTAL LIABILITIES 1,353,232 1,166,255
-------------- --------------
Commitments and contingencies
STOCKHOLDERS' DEFICIT
Series A preferred stock, $.001 par value,
20,000,000 shares authorized, 4,000,000
shares issued and outstanding at
September 30, 2015 and December 31, 2014,
respectively 4,000 4,000
Common stock, $.001 par value, 100,000,000
shares authorized, 18,107,176 and
16,814,426 shares issued and outstanding
at September 30, 2015 and December 31,
2014, respectively 18,108 16,815
Common stock subscription and interest
receivable - (605,475)
Additional paid-in capital 19,773,834 17,611,374
Accumulated deficit (21,031,520) (18,151,789)
-------------- --------------
Total stockholders' deficit (1,235,578) (1,125,075)
Noncontrolling interest (10,222) (9,829)
-------------- --------------
TOTAL STOCKHOLDERS' DEFICIT (1,245,800) (1,134,904)
-------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS'
DEFICIT $ 107,432 $ 31,351
============== ==============
For More Information:
For Viatar CTC Solutions:
Ilan Reich
Chairman & CEO
ilan.reich@viatarctcsolutions.com
Investor Contacts:
Stephanie Prince
PCG Advisory Group
646.762.4518
Sprince@pcgadvisory.com
Dave Gentry
RedChip Companies
407-644-4256, ext. 104
dave@redchip.com
Media Contact:
Sean Leous
PCG Advisory Group
646.863.8998
Sleous@pcgadvisory.com
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