Pivotal Therapeutics Announces 2012 Financial Results
WOODBRIDGE, ON, April 29, 2013 /PRNewswire/ - Pivotal Therapeutics Inc. (OTCQX: PVTTF) (CNSX: PVO), a specialty pharmaceutical company with a focus on Omega-3 therapies for cardiovascular disease (CVD) and overall health, announced its operational highlights and financial results for the fiscal year ended December 31, 2012. All dollar amounts referenced herein are in Canadian dollars unless otherwise stated.
For the twelve months ended December 31, 2012 the company reported a loss of $3.6 million, or $0.05 per common share, compared with a loss of $3.8 million, or $0.06 per common share for the twelve months ended December 31, 2011. The decrease in loss of $182,769 resulted from an increase in sales netted against a reduction in operating expenses.
"The company is pleased to report the realization of revenues in it's first year of commercialization of VASCAZEN ® ," said Mr. Eugene Bortoluzzi Chief Executive Officer and Chief Financial Officer. "As the second prescription only Omega-3 to the market, VASCAZEN ® has seen positive growth into the first quarter of 2013. We at Pivotal continue to expand our Sales and Marketing efforts to increase awareness of our products throughout the medical community."At December 31, 2012, Pivotal's working capital position totaled $452,914, compared with $1.9 million at December 31, 2011. The increase in sales and marketing activities leading to the establishment of a dedicated sales force has contributed greatly to the decrease in working capital. The audited consolidated financial statements, accompanying notes to the audited thereto and Management's Discussion and Analysis for the year ended December 31, 2012, will be accessible on Pivotalʼs website at www.pivotaltherapeutics.us and on SEDAR www.sedar.com. Highlights from 2012:
- February 22 - the Company filed five international patent filings covering 142 countries;
- February 29 - the Company presented at the 61st Annual Scientific Session and Expo of the American College of Cardiology;
- March 8 - Standard and Poors Capital IQʼs Market Access Program began coverage of the Company;
- April 3 - the Company began trading in the U.S. on the OTC Markets' QX Marketplace, under the symbol PVTTF;
- May 22- the Company announced first prescription sales in the U.S.;
- June 25 - the Company announced U.S. Institutional Private Placement for $5M CDN;
- August 9 - the Company announced that data from a scientific study, presented at the 17 th World Congress On Heart Disease demonstrated the superiority of Vascazen ® 's unique formulation;
- August 23 - the Company announced that further data presented at the European Society of Cardiology Congress, demonstrated the superiority of Vascazen ® 's unique formulation;
- August 23 -the Company announced it generated positive feedback at the European Society of Cardiology Congress;
- October 9 - the Company announced it exhibited at the 2012 Cardiometabolic Health Congress;
- October 26 - the Company filed two additional provisional US and International patents covering certain aspects of its core product technologies;
- November 5 - the Company announced it exhibited at the American Heart Associations (AHA) Scientific Sessions.
- November 29- the Company announced its Q3 financial results;
- March 6, 2013 - the Company announced it exhibited at the American College of Cardiology's 62 nd Annual Scientific Session and Expo;
- April 9, 2013 - the Company announced that Vascazen ® - meets primary endpoint in REVEAL trial - Top line results accepted for presentation at the American Heart Association's ATVB 2013 Scientific Sessions.
- Advance commercialization of Vascazen ® in the U.S.;
- Expansion of the sales & marketing team;
- Initiation of new clinical trials;
- Completion of existing clinical trials for Vascazen ® and publication of scientific data;
- Expansion of intellectual property portfolio;
- Investigation of international licensing opportunities;
- Expansion of product offerings;
- Investment community presentations to increase awareness;
- Presentations and attendance at scientific meetings.
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