Star Scientific Files Third-Quarter Financials For 2013; Comments On Company's Corporate Leadership Transition, Roskamp Institute Scientific Presentations At 2013 Annual Society For Neuroscience Convention
GLEN ALLEN, Va., Nov. 12, 2013 /PRNewswire/ -- Star Scientific, Inc., (NASDAQ: STSI) today filed with the Securities and Exchange Commission its Form 10-Q for the quarter ended September 30, 2013. The Company reported net sales totaling $2.3 million for the three months ending September 30, 2013, compared with net sales of $1.7 million for the same period in 2012. Net sales for the nine months ending September 30, 2013, totaled $7.3 million, compared with $4.2 million for the same period in 2012. The net loss for the third quarter of 2013 was ($3.4) million compared with a net profit of $0.4 million for the same period in 2012. The net loss for the nine months ending September 30, 2013, totaled ($20.3) million compared with a net loss of ($12.8) million for the same period in 2012. The gain for third quarter 2012 and lower net loss for the 2012 nine month period reflected the payments received by the Company in 2012 as part of the R J Reynolds patent litigation settlement.
General and administrative expenses were approximately $2.8 million for the three months ending September 30, 2013, a decrease of approximately $0.9 million, or 24.0%, from approximately $3.7 million for the same period in 2012. Research and development costs in the three months ending September 30, 2013, were approximately $0.4 million, a decrease of approximately $1.1 million from $1.5 million in third quarter 2012. This decrease in research costs reflects the fact that the Company had completed several clinical trials prior to the third quarter 2013 and completed the double-blind and open-ended portions of its Anatabloc® Facial Creme study in August 2013. Collection and analysis of data from that study currently are underway. The Company also reported, in an October 31 press release, publication of the results of the Company's Thyroid Health Study. The peer-reviewed article was published on-line in The Journal of Clinical Endocrinology & Metabolism as an "early release" titled, "Anatabine supplementation decreases thyroglobulin antibodies in patients with chronic lymphocytic autoimmune (Hashimoto's) thyroiditis: A randomized controlled clinical trial". The "Early Release" manuscript is currently available and may be obtained by clicking the following link: http://jcem.endojournals.org/content/early/2013/10/31/jc.2013-2951.abstract
The Company has developed a time-release version of its Anatabloc® dietary supplement that will undergo pharmacokinetic (PK) and related pre-market testing. Once testing is complete, the new version of Anatabloc® is expected to better enable users to take significantly fewer tablets per day. Previous Internet and web studies undertaken by Rock Creek Pharmaceuticals, the Company's wholly owned subsidiary, revealed consumer preference for a reduction in the number of tablets recommended for daily usage. The Company believes that the time-release version of Anatabloc® will enhance customer satisfaction with its flagship product.
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