Viatar CTC Solutions Reports Third Quarter 2015 Highlights and Financial Results

Nov. 13, 2015 12:07 pm |  More About Viatar CTC Solutions


LOWELL, MA--(Marketwired - Nov 13, 2015) - 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 Ended September 30,     For the Three Months 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, 2015     December 31, 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

Marketwired
November 13, 2015 - 12:07 PM EST


comments powered by Disqus

"I work with many of the companies that would be RedChip companies. And we certainly ascribe to the same view that the RedChip Companies do, which is Discovering Tomorrow's Blue Chips Today."

  • Bob McCooey, Senior Vice President The NASDAQ Stock Market