Viatar CTC Solutions Announces Second Quarter 2016 Financial Results
Aug. 18, 2016 9:35 am
LOWELL, MA--(Marketwired - Aug 18, 2016) - Viatar CTC Solutions Inc. (
"Viatar continues to make substantive progress towards our goals of commencing our pilot clinical trial in the first quarter of 2017 and gaining CE Mark approval for our Therapeutic Oncopheresis System in 2017 in Europe and Canada," said Ilan Reich, Chairman and CEO of Viatar CTC Solutions. "We welcomed four new members to our Board of Directors in the Second Quarter who provide Viatar CTC Solutions with a depth of expertise and capability that will serve our expansive goals well. In addition, our ongoing collaboration with two of the most prominent cancer centers in the U.S. and our joint collaboration with two major research centers in Europe continues to yield promising results which we hope to report on in the coming quarters," Mr. Reich concluded.
Q2 2016 Financial Results
For the second quarter ended June 30, 2016, Viatar reported $0 sales compared to sales of $13,985 in the comparable quarter of 2015. Total research & development expenses, including clinical and regulatory expenses, for the second quarter ended June 30, 2016 were $1,739,635 compared to $394,453 in the comparable quarter of 2015. In the current period $835,428 was related to the non-cash expensing of restricted and unrestricted stock awards compared to $84,533 for the comparable period of 2015. The balance of total R&D spending for the current period was $904,207 compared to $308,828 in the comparable period of 2015. The increase was due to higher staffing levels, use of third party engineering resources, and the purchase of supplies and equipment to support the oncology program and expenses in preparation for upcoming clinical trials for the Company's Therapeutic Oncopheresis System.
General and administrative expenses were $1,657,793 for the three months ended June 30, 2016, an increase of $1,300,765 or 364%, compared to $357,029 for the three months ended June 30, 2015. The increase was due primarily to the non-cash stock based compensation totaling $1,173,880 during the current period compared to $225,000 in the prior period. Business development expenses were $132,882 for the three months ended June 30, 2016, an increase of $61,968 or 87%, compared with $70,914 for the three months ended June 30, 2015. The increase was due to higher costs to obtain new capital, including certain investor relation activities and meetings.
Viatar reported a net loss of $3,592,762 for the three months ended June 30, 2016, an increase of $2,763,660 or 333%, compared to $829,102 for the three months ended June 30, 2015. At June 30, 2016, Viatar had cash assets of $2 million.
Additional information can be found in the Company's Form 10Q for the period ended June 30, 2016 filed with the SEC on or about August 11, 2016.
About Viatar CTC Solutions
Viatar CTC Solutions Inc., the cancer dialysis company, 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 2017, 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.
Forward Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC.
| Viatar CTC Solutions Inc. and Subsidiary | ||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||
| June 30, 2016 | December 31, 2015 | |||||||||
| (Unaudited) | ||||||||||
| ASSETS | ||||||||||
| CURRENT ASSETS | ||||||||||
| Cash | $ | 2,033,853 | $ | 508,445 | ||||||
| Prepaid expenses | 61,783 | 247,659 | ||||||||
| Total current assets | 2,095,636 | 756,104 | ||||||||
| Property and equipment, net | 597,653 | 172,793 | ||||||||
| Investment in non-publicly traded company | - | 480,000 | ||||||||
| TOTAL ASSETS | $ | 2,693,289 | $ | 1,408,897 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||||
| CURRENT LIABILITIES | ||||||||||
| Accounts payable and accrued expenses | $ | 462,849 | $ | 368,116 | ||||||
| Accrued income tax liability | 626,887 | 626,887 | ||||||||
| Total current liabilities | 1,089,736 | 995,003 | ||||||||
| Convertible notes payable, net | 2,155,618 | 2,126,218 | ||||||||
| TOTAL LIABILITIES | 3,245,354 | 3,121,221 | ||||||||
| Commitments and contingencies | ||||||||||
| STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||||
| Series A preferred stock, $.001 par value, 4,000,000 shares authorized, 4,000,000 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 4,000 | 4,000 | ||||||||
| Series B preferred stock, $.001 par value, 5,000,000 shares authorized, 1,693,686 and 0 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 1,694 | - | ||||||||
| Preferred stock, $.001 par value, 11,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | - | - | ||||||||
| Common stock, $.001 par value, 100,000,000 shares authorized, 19,495,426 and 18,605,426 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 19,496 | 18,606 | ||||||||
| Additional paid-in capital | 26,752,023 | 20,492,974 | ||||||||
| Accumulated deficit | (27,318,867 | ) | (22,217,527 | ) | ||||||
| Total stockholders' equity (deficit) | (541,654 | ) | (1,701,947 | ) | ||||||
| Noncontrolling interest | (10,411 | ) | (10,377 | ) | ||||||
| TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (552,065 | ) | (1,712,324 | ) | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 2,693,289 | $ | 1,408,897 | ||||||
| Viatar CTC Solutions Inc. and Subsidiary | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| (Unaudited) | ||||||||
| For the Three Months Ended June 30, | ||||||||
| 2016 | 2015 | |||||||
| REVENUE | ||||||||
| Sales | $ | - | $ | 13,985 | ||||
| COST OF REVENUE | ||||||||
| Cost of sales | - | - | ||||||
| GROSS MARGIN | - | 13,985 | ||||||
| EXPENSES | ||||||||
| Research and development | 1,739,635 | 394,453 | ||||||
| General and administrative | 1,790,675 | 427,943 | ||||||
| TOTAL EXPENSES | 3,530,310 | 822,396 | ||||||
| LOSS FROM OPERATIONS | (3,530,310 | ) | (808,411 | ) | ||||
| OTHER INCOME (EXPENSE) | ||||||||
| Dividend income | - | - | ||||||
| Interest expense | (62,452 | ) | (20,691 | ) | ||||
| TOTAL OTHER INCOME (EXPENSE) | (62,452 | ) | (20,691 | ) | ||||
| LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT | (3,592,762 | ) | (829,102 | ) | ||||
| Income tax (expense) benefit | - | - | ||||||
| NET LOSS | (3,592,762 | ) | (829,102 | ) | ||||
| Net loss attributable to noncontrolling interest in consolidated subsidiary | (17 | ) | (108 | ) | ||||
| NET LOSS ATTRIBUTABLE TO STOCKHOLDERS BEFORE PREFERRED DIVIDENDS | $ | (3,592,745 | ) | $ | (828,994 | ) | ||
| LESS: PREFERRED DIVIDENDS | (100,287 | ) | - | |||||
| NET LOSS ATTRIBUTABLE TO STOCKHOLDERS | $ | (3,693,032 | ) | $ | (828,994 | ) | ||
| LOSS PER COMMON SHARE - BASIC AND DILUTED: | ||||||||
| Net Loss Attributable to Common | ||||||||
| Stockholders | $ | (0.19 | ) | $ | (0.05 | ) | ||
| Weighted Average Shares | 19,495,426 | 17,800,679 | ||||||
For More Information:
For Viatar CTC Solutions:
Ilan Reich
Chairman & CEO
ilan.reich@viatarctcsolutions.com
Investor Relations Contact:
Scott Gordon
President
CorProminence LLC
Phone: 516 222 2560
Email: info@corprominence.com
For More Information:
For Viatar CTC Solutions:
Ilan Reich
Chairman & CEO
ilan.reich@viatarctcsolutions.com
Investor Relations Contact:
Scott Gordon
President
CorProminence LLC
Phone: 516 222 2560
Email: info@corprominence.com
