Corporate Social Responsibility | Business Wire | PR NewsWire | Marketwire | Realwire | ACN/JCN newswire | 247pressrelease | PRWeb

OncoVista (OVIT.PK) Reports 287% Increase in 2Q Revenues Due to Subsidiary’s Proprietary Branded Products

SAN ANTONIO - 
      OncoVista Innovative Therapies, Inc. (OVIT.PK) reported strong growth in 
      revenue, in the second quarter of 2009. Revenues increased to $457,670 
      up from $159,250 in the prior year period. Net loss per diluted share 
      was $0.16 compared with a loss of $0.22 per diluted share in the
Posted : Thu, 05 Nov 2009 16:28:56 GMT
Author : OncoVista Innovative Therapies, Inc.
Category : Press Release
News Alerts by Email ( click here )
Press Release News | Home
SAN ANTONIO - (Business Wire) OncoVista Innovative Therapies, Inc. (OVIT.PK) reported strong growth in revenue, in the second quarter of 2009. Revenues increased to $457,670 up from $159,250 in the prior year period. Net loss per diluted share was $0.16 compared with a loss of $0.22 per diluted share in the prior period.

Dr. Alex Weis, President of OncoVista said, “Our increase in revenues is due to the partnerships we have established with distribution companies over the past year. The branded proprietary products of our subsidiary, AdnaGen AG, are presently sold in ten countries and the United States. We expect our revenues to continue to increase as our products become more available in more geographic territories. OncoVista is presently in negotiations to increase our market penetration in core additional countries in the near future.”

 

3 Months Ended

   

6 Months Ended

       
2009 2008 2009 2008
Total revenues $ 279,857.00 $ 79,866.00 $ 457,670.00 $ 159,250.00

 

Total operating expenses

$ 1,765,470.00 $ 2,512,531.00 $ 3,580,135.00 $ 4,838,832.00
 
Loss from operations $ (1,485,613.00 ) $ (2,432,665.00 ) $ (3,122,465.00 ) $ (4,679,582.00 )
 
Total other income, net $ 75,244.00 $ 750,412.00 $ 141,438.00 $ 729,925.00
 
Net loss $ (1,410,369.00 ) $ (1,682,253.00 ) $ (2,981,027.00 ) $ (3,949,657.00 )
 
Net loss per share - basic & diluted $ (0.08 ) $ (0.09 ) $ (0.16 ) $ (0.22 )
 
Weighted average # of shares outstanding
basic & diluted 18,316,475 18,196,255 18,516,475 18,165,707

OncoVista Innovative Therapies, Inc. is a biopharmaceutical company involved in the development of targeted anticancer therapies by using tumor-associated biomarkers. In conjunction with its subsidiary, AdnaGen AG which is based in Langenhagen Germany, the Company has developed and currently markets patented diagnostic kits in Europe for the detection of circulating tumor cells in patients with breast, colon, ovarian and prostate cancers under the brand name AdnaGen™. The Company has also developed research products for the detection of steroid receptors and cancer stem cells and has research contracts in place with major pharmaceutical companies and recognized U.S. research facilities.

OncoVista has an experienced management team specialized in development of targeted, anticancer drugs led by Dr. Alexander L. Weis. OncoVista’s targeted drug development uses the proprietary, state-of-the-art molecular platform of AdnaGen AG. Further information on OncoVista can be found at www.oncovista.com.

Forward-Looking Statements: A number of statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. These risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements.

OncoVista Innovative Therapies, Inc.
COMPANY CONTACT:
Alexander L. Weis, Ph.D., +1-210-863-6813
Chief Executive Officer
or
INVESTOR CONTACT:
Larry Adams, +1-212-785-6200


Copyright © 2008 Business Wire. All rights reserved.
Share/Save/Bookmark

Article : OncoVista (OVIT.PK) Reports 287% Increase in 2Q Revenues Due to Subsidiary’s Proprietary Branded Products
Print this article
Share this article

Stay Updated

News gadget on your Google homepage
Subscribe to a news feed in Google Reader



Related News

REMINDER: Media Advisory: LAX FlyAway(R) Service Formally Inaugurates Daily Nonstop Bus Service to Irvine, Six Times Daily
LOS ANGELES, CA -- 11/22/09 -- WHAT: Los Angeles Mayor Antonio R. Villaraigosa will be joined by officials from the City of Irvine and Orange County transportation agencies to formally inaugurate the ne..

Maxprog Releases New MaxBulk Mailer 7
Maxprog is proud to present a new release of MaxBulk Mailer, new version 7, available now on Maxprog website with several interesting new features and improvements. MaxBulk Mailer is an email-merge solution for Macintosh and Windows that supports plain text, HTML and rich text formats includi...

Andean Resources Ltd.: New San Marcos Discovery at Cerro Negro
PERTH, AUSTRALIA -- 11/22/09 -- Andean Resources (TSX: AND)(ASX: AND) is pleased to report another new vein discovery from the ongoing exploration drill program at its 100% owned Cerro Negro project in Southern Argentina. Today's release includes t..

Defence Minister Declares Security Forum "World-Class" Event
HALIFAX, NOVA SCOTIA -- 11/22/09 -- As the three-day Halifax International Security Forum today wrapped up its final sessions, the Honourable Peter MacKay, Minister of National Defence and Minister for the Atlantic Gateway, declared the inaugural e..

Radiance Fine Jewelry 3rd Annual Holiday Party and Galatea Trunk Show
CHICAGO, IL -- 11/22/09 -- With the coming holidays, why give the same gift that everyone else is giving when you can come by Radiance Fine Jewelry and get something truly special. "Galatea Jewelry by Artist" has created some of the most unique pie..

The Grove’s Annual Tree Lighting Celebration and Concert, Sponsored by Cadillac, Features Special Performances, Celebrity Appearances, Lighting of the 100-ft Tree and Spectacular Fireworks Finale
LOS ANGELES - The Grove will host its annual tree-lighting event, “Hollywood Christmas Celebration at The Grove” on Sunday, November 22 at 7:30 p.m. The festive celebration, free to the public, draws crowds from throughout Los Angeles who come to see the stunning 100-foot Christm

Doctors Day Announces Exclusive Miniature Stethoscope Lapel Pin for Doctor Gift and Nurse Gift
The National Doctors' Day organization today announced the introduction of its miniature stethoscope lapel pin. At only 3/4 inches in height, it is the first realistic stethoscope lapel pin that is small enough to truly be considered a lapel pin. Unique gifts for doctors are difficult to fin...

Have your Say
Name
Email
Subject
Your Comment

Enter Verification code
 
  

 
Follow The Earth Times
Subscribe to RSS Follow Earth Times on TwitterNews by email
Share/Save/Bookmark
 
 



 
Subscribe to free Earthtimes
News Alerts by Email Click here
For RSS Feeds Click here
or Create your own RSS

Add to Google Toolbar
Breaking News
Press Releases

 


The Earth Times
News Category

© 2009 www.earthtimes.org, The Earth Times, All Rights Reserved | Privacy Policy
Earth Times accept no responsibility or liability either directly or indirectly for views or opinions expressed in articles or comments.