OncoVista (OVIT.PK) Reports 287% Increase in 2Q Revenues Due to Subsidiary’s Proprietary Branded Products
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Thu, 05 Nov 2009 16:28:56 GMT |
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OncoVista Innovative Therapies, Inc.
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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
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