Pivotal Therapeutics reports loss of $811,164 for third quarter 2012

Published on November 30, 2012 at 12:11 AM · No Comments

Pivotal Therapeutics Inc. (OTCQX: PVTTF) (CNSX: PVO), a specialty pharmaceutical company with a focus on cardiovascular disease and overall health today announced its financial results and operational highlights for the quarter ended September 30, 2012. All dollar amounts referenced herein are in Canadian dollars unless otherwise stated.

For the three months ended September 30, 2012 the Company reported a loss of $811,164, or $0.01 per common share, compared with a loss of $591,022 or $0.01 per common share for the three months ended September 30, 2011.  At September 30, 2012, Pivotal's current assets totaled $1,274,508 compared with $2,215,820 at December 31, 2011. The decrease in current assets during the nine months ended September 30, 2012, is primarily due to a reduction in cash utilized in the expansion of sales and marketing of our lead product VASCAZEN®.

"Subsequent to the end of the third quarter Pivotal received additional funding from its private placement and Crossover Healthcare Fund remains committed to and will continue to fund the company in tranches at the original terms of the agreement until the round of financing is complete," stated Eugene Bortoluzzi, Chief Executive Officer and Chief Financial Officer."

Highlights for 2012:

  • April 3, 2012 - the Company began trading in the U.S. on the OTC Markets' QX Marketplace, under the symbol PVTTF;
  • April 30, 2012 - the Company announced its 2011 financial results;
  • May 22, 2012 - the Company announced first prescription sales in the U.S.;
  • May 28, 2012 - the Company announced its Q1 financial results;
  • June 25, 2012 - the Company announced U.S. Institutional Private Placement for $5M CDN;
  • August 9, 2012 - the Company announced that data from a scientific study, presented at the 17th World Congress On Heart Disease demonstrated the superiority of VASCAZEN®'s unique formulation;
  • August 23, 2012 - the Company announced that further data presented at the European Society of Cardiology Congress, demonstrated the superiority of VASCAZEN®'s unique formulation;
  • August 28, 2012 - the Company announced its Q3 financial results;
  • August 23, 2012-the Company announced it generated positive feedback at the European Society of Cardiology Congress
  • September 6, 2012-the Company announced a presentation at the Rodman & Renshaw 14th Annual Healthcare Conference
  • October 9, 2012-the Company announced it exhibited at the 2012 Cardiometabolic Health Congress
  • October 29, 2012-the Company announced it filed amended 2012 Q1 and Q2 financial statements to more fully comply with IFRS disclosure requirements.
  • November 5, 2012- the Company announced it exhibited at the American Heart Associations (AHA) Scientific Sessions.

Pivotal's Goals for 2012:

  • Advance commercialization of VASCAZEN® in the U.S.;
  • Expansion of the sales & marketing team;
  • Initiation of new clinical trials;
  • Completion of existing clinical trials for VASCAZEN® and publication of scientific data;
  • Expansion of intellectual property portfolio;
  • Investigation of international licensing opportunities;
  • Expansion of product offerings;
  • Investment community presentations to increase awareness;
  • Presentations and attendance at scientific meetings.
Source:

Pivotal Therapeutics Inc.

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