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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pivotal Therapeutics Inc (CE) | USOTC:PVTTF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0018 | 0.00 | 01:00:00 |
PR Newswire
WOODBRIDGE, ON, April 29, 2013
WOODBRIDGE, ON, April 29, 2013 /PRNewswire/ - Pivotal Therapeutics Inc. (OTCQX: PVTTF) (CNSX: PVO), a specialty pharmaceutical company with a focus on Omega-3 therapies
for cardiovascular disease (CVD) and overall health, announced its
operational highlights and financial results for the fiscal year ended
December 31, 2012. All dollar amounts referenced herein are in
Canadian dollars unless otherwise stated.
Financial Review
For the twelve months ended December 31, 2012 the company reported a
loss of $3.6 million, or $0.05 per common share, compared with a loss
of $3.8 million, or $0.06 per common share for the twelve months ended
December 31, 2011. The decrease in loss of $182,769 resulted from an
increase in sales netted against a reduction in operating expenses.
"The company is pleased to report the realization of revenues in it's
first year of commercialization of VASCAZEN®," said Mr. Eugene Bortoluzzi Chief Executive Officer and Chief
Financial Officer. "As the second prescription only Omega-3 to the
market, VASCAZEN® has seen positive growth into the first quarter of 2013. We at Pivotal
continue to expand our Sales and Marketing efforts to increase
awareness of our products throughout the medical community."
At December 31, 2012, Pivotal's working capital position totaled
$452,914, compared with $1.9 million at December 31, 2011. The increase
in sales and marketing activities leading to the establishment of a
dedicated sales force has contributed greatly to the decrease in
working capital.
The audited consolidated financial statements, accompanying notes to the
audited thereto and Management's Discussion and Analysis for the year
ended December 31, 2012, will be accessible on Pivotal?s website at www.pivotaltherapeutics.us and on SEDAR www.sedar.com.
Highlights from 2012:
Highlights Subsequent to Year-end:
Pivotal?s Goals for 2013:
Notice of Annual General Meeting
Pivotal Therapeutics Inc. will hold its Annual General Meeting of
Shareholders at 10:00 AM on June 26, 2013 at the registered office of
the Company, 81 Zenway Blvd., Unit 10, Woodbridge, Ontario.
About VASCAZEN
VASCAZEN® is a prescription only Medical Food specifically formulated for the
dietary management of an Omega-3 deficiency in cardiovascular patients.
VASCAZEN® is a >90% pure Omega-3 with a proprietary 6:1 EPA:DHA fatty acid
formulation, protected by a series of both U.S. and foreign patents. VASCAZEN® is the second to market prescription only Omega-3 therapy available in
the U.S. and is available by prescription nationwide.
About Pivotal Therapeutics Inc.
Pivotal Therapeutics is a publicly traded (OTCQX: PVTTF) (CNSX: PVO)
specialty pharmaceutical company with a focus on cardiovascular disease
and overall health. Pivotal Therapeutics' lead product VASCAZEN® is a prescription only Medical Food formulated to meet the dietary
Omega-3 deficient needs of patients with cardiovascular disease through
elevating Eicosapentaenoic acid (EPA) and Docosahexaenoic acid (DHA) to
levels associated with reduced risk of cardiovascular complications.
Disclosure Notice
The information contained in this document is as of April 29, 2013. This
press release contains forward-looking statements. Such forward-looking
statements are subject to a number of risks, assumptions and
uncertainties that could cause Pivotal's actual results to differ
materially from those projected in such forward-looking statements.
These statements can be identified by the use of words such as "will",
"anticipate", "estimate", "expect", "project", "forecast", "intend",
"plan", "believe", "project", "potential", and similar expressions with
any discussion of future operating or financial performance or events.
In particular, factors that could cause actual results to differ
materially from those in forward looking statements include the
following: Pivotal's inability to obtain additional financing on
acceptable terms; growth in costs and expenses; inability to compete
with others who provide comparable products; risk that the Company's
products will not gain widespread market acceptance; risks relating to
the Company's ability to maintain its CSNX listing. Forward-looking
statements speak only as of the date made and are not guarantees of
future performance. The Company undertakes no obligation to publicly
update or revise any forward-looking statements contained in this
document as a result of new information or future events or
developments. CNSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this information.
SOURCE Pivotal Therapeutics Inc.
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