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:
February 22 - the Company filed five
international patent filings
covering 142 countries;
February 29 - the Company presented
at the 61st Annual Scientific
Session and Expo of the American College of Cardiology;
March 8 - Standard and Poors Capital
IQ?s Market Access Program began
coverage of the Company;
April 3 - the Company began trading
in the U.S. on the OTC Markets' QX
Marketplace, under the symbol PVTTF;
May 22- the Company announced first
prescription sales in the U.S.;
June 25 - the Company announced U.S.
Institutional Private Placement for
$5M CDN;
August 9 - 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 - the Company announced
that further data presented at the
European Society of Cardiology Congress, demonstrated the
superiority
of Vascazen®'s unique formulation;
August 23 -the Company announced it
generated positive feedback at the
European Society of Cardiology Congress;
October 9 - the Company announced it
exhibited at the 2012
Cardiometabolic Health Congress;
October 26 - the Company filed two
additional provisional US and
International patents covering certain aspects of its core
product
technologies;
November 5 - the Company announced it
exhibited at the American Heart
Associations (AHA) Scientific Sessions.
November 29- the Company announced
its Q3 financial results;
Highlights Subsequent to Year-end:
March 6, 2013 - the Company announced
it exhibited at the American
College of Cardiology's 62nd Annual Scientific Session
and Expo;
April 9, 2013 - the Company announced
that Vascazen® - meets primary endpoint in REVEAL
trial - Top line results accepted for
presentation at the American Heart Association's ATVB 2013
Scientific
Sessions.
Pivotal?s Goals for 2013:
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.
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.