Pivotal Therapeutics Reports Operational and Financial Results for First Quarter 2015

Pivotal Therapeutics Inc. (TSXV:PVO) announced its operational and financial results for the first quarter of 2015, which showed a loss of $1.2 million or $0.01 per share, compared to $1.6 million in Q1 2014.

Operational highlights:

• Received final approval to conduct the POMEGA Phase IIa clinical trial with its PVT-100 drug candidate. PVT-100uses VASCAZEN^®‘s proprietary formulation for the stabilization of vulnerable plaque in patients undergoing carotid endarterectomy, a surgical procedure to remove material accumulated in the arteries to reduce the risk of stroke;
• Issuance of two patents, that were allowed during Q4 2014, U.S. Patent Number 8,951,514 related to the combination of VASCAZEN^® with key cholesterol lowering agents (statins) and U.S. Patent Number 8,952,000 related to the combination of VASCAZEN^® with cholesterol absorption inhibitors;
• Received Notice of Allowance for U.S. Patent Application Number 13/584,428 related to a kit for the dietary management of cardiovascular patients that includes VASCAZEN^® and an Omega-3 fatty acid diagnostic assay;
• Executed a memorandum of understanding with Korea Animal Medical Science Institute (KAMSI) and its newly created affiliate for the exclusive sales and distribution of the BeneFishial™ family of products in Korea;Received Health Canada approval to expand the indication of OMAZEN^® to include products with claims to maintain and support cardiovascular health and normal triglyceride levels.

Financial results:

For the three months ended March 31, 2015 the Company reported a loss of $1.2 million, or $0.01 per common share, compared with a loss of $1.6 million, or $0.02 per common share for the three months ended March 31, 2014. Major contributors to the comparative net loss improvement of $421,385 were increases sales of $100,981, reduction in stock based compensation of $508,952, reduced salaries and benefits of $62,960 and a net expense reduction in other items of $81,834 offset by increases in accretion expense of $229,534 and interest on long term debt of$103,808.  The reduction in stock based compensation resulted from the Company not having issued any stock options during the three months ended March 31, 2015.  Sales for the three months ended March 31, 2015 are$153,513 as compared to $52,532 for the three months March 31, 2015.  The increase in sales is due in part to channel restocking.

Click here to read the full Pivotal Therapeutics Inc. (TSXV:PVO) press release.