SOURCE: Radient Pharmaceuticals Corporation

Radient Pharmaceuticals Corporation

August 17, 2010 12:51 ET

Radient Pharmaceuticals Announces Second Quarter 2010 Financial Results -- Anticipating 4th Qtr Profitability

TUSTIN, CA--(Marketwire - August 17, 2010) - Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) announced today that it has filed a Notification of Late Filing under Rule 12b‐25 of the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission (the "SEC") for its Quarterly Report on Form 10‐Q for the second quarter ended June 30, 2010. The Company has now filed its unaudited results and the filing of its Form 10-Q with the SEC for the fiscal year second quarter 2010.

For the three‐month period ending June 30, 2010, RPC reported revenues of approximately $45,000, as compared with corporate segmented revenues of approximately $3,181,043 in the second quarter of FY2009. RPC reported a comprehensive second quarter loss of approximately $29,290,054 ($1.00 per share) in FY2010, compared to approximately $8,095,558 ($0.51 per share) in FY2009. Interest expense, the fair value of debt conversions and impairment on our investment in JPI, contributed approximately $26.3 million (or nearly 90%) to this loss during the period ended June 30, 2010.

According to Douglas MacLellan, Chairman and CEO of Radient Pharmaceuticals, "We anticipate that value of the 3rd & 4th quarter sales of Onko-Sure and the monetization of JPI to be large drivers during the second half of 2010. We have been executing a low risk path to achieve profitability by the fourth quarter of fiscal year 2010 and have made marked progress on many fronts. We remain steadfast in our aggressive effort to meet this important milestone by the stated date with a simultaneous focus to build Radient Pharmaceuticals for the long‐term."

RPC Business Milestones
Over the past 4 and half months we have made remarkable progress on various corporate objectives. These 23 various objectives are noted below:

For additional information on Radient Pharmaceuticals, ADI and its portfolio of products visit the Company's corporate website at www.Radient-Pharma.com. For Investor Relations information contact Kristine Szarkowitz at IR@Radient-Pharma.com or 1.206.310.5323.

About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals is dedicated to saving lives and money for patients and global healthcare systems through the deployment of its Onko-Sure® in vitro diagnostic cancer test. The company's focus is on the discovery, development and commercialization of unique high-value diagnostic tests that help physicians answer important clinical questions related to early disease detection; treatment strategy; and the monitoring of disease progression, prognosis, and diagnosis to ultimately improve patient outcomes. Radient Pharmaceutical's current Onko-Sure® cancer test is used to guide decisions regarding patient treatment, which may include decisions to refer patients to specialists, perform additional testing, or assist in the selection of therapy. To learn more about our company, people and potentially life-saving cancer test, visit www.radient-pharma.com.

Forward-Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.

Contact Information

  • Radient Pharma Contact:
    Kristine Szarkowitz
    Director-Investor Relations
    Email Contact
    (Tel : ) 206.310.5323