WOODBRIDGE, ONTARIO--(Marketwire - Aug. 29, 2011) - Pivotal Therapeutics Inc. (CNSX:PVO) today reported its unaudited financial results for the second quarter ended June 30, 2011. The Company's second quarter Condensed Interim Consolidated Financial Statements and Management Discussion and Analysis ("MD&A") has been filed with the System for Electronic Document Analysis and Retrieval ("SEDAR") and will be available at www.sedar.com.
Additionally, in recognition of the many strategic business milestones achieved during the three and six month periods ended June 30, 2011 the Company granted incentive stock options to purchase a total of 650,000 common shares at an exercise price of $0.30 per common share. The stock options were granted to its external directors, an employee and an advisor and are subjected to vesting limitations in accordance with the provisions of its 2011 stock option plan as approved by its shareholders on March 10, 2011. The company successfully filed five provisional patents with the US Patent and Trademark Office, completed the amalgamation with Media Script, became a reporting issuer, listed on the Canadian National Stock's Exchange, and continued to deliver on the goals laid out in the Company's business plan. Specifically, the Company opened up its US commercialization and distribution headquarters, negotiated exclusivity for the diagnostic test, commenced clinical trials to assess the effectiveness of its product, and continued to plan for the launch of VASCAZEN™. In addition to the external directors, the Company has granted stock options to a newly hired employee and to an advisor who has been providing valuable advice regarding some strategic initiatives of the Corporation.
"We are excited to be moving forward with the launch of VASCAZEN™ this coming fall," says Eugene Bortoluzzi, Chief Executive Officer and Chief Financial Officer. "The advancements described in the MD&A reflects the hard work and accomplishments put forward by the Pivotal team and by the commitment and support of our Shareholders."
About Pivotal Therapeutics Inc.
With offices in Toronto, Canada and Boca Raton, Florida, Pivotal Therapeutics is a publicly traded (CNSX:PVO) specialty pharmaceutical company with a focus on the treatment of cardiovascular disease. Pivotal Therapeutics' lead product VASCAZEN™ is a prescription medical food formulated to meet the dietary Omega-3 deficient needs of patients with cardiovascular disease through elevating Eicosapentaenoic (EPA) and Docosahexaenoic (DHA) to levels associated with reduced risk of cardiovascular complications.
VASCAZEN™ is a >90% pure, proprietary EPA:DHA fatty acid formulation, protected by a series of both issued and pending US and foreign patents and commercialized by prescription only. This unique formulation will provide the cornerstone upon which a family of cutting edge combination products, with efficacy across a broad spectrum of cardiac care, will be commercialized.
The information contained in this document is as of August 18, 2011. 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.