SOURCE: Viatar CTC Solutions

Viatar CTC Solutions

August 18, 2016 09:35 ET

Viatar CTC Solutions Announces Second Quarter 2016 Financial Results

LOWELL, MA--(Marketwired - Aug 18, 2016) - Viatar CTC Solutions Inc. (OTCQB: VRTT), the cancer dialysis company, today announced Second Quarter ended June 30, 2016 financial results and provided an update on recent company developments.

"Viatar continues to make substantive progress towards our goals of commencing our pilot clinical trial in the first quarter of 2017 and gaining CE Mark approval for our Therapeutic Oncopheresis System in 2017 in Europe and Canada," said Ilan Reich, Chairman and CEO of Viatar CTC Solutions. "We welcomed four new members to our Board of Directors in the Second Quarter who provide Viatar CTC Solutions with a depth of expertise and capability that will serve our expansive goals well. In addition, our ongoing collaboration with two of the most prominent cancer centers in the U.S. and our joint collaboration with two major research centers in Europe continues to yield promising results which we hope to report on in the coming quarters," Mr. Reich concluded.

Q2 2016 Financial Results 

For the second quarter ended June 30, 2016, Viatar reported $0 sales compared to sales of $13,985 in the comparable quarter of 2015. Total research & development expenses, including clinical and regulatory expenses, for the second quarter ended June 30, 2016 were $1,739,635 compared to $394,453 in the comparable quarter of 2015. In the current period $835,428 was related to the non-cash expensing of restricted and unrestricted stock awards compared to $84,533 for the comparable period of 2015. The balance of total R&D spending for the current period was $904,207 compared to $308,828 in the comparable period of 2015. The increase was due to higher staffing levels, use of third party engineering resources, and the purchase of supplies and equipment to support the oncology program and expenses in preparation for upcoming clinical trials for the Company's Therapeutic Oncopheresis System.

General and administrative expenses were $1,657,793 for the three months ended June 30, 2016, an increase of $1,300,765 or 364%, compared to $357,029 for the three months ended June 30, 2015. The increase was due primarily to the non-cash stock based compensation totaling $1,173,880 during the current period compared to $225,000 in the prior period. Business development expenses were $132,882 for the three months ended June 30, 2016, an increase of $61,968 or 87%, compared with $70,914 for the three months ended June 30, 2015. The increase was due to higher costs to obtain new capital, including certain investor relation activities and meetings. 

Viatar reported a net loss of $3,592,762 for the three months ended June 30, 2016, an increase of $2,763,660 or 333%, compared to $829,102 for the three months ended June 30, 2015. At June 30, 2016, Viatar had cash assets of $2 million.

Additional information can be found in the Company's Form 10Q for the period ended June 30, 2016 filed with the SEC on or about August 11, 2016.

About Viatar CTC Solutions

Viatar CTC Solutions Inc., the cancer dialysis company, is a medical technology company focused on the treatment of patients with metastatic cancer. The company's lead product, the Viatar® Therapeutic Oncopheresis System, removes circulating tumor cells from whole blood using label-free cross-flow filtration. Pending regulatory approval targeted for 2017, it will be used as a periodic therapy to improve overall survival for a wide range of solid tumor types such as lung, breast, colon, prostate and gastric cancers. This proprietary technology also powers the company's liquid biopsy products, which are collection systems for use by genetic testing companies, researchers and medical oncologists that provide a greater quantity and purity of circulating tumor cells for their molecular analysis and personalized medicine objectives.

Forward Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC.

   
Viatar CTC Solutions Inc. and Subsidiary  
Condensed Consolidated Balance Sheets  
           
  June 30, 2016     December 31, 2015  
  (Unaudited)        
               
ASSETS              
               
CURRENT ASSETS              
  Cash $ 2,033,853     $ 508,445  
  Prepaid expenses   61,783       247,659  
    Total current assets   2,095,636       756,104  
               
  Property and equipment, net   597,653       172,793  
               
  Investment in non-publicly traded company   -       480,000  
               
      TOTAL ASSETS $ 2,693,289     $ 1,408,897  
               
               
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)              
               
CURRENT LIABILITIES              
  Accounts payable and accrued expenses $ 462,849     $ 368,116  
  Accrued income tax liability   626,887       626,887  
    Total current liabilities   1,089,736       995,003  
               
  Convertible notes payable, net   2,155,618       2,126,218  
               
    TOTAL LIABILITIES   3,245,354       3,121,221  
               
Commitments and contingencies              
               
               
STOCKHOLDERS' EQUITY (DEFICIT)              
               
  Series A preferred stock, $.001 par value, 4,000,000 shares authorized, 4,000,000 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively   4,000       4,000  
  Series B preferred stock, $.001 par value, 5,000,000 shares authorized, 1,693,686 and 0 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively   1,694       -  
  Preferred stock, $.001 par value, 11,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively   -       -  
  Common stock, $.001 par value, 100,000,000 shares authorized, 19,495,426 and 18,605,426 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively   19,496       18,606  
  Additional paid-in capital   26,752,023       20,492,974  
  Accumulated deficit   (27,318,867 )     (22,217,527 )
      Total stockholders' equity (deficit)   (541,654 )     (1,701,947 )
               
Noncontrolling interest   (10,411 )     (10,377 )
               
      TOTAL STOCKHOLDERS' EQUITY (DEFICIT)   (552,065 )     (1,712,324 )
               
      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 2,693,289     $ 1,408,897  
                     
                     
                     
Viatar CTC Solutions Inc. and Subsidiary  
Condensed Consolidated Statements of Operations  
(Unaudited)  
           
           
  For the Three Months Ended June 30,  
  2016     2015  
               
REVENUE              
  Sales $ -     $ 13,985  
               
COST OF REVENUE              
  Cost of sales   -       -  
               
GROSS MARGIN   -       13,985  
               
EXPENSES              
  Research and development   1,739,635       394,453  
  General and administrative   1,790,675       427,943  
               
TOTAL EXPENSES   3,530,310       822,396  
               
LOSS FROM OPERATIONS   (3,530,310 )     (808,411 )
               
OTHER INCOME (EXPENSE)              
  Dividend income   -       -  
  Interest expense   (62,452 )     (20,691 )
               
TOTAL OTHER INCOME (EXPENSE)   (62,452 )     (20,691 )
               
LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT   (3,592,762 )     (829,102 )
               
  Income tax (expense) benefit   -       -  
               
NET LOSS   (3,592,762 )     (829,102 )
               
  Net loss attributable to noncontrolling interest in consolidated subsidiary   (17 )     (108 )
               
NET LOSS ATTRIBUTABLE TO STOCKHOLDERS BEFORE PREFERRED DIVIDENDS $ (3,592,745 )   $ (828,994 )
               
LESS: PREFERRED DIVIDENDS   (100,287 )     -  
               
NET LOSS ATTRIBUTABLE TO STOCKHOLDERS $ (3,693,032 )   $ (828,994 )
               
LOSS PER COMMON SHARE - BASIC AND DILUTED:              
Net Loss Attributable to Common              
  Stockholders $ (0.19 )   $ (0.05 )
  Weighted Average Shares   19,495,426       17,800,679  
               

For More Information:

For Viatar CTC Solutions:
Ilan Reich
Chairman & CEO
ilan.reich@viatarctcsolutions.com

Investor Relations Contact:
Scott Gordon
President
CorProminence LLC
Phone: 516 222 2560
Email: info@corprominence.com

Contact Information