SOURCE: Viatar CTC Solutions Inc.

Viatar CTC Solutions Inc.

May 09, 2016 08:00 ET

Viatar CTC Solutions Reports First Quarter Financial Results

LOWELL, MA--(Marketwired - May 9, 2016) - Viatar CTC Solutions Inc. (OTCQB: VRTT), the cancer dialysis company, today announced its financial results for the first quarter ended March 31, 2016.

For the first quarter of 2016, Viatar reported $0 sales compared to sales of $9,970 in the comparable quarter of 2015. Total research & development expenses, including clinical and regulatory expenses, were $895,365 compared to $820,655 in the first quarter of 2016 and 2015 respectively. In the current period $72,580 was related to the non-cash expensing of restricted and unrestricted stock awards compared to $612,716 for the comparable period of 2015. The balance of total R&D spending for the current period was $822,785 compared to $207,939 in the comparable period of 2015. The increase was due to higher staffing levels, use of third party engineering resources, the purchase of supplies and equipment to support the oncology program and expenses related to preparation for the upcoming clinical trials of the Company's Therapeutic Oncopheresis System.

General and administrative expenses during the first quarter of 2016 were $309,855 compared to $193,195 in the first quarter of 2015. The increase was due to non-cash stock based compensation totaling $131,407 during the current period compared to $0 in the prior period. Business development expenses were $117,077 for the three months ended March 31, 2016, compared with $76,330 for the three months ended March 31, 2015 due to higher costs to obtain new capital, including certain investor relations activities and meetings. Viatar reported a net loss of $1,373,351 for the first quarter of 2016 compared to a net loss of $1,116,238 for the comparable period in 2015.

At March 31, 2016, Viatar had cash assets of $3.8 million reflecting the $4.2 million financing completed in March 2016.

"Viatar made significant progress on several fronts during the first quarter," said Ilan Reich, Chairman and CEO of Viatar CTC Solutions. "With the $4.2 million of capital that we raised in March, we now have the funds in hand as we seek CE Mark approval for our Therapeutic Oncopheresis System in 2017 in Europe and Canada. The pilot clinical trial for this effort is on target to begin in the fourth quarter. We've also begun collaborating with two of the most prominent cancer centers in the U.S. and have a joint collaboration in place with two major research centers in Europe as well. We hope to provide further information about these efforts later this year, as they progress towards their goals."

Additional information can be found in the Company's Form 10Q for the period ended March 31, 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  
             
             
    March 31, 2016     December 31, 2015  
                 
ASSETS                
                 
CURRENT ASSETS                
  Cash   $ 3,755,926     $ 508,445  
  Prepaid expenses     116,252       247,659  
    Total current assets     3,872,178       756,104  
                   
  Property and equipment, net     456,380       172,793  
                   
  Investment in non-publicly traded company     -       480,000  
                   
      TOTAL ASSETS   $ 4,328,558     $ 1,408,897  
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                
                 
CURRENT LIABILITIES                
  Accounts payable and accrued expenses   $ 244,783     $ 217,977  
  Accrued income tax liability     791,686       777,026  
    Total current liabilities     1,036,469       995,003  
                 
  Convertible notes payable, net     2,140,918       2,126,218  
                 
      TOTAL LIABILITIES     3,177,387       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 March 31, 2016 and December 31, 2015, respectively     4,000       4,000  
  Series B preferred stock, $.001 par value, 5,000,000 shares authorized, 1,679,696 and 0 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively     1,680       -  
  Preferred stock, $.001 par value, 11,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively     -       -  
  Common stock, $.001 par value, 100,000,000 shares authorized, 18,605,426 and 18,605,426 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively     18,606       18,606  
  Additional paid-in capital     24,763,114       20,492,974  
  Accumulated deficit     (23,625,835 )     (22,217,527 )
      Total stockholders' equity (deficit)     1,161,565       (1,701,947 )
                   
  Noncontrolling interest     (10,394 )     (10,377 )
                   
      TOTAL STOCKHOLDERS' EQUITY (DEFICIT)     1,151,171       (1,712,324 )
                   
      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)   $ 4,328,558     $ 1,408,897  
                 
                 
   
Viatar CTC Solutions Inc. and Subsidiary  
   
Condensed Consolidated Statements of Operations  
             
             
    For the Three Months Ended March 31,  
    2016     2015  
                 
REVENUE                
  Sales   $ -     $ 9,970  
                 
COST OF REVENUE                
  Cost of sales     -       -  
                 
GROSS MARGIN     -       9,970  
                 
EXPENSES                
  Research and development     895,365       820,655  
  General and administrative     426,932       269,525  
                 
TOTAL EXPENSES     1,322,297       1,090,180  
                 
LOSS FROM OPERATIONS     (1,322,297 )     (1,080,210 )
                 
OTHER INCOME (EXPENSE)                
  Dividend income     3,227       -  
  Interest expense     (54,281 )     (36,028 )
                 
TOTAL OTHER INCOME (EXPENSE)     (51,054 )     (36,028 )
                 
LOSS BEFORE INCOME TAX (EXPENSE) BENEFIT     (1,373,351 )     (1,116,238 )
                 
  Income tax (expense) benefit     -       -  
                 
NET LOSS     (1,373,351 )     (1,116,238 )
                 
  Net loss attributable to noncontrolling interest in consolidated subsidiary     (17 )     (165 )
                 
NET LOSS ATTRIBUTABLE TO STOCKHOLDERS BEFORE PREFERRED DIVIDENDS   $ (1,373,334 )   $ (1,116,073 )
                 
LESS: PREFERRED DIVIDENDS     (34,974 )     -  
                 
NET LOSS ATTRIBUTABLE TO STOCKHOLDERS   $ (1,408,308 )   $ (1,116,073 )
                 
LOSS PER COMMON SHARE - BASIC AND DILUTED:                
  Net Loss Attributable to Common Stockholders   $ (0.08 )   $ (0.07 )
  Weighted Average Shares     18,605,426       17,020,815  
                   

Contact Information