MANCHESTER, NH--(Marketwired - Mar 17, 2014) - Boston Therapeutics, Inc. (
David Platt, Ph.D., Chief Executive Officer, Boston Therapeutics, said, "In the fourth quarter and fiscal year 2013, we continued to strengthen our Company by successfully raising capital and bolstering our management team and board of directors with new key leadership. We raised $5.6 million in 2013 to support our near-term product portfolio. In addition to our mechanism of action study at the University of Minnesota, we continue to work toward preparing an IND submission to the Food and Drug Administration for a pivotal Phase III study for our lead drug candidate BTI320 (formerly PAZ320). We have initiated a Phase II study in France and are initiating a similar study in the United States. Additionally, the recent appointment of Larry Ellingson as Chairman of our Scientific Advisory Board, the consulting agreement we signed with Generosus Advisors and Fortified Management Group to market SUGARDOWN® in the U.S., as well as the agreement we signed with American Medical Supplies to distribute SUGARDOWN® in Egypt and Saudi Arabia are all positive steps for our shareholders and our Company. We plan to continue to implement our expertise in complex carbohydrate chemistry to design compounds to better manage blood glucose."
Business Highlights for the Fourth Quarter 2013 and Recent Months:
Clinical Highlights for the Fourth Quarter 2013 and Recent Months:
Financial Results for the Fourth Quarter and Year Ended December 31, 2013:
We have incurred recurring operating losses since inception as we have worked to bring our SUGARDOWN® product to market and develop BTI320 and IPOXYN. We expect such operating losses will continue until such time that we receive substantial revenues from SUGARDOWN® or we complete the regulatory and clinical development of BTI320 or IPOXYN. We anticipate that our cash resources will be sufficient to fund our planned operations into the second half of fiscal 2014. We plan to seek additional capital through private placements and public offerings of the Company's common stock. There can be no assurance that the Company will be successful in accomplishing its objectives. Without such additional capital, the Company may be required to curtail or cease operations.
Boston Therapeutics, Inc. | ||||||||||||||||||
Condensed Statements of Operations | ||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Revenue | $ | 80,438 | $ | 18,504 | $ | 323,412 | $ | 42,254 | ||||||||||
Cost of goods sold | 103,781 | 15,982 | 278,205 | 56,859 | ||||||||||||||
Gross margin (deficit) | (23,343 | ) | 2,522 | 45,207 | (14,605 | ) | ||||||||||||
Operating expenses: | ||||||||||||||||||
Research and development | 342,064 | 33,270 | 542,492 | 178,938 | ||||||||||||||
Sales and marketing | 77,982 | 4,814 | 329,218 | 232,411 | ||||||||||||||
General and administrative | 1,849,734 | 537,963 | 3,753,742 | 1,036,566 | ||||||||||||||
Total operating expenses | 2,269,780 | 576,047 | 4,625,452 | 1,447,915 | ||||||||||||||
Operating loss | (2,293,123 | ) | (573,525 | ) | (4,580,245 | ) | (1,462,520 | ) | ||||||||||
Interest expense | (5,214 | ) | (4,862 | ) | (19,692 | ) | (18,384 | ) | ||||||||||
Other income | 1,457 | - | 1,505 | - | ||||||||||||||
Foreign currency loss | (1,092 | ) | - | (3,071 | ) | (3,211 | ) | |||||||||||
Net loss | $ | (2,297,972 | ) | $ | (578,387 | ) | $ | (4,601,503 | ) | $ | (1,484,115 | ) | ||||||
Net loss per share - basic and diluted | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.18 | ) | $ | (0.09 | ) | ||||||
Weighted average shares outstanding basic and diluted | 37,247,533 | 17,636,820 | 25,370,626 | 16,873,903 | ||||||||||||||
Boston Therapeutics, Inc. | ||||||
Balance Sheet Data | ||||||
December 31, | December 31, | |||||
2013 | 2012 | |||||
Cash and cash equivalents | $ | 3,387,428 | $ | 552,315 | ||
Working capital | $ | 2,859,578 | $ | 154,587 | ||
Total assets | $ | 4,535,032 | $ | 1,435,244 | ||
Total stockholders' equity | $ | 3,345,270 | $ | 696,463 | ||
About Boston Therapeutics, Inc.
Boston Therapeutics, headquartered in Manchester, NH, (
Forward Looking Statements
This press release contains, in addition to historical information, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future financial performance, and use words such as "may," "estimate," "could," "expect" and others. They are based on our current expectations and are subject to factors and uncertainties which could cause actual results to differ materially from those described in the statements. Factors that could cause our actual performance to differ materially from those discussed in the forward-looking statements include, among others, that our plans, expectations and goals regarding the clinical trials are subject to factors beyond our control and provide no assurance of FDA approval of any of our future drug development plans. Our clinical trials may not produce positive results in a timely fashion, if at all, and any necessary changes during the course of the trial could prove time consuming and costly. We may have difficulty in enrolling candidates for testing, which would affect our estimates regarding timing, and we may not be able to achieve the desired results. Any significant delays or unanticipated costs in any subsequent drug trial could delay obtaining meaningful results from Phase II studies and/or preparing for Phase III studies with the current cash on hand.
Upon receipt of FDA approval, we may face competition with other drugs and treatments that are currently approved or those that are currently in development, which could have an adverse effect on our ability to achieve revenues from this proposed indication. Plans regarding development, approval and marketing of any of our compounds, including BTI320, are subject to change at any time based on the changing needs of our company as determined by management and regulatory agencies. To date, we have incurred operating losses since our inception, and our ability to successfully develop and market drugs may be affected by our ability to manage costs and finance our continuing operations. For a discussion of additional factors affecting our business, see our Annual Report on Form 10-K for the year ended December 31, 2013, and our subsequent filings with the SEC. You should not place undue reliance on forward-looking statements. Although subsequent events may cause our views to change, we disclaim any obligation to update forward-looking statements.
Contact Information:
Contact:
Boston Therapeutics, Inc.
Anthony Squeglia
Chief Financial Officer
Phone: 603-935-9799
Email: anthony.squeglia@bostonti.com
www.bostonti.com