NEWTON, MA--(Marketwired - Nov 20, 2015) - Boston Therapeutics, Inc. (
David Platt, Ph.D., Chief Executive Officer, Boston Therapeutics, said, "We have progressed the development of our lead therapeutic candidate, BTI-320, through our alliance partners. The process of initiating a clinical trial with Joslin Diabetes Clinic as the lead site with others is tied to the timing of a capital raise to fund this effort. Our strategic partner, Advance Pharmaceutical Company, Ltd., (APC), based in Hong Kong, has recently completed enrollment in a clinical trial for BTI-320 with Chinese University Hong Kong as a proof of concept for drug effect and clinical benefit. In addition as a precursor to seeking approval with the Chinese FDA our alliance partner has continued the enrollment and filing process for the medical/health position for product registration targeted for 2016. To date, BTI-320, in clinical trials, appears to be safe and may be used as preventative medicine for people who are pre-diabetic and need to manage their diets (blood sugar, caloric and weight gain) as well as for people with type 2 diabetes. We believe we have a unique development of a clinically proven safe, non-toxic compound to manage blood sugar non-systemically," said Dr. Platt.
Business and Clinical Highlights for the Third Quarter 2015 and Subsequent Developments:
Financial Results for the Third Quarter Ended September 30, 2015:
About Boston Therapeutics, Inc.
Boston Therapeutics, Inc., headquartered in Newton, MA, (
Cautionary Note Regarding 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 our approved products. Plans regarding development, approval and marketing of any of our compounds, including BTI-320, are subject to change at any time based on the changing needs of our company as determined by management and regulatory agencies. 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 risk and other factors affecting our business, see our Annual Report on Form 10-K for the year ended December 31, 2014, and our subsequent filings with the SEC. You should not place undue reliance on forward-looking statements, and actual results may differ materially from the results anticipated in our forward-looking statements. Although subsequent events may cause our views to change, we disclaim any obligation to update forward-looking statements.
Boston Therapeutics, Inc. | |||||||||||||||||
Condensed Statements of Operations (Unaudited) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Revenue | $ | 4,602 | $ | 121,493 | $ | 94,782 | $ | 186,711 | |||||||||
Cost of goods sold | 50,069 | 82,061 | 148,957 | 158,605 | |||||||||||||
Gross margin (deficit) | (45,467 | ) | 39,432 | (54,175 | ) | 28,106 | |||||||||||
Operating expenses: | |||||||||||||||||
Research and development | 46,751 | 518,633 | 349,162 | 1,200,321 | |||||||||||||
Sales and marketing | 1,076 | 30,086 | 35,970 | 287,642 | |||||||||||||
General and administrative | 369,928 | 643,969 | 1,270,025 | 2,457,636 | |||||||||||||
Total operating expenses | 417,755 | 1,192,688 | 1,655,157 | 3,945,599 | |||||||||||||
Operating loss | (463,222 | ) | (1,153,256 | ) | (1,709,332 | ) | (3,917,493 | ) | |||||||||
Interest expense | (102,500 | ) | (5,310 | ) | (338,407 | ) | (14,978 | ) | |||||||||
Other income (expense) | (181 | ) | (1,360 | ) | 77,394 | (4,973 | ) | ||||||||||
Change in fair value of warrant liability | - | - | 19,600 | - | |||||||||||||
Loss on extinguishment of debt | (219,993 | ) | - | (219,993 | ) | - | |||||||||||
Change in fair value of derivative liabilities | 252,014 | - | 274,331 | - | |||||||||||||
Net loss | $ | (533,882 | ) | $ | (1,159,926 | ) | $ | (1,896,407 | ) | $ | (3,937,444 | ) | |||||
Net loss per share - basic and diluted | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.10 | ) | |||||
Weighted average shares outstanding basic and diluted | 39,120,555 | 38,435,195 | 38,777,113 | 38,094,498 | |||||||||||||
Boston Therapeutics, Inc. | |||||||
Balance Sheet Data | |||||||
September 30, | December 31, | ||||||
2015 | 2014 | ||||||
Cash and cash equivalents | $ | 58,239 | $ | 157,278 | |||
Working capital | $ | (1,064,588 | ) | $ | (345,984 | ) | |
Total assets | $ | 1,013,145 | $ | 1,163,122 | |||
Total stockholders' (deficit) equity | $ | (682,054 | ) | $ | 74,663 | ||
Contact Information:
Contact:
Boston Therapeutics, Inc.
Dr. David Platt
Chief Executive Officer
Phone: 603-935-9799
Email: david.platt@bostonti.com
www.bostonti.com