Financial Results for Nine Months Ended September 30, 2013 and Updateadmin
-June 17, 2013 the Issuer announced filing of a 20F Registration Statement with the United States Securities and Exchange Commission. This filing is the initial step in having the company’s common shares quoted in the United States. In addition the Company has engaged TriPoint Global Equities, LLC. of New York a FINRA member firm as its advisor to assist in the filing of the Form 20F and obtaining a quotation in the USA.
–September 12, 2013 the Issuer’s common shares were listed for quotation in Germany on the Frankfurt Stock Exchange under the symbol 1P3
-September 26, 2013 the Issuer engaged Ms. Wendy Chan to fill the role as VP Strategy and Marketing on a part-time basis. Wendy Chan is a business strategist with over 17 years of business management experience, specializing in strategy, planning and negotiating strategic alliances and partnerships. She holds a BSc. from UBC and an MBA in Marketing and Finance from McGill University. She has managed several multi-million business segments at Johnson & Johnson and Glaxo-SmithKline.
-Subsequent to September 30 the Company closed the final tranche of its non-brokered private placement for combined gross proceeds of $543,500 and issued 10,870,000 Units. Each unit was offered at $0.05 and consists of one common share in the Company and one share purchase warrant.
VANCOUVER, BC, Canada – December 2, 2013 – Pacific Therapeutics Ltd. (CNSX: PT) (Frankfurt: 1P3 (the "Company") a specialty pharmaceutical company focused on using proprietary technology’s to repurpose and reformulate approved drugs to address large market opportunities as well as increase efficacy and patient compliance, recently announced its operational and financial results for the 3 month and 9 month periods ended September 30, 2013.
The Company recently completed the in licensing of an Oral Dissolving Technology for delivery of therapeutics. The first product to be developed using the technology will be a sublingual formulation of sildenafil citrate to treat erectile dysfunction. Mr. Doug Unwin Pacific Therapeutics Ltd. CEO and President stated "this acquisition is a major milestone for the Company as it may put the company in a position to generate revenue within 2 years".
The net loss and comprehensive loss from operations of $432,079 for the nine months ended September 30, 2013 increased when compared to the loss and comprehensive loss from operations of $399,549 for the nine months ended September 30, 2012. The increased loss is largely due to an increase in advertising and promotion expense of $23,226 an increase in Investor relations expense of $26,800 and an increase wages and benefits of $39,517as well as an increase in professional fees of $40,665 in the nine month period ended September 30, 2013 as compared to the nine month period ended September 30, 2012.
For the nine months ended September 30, 2013 research and development costs were $Nil and for the nine months ended September 30, 2012 research and development costs were $37,116. The research and development costs for the nine months ended September 30, 2012 were composed of $33,309 for the drug drug interaction study in India and $10,315 that was paid to IntelGenx under a development and commercialization agreement for PTL-202. This expense was offset by a $6,508 government grant.
Cash and equivalents decreased in the first nine months by $2,362 from $9,855 on December 31, 2012 to $7,523 as of September 30, 2013. Prepaid expenses decreased by $27,136 from $97,443 on December 31, 2012 to $70,307 as of September 30, 2013. This decrease was due to a media promotion and advertising contract not being renewed.
The Company’s Fiscal 2014 research priorities, subject to the Company raising additional funds, are to:
-Initiate a pivotal bioequivalence trial of the sublingual sildenafil citrate product for erectile dysfunction which will provide the required data to file for marketing approval
-Initiate a dose ranging study for PTL-202 the company’s novel combination for the treatment of fibrosis resulting in a fine tuning of the formulation
-Initiate a phase 2a proof of concept trial of PTL-202 in lung fibrosis
ABOUT PACIFIC THERAPEUTICS LTD.
Pacific Therapeutics Ltd is a clinical stage specialty pharmaceutical company focused on the identification and development of drug candidates suitable for reformulation and repurposing. Its lead programs focus on erectile dysfunction and diseases of excessive scarring (fibrosis). The Company’s strategy includes reformulating approved drugs to increase efficacy and patient compliance, while reducing side effects, as well as completing the further clinical testing, manufacturing and other regulatory requirements sufficient to seek marketing authorizations. This strategy may reduce the risk, time and cost of developing therapies by avoiding the risks associated with basic research and using compounds with unknown safety and toxicity profiles.
The Company’s lead drug candidate for fibrosis (progressive scarring of the organ), PTL-202 is a combination of Pentoxifylline (a FDA approved drug used for treating leg cramps) and N-Acetyl-Cysteine (NAC) an amino acid and an extremely potent and important antioxidant. The positive results from the phase 1 clinical trial of PTL-202 and pre-clinical results, will lead to further development of the product for treating fibrosis such as Idiopathic Pulmonary Fibrosis and Liver Cirrhosis.
Douglas H. Unwin, CEO & President
FORWARD LOOKING STATEMENTS
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Readers should not place undue reliance on the Company’s forward-looking statements, as the Company’s actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company’s business, or if the Company’s estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that such forward-looking statements will materialize. The Company does not undertake to update any forward-looking information, except as, and to the extent required by, applicable securities laws.
Posted: December 2nd, 2013 under ACCESSWIRE.