|By Marketwired .||
|November 14, 2012 03:40 PM EST||
MANCHESTER, NH -- (Marketwire) -- 11/14/12 -- Boston Therapeutics, Inc. (OTCQB: BTHE)
- SUGARDOWN® sales increased approximately 700% in the first nine months of 2012 compared with the same period in 2011
- Completed PAZ320 Phase II clinical trial at Dartmouth Medical Center: Results expected to be published in peer-reviewed journal
- FDA approves Boston Therapeutics petition to File an ANDA for BTI-7 to treat diabetes
- Jonathan B. Rome, former CEO of ThePharmaNetwork, was recently named Chief Operating Officer to accelerate commercialization of SUGARDOWN® and to file an ANDA for BTI-7
Boston Therapeutics, Inc. (OTCQB: BTHE) ("Boston Therapeutics" or "the Company"), a developer of complex carbohydrate therapeutics to treat diabetes and inflammatory diseases, today announced financial results for the three and nine months ended September 30, 2012. These results are included in the Company's Quarterly Report on Form 10-Q, which has been filed with the SEC.
"We made good progress this year laying the foundation to commercialize our complex carbohydrate diabetes compounds," said David Platt, Ph.D., Chairman and Chief Executive Officer of Boston Therapeutics. "The recent addition of Jonathan Rome as our Chief Operating Officer will help accelerate the commercialization of SUGARDOWN® and the filing of an Abbreviated New Drug Application for BTI-7, a new, chewable dosage form of the diabetes drug metformin hydrochloride. We believe 2013 could be an exciting year for our Company as we ramp up operations."
Financial Results for the Three and Nine Months ended September 30, 2012
Revenue for the three and nine month periods ended September 30, 2012 increased to $2,520 and $23,750, respectively, compared with $724 and $2,971, respectively, for the same periods in the prior year. Revenues for both periods were generated from the sale of SUGARDOWN® while the increase was primarily attributable to distribution through a new reseller, especially in the first quarter of 2012.
Cost of goods sold for the three and nine months ended September 30, 2012 were $9,120 and $40,877, respectively, compared to $2,834 and $5,084, respectively, for the same periods in the prior year, an increase of $6,286 and $35,793, respectively. Cost of goods sold consisted primarily of the cost of the materials and labor to manufacture SUGARDOWN®, shipping and fulfillment costs. The Company's negative gross profit is attributable to cost of goods sold outpacing sales as a result of additional fixed costs related to moving to a new fulfillment operation, and manufacturing scale-up from small to production grade equipment.
Research and development expense for the three and nine month periods ended September 30, 2012 were $26,116 and $145,668, respectively, compared with $94,222 and $127,433, respectively, for the same periods in the prior year. Research and development expenses for the three months ended September 30, 2012 consisted of $16,000 in amortization of intellectual property and $10,000 in direct costs associated with the development of PAZ320. Research and development costs for the same period in 2011 consisted of $16,000 in amortization of intellectual property and $78,000 in direct costs associated with the development of SUGARDOWN®. Research and development expenses for the nine month period ended September 30, 2012 consisted of $48,000 in amortization of intellectual property and $98,000 in direct costs associated with the development or PAZ320. Research and development expenses for the nine month period ended September 30, 2011 consisted of $48,000 in amortization of intellectual property and $79,000 in costs associated with the development of SUGARDOWN®.
Sales and marketing expenses were $93,519 and $227,597 for the three and nine month periods ended September 30, 2012, respectively, compared with $132,842 and $134,839, respectively, for the same periods in the prior year. The 2012 amounts represent costs incurred for investor relations and other marketing and promotion activities. The 2011 amounts are primarily related to stock based compensation.
General and administrative expense for the three and nine month periods ended September 30, 2012 were $234,632 and $498,603, respectively, compared with $115,208 and $265,503, respectively, for the same periods in the prior year, an increase of $119,424 and $233,100, respectively. The 2012 increases consist primarily of consulting expenses of $94,000 and $114,000 for the three and nine month periods, respectively.
The Company had a net loss of $366,334, or ($0.02) per share, for the three months ended September 30, 2012 and a net loss of $905,728, or ($0.05) per share, for the nine months ended September 30, 2012, compared with a net loss of $348,606 or ($0.02) and $541,322 or ($0.04), respectively, for the same periods in the prior year. The Company's cash balance at September 30, 2012 was $169,321. The weighted average diluted shares outstanding for the three and nine month periods ended September 30, 2012 were 17,348,206 and 16,619,598, respectively.
About Boston Therapeutics, Inc.
Boston Therapeutics, headquartered in Manchester, NH, (OTCQB: BTHE) is a leader in the field of complex carbohydrates. The Company's initial product pipeline is focused on developing and commercializing therapeutic molecules for diabetes: SUGARDOWN®, a non-systemic chewable complex carbohydrate dietary supplement tablet designed to moderate post-meal blood glucose; BTI-7, a new, chewable dosage form of the diabetes drug metformin hydrochloride; PAZ320, a non-systemic chewable therapeutic compound designed to reduce post-meal glucose elevation, and IPOXYN, an injectable anti-necrosis drug specifically designed to treat lower limb ischemia associated with diabetes. More information is available at www.bostonti.com and www.sugardown.com.
The Company's views as of the date of this press release should not be relied upon to represent the Company's views as of a subsequent date. While the Company anticipates that subsequent events may cause the Company's views to change, the Company disclaims any obligation to update such 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: incurrence of operating losses since our inception, uncertainty as to adequate financing of our operations, extensive and costly regulatory oversight that could restrict or prevent product commercialization, inability to achieve commercial product acceptance, inability to protect our intellectual property, dependence on strategic partnerships, product competition, and others stated in risk factors contained in our SEC filings. We cannot assure that we have identified all risks or that others may emerge which we do not anticipate. More information about those risks and uncertainties is contained and discussed in the Company's most recent quarterly or annual report and in the Company's other reports filed with the Securities and Exchange Commission.
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