Viatar Common Stock Now DTC DWAC/FAST Eligible
LOWELL, Mass., (NewMediaWire) - August 12, 2015 - Viatar CTC Solutions, Inc. (
- Generated $32,955 of revenue over the past four quarters from sales of Viatar's proprietary filters to a strategic collaborator, for use in that company's liquid biopsy device for molecular analysis.
- Established Costa Rica as the site for the first human clinical trial, which is anticipated to begin in 2016.
- Viatar common stock is now traded on the OTCQB market.
- Viatar common stock has been approved for DTC's Deposit and Withdrawal at Custodian ("DWAC") service using a Fast Automated Securities Transfer Service ("FAST") transfer agent as the distribution point. The Company's shareholders holding their securities in street name can now transfer their shares electronically after buying or selling on the open market.
For the second quarter of 2015, Viatar reported sales of $13,985 compared to sales of $9,000 in the comparable quarter of 2014. For the first six months of 2015, Viatar reported sales of $23,955 compared to $9,000 for the first six months of 2014. In all periods sales were connected to evaluation testing of the Company's filters by ScreenCell, a diagnostic CTC company and strategic collaborator. Depending on the adoption rate by ScreenCell's customers and the outcome of other potential strategic collaborations, the Company believes it could generate additional sales in the balance of 2015.
Research & development expenses during the second quarter of 2015 were $394,453 compared to $219,395 in the second quarter of 2014. General and administrative expenses during the second quarter of 2015 were $427,943 compared to $349,548 in the second quarter of 2014. Expense increases reflect the ongoing development of the Company's two products based on its proprietary CTC removal technology. Viatar reported a net loss of $829,102 for the second quarter of 2015 compared to a net loss of $558,143 for the comparable period in 2014.
Viatar reported a net loss of $1,945,340 for the six months ended June 30, 2015, which included $697,249 of non-cash expenses for employee stock compensation.
At June 30, 2015, Viatar had cash assets of $459,409.
"As we advance through the global regulatory process for our Therapeutic Oncopheresis System and liquid biopsy products in 2016, we anticipate increased awareness and acceptance by the medical community of the unique capabilities of our products," said Ilan Reich, Chairman and CEO of Viatar CTC Solutions. "We are pleased with the progress made in the second quarter, especially the strategic collaboration with ScreenCell and the listing of our common stock on the OTCQB market."
Additional information can be found in the Company's Form 10Q for the period ended June 30, 2015.
About Viatar CTC Solutions
Viatar CTC Solutions Inc. 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 2016, 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.