AtheroNova Releases 2011 Financial Results -Company Remains On Track With Development Activities-
IRVINE, Calif., March 21, 2012 /PRNewswire/ -- AtheroNova Inc. (OTCBB: AHRO), a biotech company focused on the research and development of compounds to regress atherosclerotic plaque, today announced that it has released financial results for fiscal 2011. As a development stage company, no revenues were recognized in the twelve months ended December 31, 2011. Losses from operations were $2,560,235 for 2011 compared to $2,679,435 in 2010. Net income was $4,263,286, or $0.17 per basic share ($0.15 diluted), in the year ended December 31, 2011 compared to a loss of $15,656,852, or ($0.70) per basic and diluted share, for the year ended December 31, 2010.
"This past year was a period of clear progress as we significantly enhanced our management team and scientific advisory board," said AtheroNova CEO Thomas W. Gardner. "The regression and prevention of atherosclerosis represents a multi-billion dollar market. This considerable market size and identifiable near term milestones positions us for a significant growth opportunity. We continue to remain on track with our development activities and 2012 will be a year of substantial evolution. We continue to advance the AHRO-001 product, as we recently announced the first shipment to our R&D partner, CardioNova; a clear milestone as we prepare for our upcoming human clinical trials. As CardioNova commences toxicology studies conducted for Russian regulatory purposes, we expect our progress to accelerate in the coming months as we achieve additional development milestones."
As the company continues to make progress it is important that its stakeholders are aware of the upcoming key milestones and highlights.
Key Near-Term Milestones
- Q2'12 - Publication of pre-clinical studies anticipated
- Q2'12 - IND filing
- Q3'12 - Initiating Phase I clinical study
- Q3'12 - FDA meeting pre Phase II
- Q4'12 - Initiating Phase II Clinical study
- AHRO compounds show no morbidity, toxicology effects or mortality in pre-clinical studies and are well tolerated at high doses.
- Plaque reducing compounds could become the gold standard in a $41+ Billion Market segment.
- In the US alone, there are approximately 81 million people with some form of cardiovascular disease.
- Drug eluting stents, catheterization and balloon angioplasty do not reduce plaque volume.
"We have seen a significant year-to-year increase in net income due to the fair value of derivative liabilities," commented CFO Mark Selawski. "Cash position is the important measurement for us currently and we are comfortable with where we ended the year. The Company will continue to evaluate its cash needs in relation to its cash resources to maximize resource yield."
AtheroNova Inc., through its wholly-owned subsidiary, AtheroNova Operations, Inc., is an early stage biotech company focused on discovery, research, development and licensing of novel compounds to reduce or regress atherosclerotic plaque deposits. The Company's focus on compounds to reduce or regress atherosclerotic plaque deposits addresses the most lucrative segments of the multi-billion dollar prescription drug market: cardiovascular disease and stroke prevention. www.AtheroNova.com.
Consolidated Results of Operations for the 12 months ended December 31, 2011 and 2010:
Research and development
General and administrative expenses
Impairment charge-intellectual property
Loss from operations
Other (income) expenses
Net income (loss)
Basic income (loss) per share
Diluted income (loss) per share
Basic weighted average shares outstanding
Diluted weighted average shares outstanding
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward-looking statements in this news release include statements regarding the Company's development of applications for AtheroNova's technology. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as significant fluctuations in expenses associated with clinical trials, failure to secure additional financing, the inability to complete regulatory filings with the Food and Drug Administration, the introduction of competing products, or management's ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and other information that may be detailed from time to time in AtheroNova's filings with the United States Securities and Exchange Commission. AtheroNova undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE AtheroNova Inc.