Boston Therapeutics Reports Second Quarter and Six Months 2012 Financial Results
Initiated launch of SUGARDOWN(R) in the U.S. at the Endocrinology Annual Meeting; SUGARDOWN(R) Sales Increased 845% in the First Half of 2012; Completed Patient Enrollment for Phase II PAZ320 Clinical Trial; Advance Pharmaceutical Invested $500,000 in the Second Quarter of 2012
(firmenpresse) - MANCHESTER, NH -- (Marketwire) -- 08/14/12 -- Boston Therapeutics, Inc. (OTCQB: BTHE) (OTCBB: 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 six months ended June 30, 2012. These results are included in the Company's Quarterly Report on Form 10-Q, which has been filed with the SEC.
"We are pleased with the recent progress in our businesses," said David Platt, Ph.D., Chairman and Chief Executive Officer of Boston Therapeutics. "The additional financing we received from an affiliate of our Hong Kong based distribution partner, Advance Pharmaceutical, provides us with capital to help fund our research and development efforts while we build our sales pipeline for SUGARDOWN® both domestically and internationally. The Phase II clinical trials for PAZ320 are on schedule and the results are promising. With additional testing, we believe that PAZ320 will be an effective treatment for millions of people who have high blood sugar and diabetes."
Revenue for the three and six month periods ended June 30, 2012 totaled $2,376 and $21,230, respectively, compared to $1,767 and $2,247, respectively, for the same periods in the prior year, an increase of $609 and $18,983, respectively. Revenues for both periods were generated from the sale of SUGARDOWN® while the increase was primarily attributable to increased distribution through a new reseller.
Cost of goods sold for the three and six month periods ended June 30, 2012 were $4,162 and $31,757, respectively, compared to $1,287 and $2,250, respectively, for the same period in the prior year, an increase of $2,875 and $29,507, respectively. The increases were primarily attributable to higher labor, shipping, fulfillment and materials costs to manufacture SUGARDOWN® in addition to costs associated with scaling production for additional sales.
Research and development expense for the three and six month periods ended June 30, 2012 was $67,924 and $119,552, respectively, compared to $16,072 and $33,211, respectively, for the same period in the prior year, an increase of $51,852 and $86,341, respectively. Costs associated with the clinical trial of PAZ320 accounted for approximately $52,000 of the increase, with the remainder being attributable to ongoing development of SUGARDOWN®.
Sales and marketing expenses were $66,898 and $134,078, respectively, for the three and six month periods ended June 30, 2012 compared to $1,542 and $1,997, respectively, for the same periods in the prior year, an increase of $65,356 and $132,081, respectively. The increase was primarily attributable to higher advertising and promotion expenses related to SUGARDOWN®.
General and administrative expense for the three and six month periods ended June 30, 2012 was $139,435 and $263,971, respectively, compared to $75,459 and $150,295, respectively, for the same periods in the prior year, an increase of $63,976 and $113,676, respectively. These increases were primarily attributable to increased legal and accounting fees associated with SEC filings and quarterly financial statement preparation for the Company in addition to increased payroll and stock based compensation expenses.
The Company had a net loss of $281,989, or $0.02 per share, for the three months ended June 30, 2012 and a net loss of $539,394, or $0.03 per share, for the six months ended June 30, 2012. The weighted average diluted shares outstanding for the three and six month periods ended June 30, 2012 were 16,287,381 and 16,255,293, respectively.
Boston Therapeutics had a cash balance of $417,510 at June 30, 2012, compared to $225,995 as of December 31, 2011, primarily attributable to a private placement of common stock totaling $500,000 completed in June 2012. Shareholders' equity totaled $549,167 at June 30, 2012, compared to $424,695 at December 31, 2011, an increase of $124,472.
In late June, the Company initiated the launch of SUGARDOWN®, a non-systemic, chewable tablet to moderate post-meal blood glucose, at the Endocrinology Annual Meeting and Expo in Houston on June 23rd to 26th. Chairman and CEO Dr. David Platt discussed the details of the science and the benefits of SUGARDOWN®. The Company has started to ship initial orders of SUGARDOWN®.
The Company completed enrollment of patients with Type 2 diabetes for its Phase II PAZ320 clinical trial in June 2012. PAZ320 is a non-systemic chewable complex carbohydrate-based compound designed to reduce post-meal elevation of blood glucose. Boston Therapeutics announced in April 2012 that interim data analysis of the Phase II clinical trials indicated no serious adverse events from 24 patients with Type II diabetes who took PAZ320. The subsequent tests will evaluate the safety and efficacy of PAZ320 when added to oral agents or insulin in patients with Type 2 diabetes. The Company expects to report Phase II results by September 2012.
Boston Therapeutics, headquartered in Manchester, NH, (OTCQB: BTHE) (OTCBB: 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 designed to moderate post-meal blood glucose; PAZ320, a non-systemic chewable therapeutic compound designed to reduce post-meal glucose elevation, and IPOXYN™, an injectable anti-hypoxia drug specifically designed to treat lower limb ischemia associated with diabetes. More information is available at .
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.
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. The forward-looking statements represent the Company's views as of the date of this press release and 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.
-Financial tables follow-
Boston Therapeutics, Inc.
Anthony Squeglia
Phone: 603-935-9799
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Investor Relations:
MZ Group
Scott Powell
Senior Vice President
Phone: 212-301-7130
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Datum: 14.08.2012 - 11:48 Uhr
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