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
Key Highlights
- 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
$41+ Billion Market segment.
- In the US alone, there are approximately 81 million people with
some form of cardiovascular disease.
- Drug eluting stents, catheterization and balloon angioplasty do
not reduce plaque volume.
"We have seen a significant year-to-year increase in net income
due to the fair value of derivative liabilities," commented CFO
Mark Selawski. "Cash position is the
important measurement for us currently and we are comfortable with
where we ended the year. The Company will continue to
evaluate its cash needs in relation to its cash resources to
maximize resource yield."
About AtheroNova
AtheroNova Inc., through its wholly-owned subsidiary, AtheroNova
Operations, Inc., is an early stage biotech company focused on
discovery, research, development and licensing of novel compounds
to reduce or regress atherosclerotic plaque deposits. The Company's
focus on compounds to reduce or regress atherosclerotic plaque
deposits addresses the most lucrative segments of the multi-billion
dollar prescription drug market: cardiovascular disease and stroke
prevention. www.AtheroNova.com.
Consolidated Results of Operations for the 12 months ended
December 31, 2011 and 2010:
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2011
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2010
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Revenue, net
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$
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--
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$
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--
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Operating
expenses:
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Research and
development
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381,540
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386,385
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General and administrative
expenses
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2,178,695
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1,720,182
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Impairment
charge-intellectual property
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--
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572,868
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Loss from
operations
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(2,560,235)
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(2,679,435)
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Other (income)
expenses
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(6,829,161)
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12,975,658
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Net income (loss)
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$
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4,263,286
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$
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(15,656,852)
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Basic income (loss) per
share
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$
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0.17
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$
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(0.70)
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Diluted income (loss) per
share
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$
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0.15
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$
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(0.70)
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Basic weighted average shares
outstanding
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25,563,669
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22,440,940
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Diluted weighted average shares
outstanding
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28,666,240
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22,440,940
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Forward-Looking Statements
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.