Pivotal Therapeutics reports financial results for Q3 2013

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Nov 30 2013

Pivotal Therapeutics Inc. (OTCQX: PVTTF) (CNSX: PVO), a specialty pharmaceutical company with a focus on Omega-3 therapies announced its third quarter financial results and operational highlights for the three and nine months ended September 30, 2013.

For the three months and nine months ended September 30, 2013, the Company reported sales of $60,839 and $227,670 respectively, as compared to $29,428 and $59,155 for the three months and nine months ended September 30, 2012. Net loss for the nine months ended September 30, 2013 is $1,997,672 or $0.03 per common share as compared to $2,516,565 or $0.03 per common share in the previous year.

"We continue to receive positive feedback as existing and new prescribers of VASCAZEN^® are appreciating the benefits of correcting an Omega-3 Deficiency (OM3D)," stated Mr. Eugene Bortoluzzi, Chief Executive Officer and Chief Financial Officer. "We believe that the information we have received in this limited launch phase, along with the additional funding from the capital raise scheduled to close in the coming days, positions us well for a broader VASCAZEN^®launch in 2014".

The consolidated financial statements, accompanying notes and the Management's Discussion and Analysis for the three and nine months ended September 30, 2013, will be accessible on SEDAR www.sedar.com, CNSX www.cnsx.ca under the symbol "PVO" and OTCQX www.otcqx.com under the symbol "PVTTF".

Pivotal Highlights for 2013:

Successfully completed the VASCAZEN^®-REVEAL Trial meeting primary and secondary endpoints. In eight weeks of treatment with VASCAZEN^® patients corrected an Omega-3 Deficiency with positive concomitant effects on their lipid profiles, mainly a 48% reduction of triglycerides and a positive increase of HDL (good cholesterol) without negative impact on the LDL-C (bad cholesterol) lipid profile;
Presented results of the VASCAZEN^®-REVEAL Trial at the American Heart Association's Arteriosclerosis, Thrombosis and Vascular Biology (ATVB) 2013 Scientific Sessions;
Dr. Jackowski, Pivotal's founder, Chairman and Chief Scientific Officers honoured with Queen Elizabeth's Diamond Jubilee Medal for his contribution to Canadian biotech and the significant improvement in the quality of life and care for cardiac patients with the development of the rapid format cardiac blood test;
Exhibited at the American College of Cardiology's 62^nd Annual Scientific Session and Expo;
Presented results of the VASCAZEN^®-REVEAL Trial at the European Society of Cardiology (ESC) 2013;
Company to raise CDN $5,000,000 Debt Financing led by Crossover Healthcare Fund, LLC;
Completed Equity Portion of Financing raising CDN $2,741,809 and received $1,649,280 from Debt Financing to expand sales and marketing, advance ongoing clinical trials, and for general working capital, including business development;
Dr. John P. Nicholson Jr., MD, MBA, FACC appointed to the Company's Board of Directors.