Navigation Links
AtheroNova Releases 2011 Financial Results
Date:3/21/2012

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 AtheroNovaAtheroNova 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 2010:20112010Revenue, net$

    --

    $

    --Operating expenses:Research and development381,540386,385General and administrative expenses2,178,6951,720,182Impairment charge-intellectual property--572,868Loss from operations(2,560,235)(2,679,435)Other (income) expenses(6,829,161)12,975,658Net income (loss)$

    4,263,286

    $

    (15,656,852)Basic income (loss) per share$

    0.17

    $

    (0.70)Diluted income (loss) per share$

    0.15

    $

    (0.70)Basic weighted average shares outstanding25,563,66922,440,940Diluted weighted average shares outstanding28,666,24022,440,940Forward-Looking StatementsExcept 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.
    Copyright©2010 PR Newswire.
    All rights reserved

    Related biology technology :

    1. AtheroNova Achieves Milestone in Initiating First Shipment of AHRO-001
    2. AtheroNova Announces a New Board Member
    3. AtheroNova and Maxwell Biotech Group Ratify Agreement to Develop New Atherosclerosis Drug
    4. AtheroNova Inc. Preclinical Study Demonstrates 95% Reduction in Arterial Plaque Formation
    5. AtheroNova Rodman & Renshaw Presentation Now Online at www.AtheroNova.com
    6. eCareSoft Releases eCS Cirrus™
    7. HCCS Releases ICD-10 Countdown Clock With Integrated CMS Twitter Tweets
    8. HealthCare Institute of New Jersey Releases 2011 Biopharmaceutical and Medical Technology Economic Impact Data
    9. Ion Torrent Gets Better Faster With 4th Qtr New Product Releases
    10. ICGC Releases New Genomic Data on Cancer Ahead of Schedule
    11. ACTE Releases Paper on How Career, Technical Student Organizations Expand Career Readiness for Students
    Post Your Comments:
    *Name:
    *Comment:
    *Email:
    (Date:4/25/2017)... ... 2017 , ... As part of the Stago EdVantage Virtual University ... DIC in order to illuminate this clinical problem for people unfamiliar with the topic. ... in a high degree of morbidity and mortality. DIC is a confusing disorder from ...
    (Date:4/25/2017)... Providence -based biotechnology ... technology to an undisclosed global pharmaceutical company, for ... Tregitopes, pronounced T·rej·itopes, are a set of peptides ... Annie De Groot and EpiVax CIO ... autoimmune disease therapy, Tregitopes are capable of engaging regulatory ...
    (Date:4/25/2017)... ... ... Leaders of Quorum Review IRB and Kinetiq , the ... week’s Association of Clinical Research Professionals (ACRP) 2017 Meeting & Expo with ... are excited to present subject matter expertise on topics that impact the global clinical ...
    (Date:4/21/2017)... COLORADO (PRWEB) , ... April 21, 2017 , ... ... Awards recognized outstanding manufactures in 10 categories with over 30 nominees and well ... in Manufacturing presented the new award and the event was hosted by CompanyWeek ...
    Breaking Biology Technology:
    (Date:4/11/2017)... , Apr. 11, 2017 Research and Markets ... 2017-2021" report to their offering. ... The global eye tracking market to grow at a CAGR ... Global Eye Tracking Market 2017-2021, has been prepared based on an ... the market landscape and its growth prospects over the coming years. ...
    (Date:4/5/2017)... April 5, 2017  The Allen Institute for Cell ... Explorer: a one-of-a-kind portal and dynamic digital window into ... data, the first application of deep learning to create ... cell lines and a growing suite of powerful tools. ... these and future publicly available resources created and shared ...
    (Date:4/3/2017)... 3, 2017  Data captured by IsoCode, ... detected a statistically significant association between the ... treatment and objective response of cancer patients ... predict whether cancer patients will respond to ... well as to improve both pre-infusion potency testing ...
    Breaking Biology News(10 mins):