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
|SOURCE AtheroNova Inc.|
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