Navigation Links
Millennium Biotechnologies Reports Strong Third Quarter Revenue and Financial Results
Date:12/15/2008

BASKING RIDGE, N.J., Dec. 15 /PRNewswire-FirstCall/ -- Millennium Biotechnologies Group, Inc. (OTC Bulletin Board: MBTG) a leader in the development of targeted products in the Clinical and Sports Nutrition Market, announces financial results for the third quarter ended September 30, 2008.

Net revenue for the third quarter of 2008 increased 660% to $780,423 compared to $90,339 in the third quarter 2007. The Company reduced its' reported net loss of ($1,342,300), or ($0.01) per share, compared to a net loss of ($2,952,953) or a net loss of ($0.03) per share, during the same period last year. The improved third quarter 2008 financial performance can be attributed to increased revenues generated from the initial sale of the Company's new Ready-to-Drink line of Resurgex(R) products and the Company's pricing power in an otherwise challenging economy.

Revenues increased to $1,317,906 during the nine month period ended September 30, 2008, as compared to $472,318 in the prior year period, representing an increase of 179%. Net loss decreased for nine months ended September 30, 2008 to ($7,681,685) or a loss of $(0.05) per share compared to a net loss of ($9,142,665), or a net loss of ($0.11) per share during the comparable prior period. The decrease in net loss is due to increased revenue and gross profits coupled with a new focus on controlling operational expenses.

According to the recently appointed Chief Executive Officer, Mark Mirken, "We are extremely pleased at the initial reaction to the commercialization of our new Ready-to-Drink Resurgex(R) product lines. We believe that these products and future line extensions will continue to drive our revenues going forward." Mr. Mirken went on to state, "As we prepare for 2009, the Company will focus on cost containment as well as new revenue opportunities by introducing exciting line extensions of the Company's proprietary Resurgex(R) and Surgex(R) products. Through our addition of distribution and development relationships we anticipate the growth of our revenues and profitability in 2009."

About Millennium

Millennium's six marketed products form its advanced line of nutritional formulas. Resurgex Select(R) is a whole foods-based, calorically dense, high-protein nutritional formula developed for cancer patients undergoing chemotherapy or radiation treatments. Resurgex(R) and Resurgex Plus(R) are specialized, anabolic nutritional supplements rich in antioxidants that provide nutritional support post-treatment. Millennium also created Surgex(TM) sports nutrition formula to address the nutritional concerns of professional, Olympic, and amateur elite athletes. These athletes often experience similar symptoms post-workout to those battling immuno-compromised conditions, such as fatigue, loss of lean muscle, oxidative stress, and reduced immune function. Resurgex Essential(TM) and Resurgex Essential Plus(TM) are comprehensive, caloric dense formulas that meet and succeed the nutritional requirements of the assisted living community.

Statements in this news release regarding future financial and operating results, future growth in R&D programs, potential applications of the Millennium's technology, opportunities for the Millennium, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words 'will,' 'believes,' 'plans,' 'anticipates,' 'expects,' 'estimates,' and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward- looking statements including: limited operating history, need for future capital, risks inherent in the development and commercialization of potential products, protection of Millennium's intellectual property, and economic conditions generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in Millennium's periodic reports, including Forms 10-KSB, 10-QSB, 8-K, and other forms filed with the Securities and Exchange Commission ('SEC'). Millennium Biotechnologies, Inc.


'/>"/>
SOURCE Millennium Biotechnologies Group, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Bear Stearns 20th Annual Healthcare Conference to Webcast Millennium Presentation
2. Synova Healthcare to Participate in Womens Health Care in the New Millennium Conference, as Retail Distribution for the Fem-V(R) Test Kit Expands
3. Statement by Bonnie J. Campbell, Former Attorney General of Iowa and Spokesperson for Atlantic Richfield Co., Millennium Holdings, LLC, NL Industries, Inc., and The Sherwin-Williams Company on the Jury Verdict Reached Today in the Thomas (Milwaukee) Case
4. 2007 Credit Suisse Healthcare Conference to Webcast Millennium Presentation
5. Millennium Announces MLN1202 Significantly Reduced Marker of Systemic Inflammation and Identifies Genomic Biomarker For Responders
6. Millennium Biotechnologies Inc. Signs Five Year $20,000,000 Purchase Agreement with Provider Services Inc. of Cleveland, Ohio
7. Millennium Pharmaceuticals Announces Webcast of American Society of Hematology Investor Event
8. Millennium Submits sNDA for VELCADE(R) (Bortezomib) for Injection for the Treatment of Front-Line Multiple Myeloma
9. Millennium to Webcast Business Update in Advance of 26th Annual JPMorgan Healthcare Conference
10. Millennium Enters Into $600,000 Product Development Agreement to Fund Product Development for the $20,000,000 Purchase Agreement with Provider Services, Inc.
11. Millennium and Harvard Medical School Sign Cooperative Agreement for Research in Novel Field of Cancer Biology
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/2/2016)... ... 02, 2016 , ... Mediaplanet is proud to announce the ... the innovative treatments, therapeutic technologies, and revolutionized nutrition that are helping patients and ... 6 years in the last 3 decades,” says Dr. Valentine Fuster, a world-renowned ...
(Date:12/2/2016)... Hawaii (PRWEB) , ... December 02, 2016 , ... ... 2016 at the Hyatt Regency Waikiki Beach Resort and Spa in Honolulu, offering ... in the field of pain management. , The demand for supplemental training ...
(Date:12/2/2016)... ... 02, 2016 , ... Sourced from the Isbre Springs beneath the 5,000 year ... natural purity of just 6 ppm TDS (Total Dissolved Solids) in addition to its ... available in several ShopRite and FoodTown stores in NJ and received rave comments from ...
(Date:12/2/2016)... ... 02, 2016 , ... Yisrayl Hawkins, at The House of Yahweh in Abilene, ... into Bible Prophecy. Yisrayl says this generation, known as the Last Generation, started in ... the details line up exactly with Bible Prophecy – a protected way for those ...
(Date:12/2/2016)... ... December 02, 2016 , ... ... today that it has raised $6.0 million in an initial round of funding. ... conviction that patients and their caregivers can receive far better care through the ...
Breaking Medicine News(10 mins):
(Date:12/2/2016)... , December 2, 2016 Persistence ... pacemaker market in its upcoming report titled, "Global Market Study on ... Declining CAGR of -1.4% between 2016 and 2024". The global ... in 2015 and this is likely to decline to ... the global cardiac pacemaker market is anticipated to exhibit ...
(Date:12/2/2016)... SPRINGFIELD GARDENS, N.Y. , Dec. 2, 2016 /PRNewswire/ ... victims, will be included in the Emergency Response Training ... "We are very excited to have LifeVac become part ... Arthur Lih , Founder and CEO of LifeVac. "Having ... use LifeVac safely and effectively will help leverage our ...
(Date:12/2/2016)... Research and Markets has announced the addition ... Demand Forecast to 2022" report to their offering. ... , , The ... and it is expected to grow at a CAGR of 5.5% during ... faster growth during the forecast period, a CAGR of 8.8% in the ...
Breaking Medicine Technology: