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Radient Pharmaceuticals Announces FY 2011 Third Quarter Results
Date:11/14/2011

TUSTIN, Calif., Nov. 14, 2011 /PRNewswire/ -- Radient Pharmaceuticals Corporation (OTCQX:RXPC) (OTCPK:RXPC), a developer and marketer of In Vitro Diagnostic (IVD) cancer tests, today announced financial results for its third quarter ended September 30, 2011.

Revenues for the third quarter ended September 30, 2011 were $102,238 as compared to $34,446 for the quarter ended September 30, 2010.  For the nine months ended September 30, 2011, revenues were $257,609, as compared to $116,840 for the nine months ended September 30, 2010.  Loss from operations for the three months ended September 30, 2011 was $1,801,713, as compared to $2,338,665 for the three months ended September 30, 2010. The $536,952 (approximately 23%) decrease in our losses from operations was primarily due to an increase in sales combined with a decrease in selling, general and administrative expenses and research and development expenses.

Similarly, loss from operations for the nine months ended September 30, 2011 was $5,620,761, as compared to a loss of $6,705,359 in the nine months ended September 30, 2010.  The $1,084,598 (approximately 16%) decrease in loss from operations was primarily due to an increase in sales combined with a decrease in selling, general and administrative expenses and research and development expenses.

Net income for the three months ended September 30, 2011 was $1,947,075 or a basic and diluted income of $0.01 per common share.  Net income included a gain of $12,312,333 from the change in fair value of derivative instruments.  Net loss for the same period in 2010 was $11,946,784 or a basic and diluted loss of $0.39 per common share.

For the nine months ended September 30, 2011 the net loss was $39,417,159 or a basic and diluted loss of $0.24 per common share, as compared to a net loss of $38,420,688 or a basic and diluted loss per common shares of $1.38.  The increase in net loss is attributed to higher int
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SOURCE Radient Pharmaceuticals Corporation
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