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Star Scientific Files Second-Quarter Financial Report, Updates Progress on Anatabloc™ Product Launch
Date:8/9/2011

GLEN ALLEN, Va., Aug. 9, 2011 /PRNewswire/ -- Star Scientific, Inc (NASDAQ: CIGX) filed its second-quarter 2011 financial report on Form 10-Q today with the Securities and Exchange Commission (SEC). The company reported net sales totaling $262 thousand for the three months ended June 30, 2011 and $418 thousand for the six months ended June 30, 2011. Second quarter 2011 net sales increased 68% from the first quarter 2011 sales of $156 thousand.  This increase was due in large part to increased sales of CigRx®, the dietary supplement product developed by the company's Rock Creek Pharmaceuticals subsidiary that reduces the urge to light a cigarette. Second-quarter 2011 net sales from CigRx®, which totaled $131 thousand, increased 184% from first-quarter 2011 net sales of $46 thousand.

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The company also reported a net loss of $5.0 million for the second quarter 2011 compared with a $6.1 million loss for first quarter 2011.  The net loss for the first six months of 2011 totaled $11.1 million compared with a net loss of $18.4 million for the same period in 2010.  The company had  cash and cash equivalents totaling $16.2 million as of June 30, 2011 compared with $18.7 million in cash and equivalents as of March 31, 2011.  Total operating expenses for the second quarter 2011 were $4.7 million compared with $13.0 million for the same period in 2010.  The significant decrease was due largely to a stock-based compensation charge taken in 2010.

Star began the expansion of the CigRx® marketing plan during the first quarter of 2011 through a variety of initiatives:  increasing infomercial airings, adding radio spots, significantly increasing event marketing and adding

SOURCE Star Scientific, Inc
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