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  • Boston Therapeutics, Inc. (BTHE) Reports Financial Results, Shares Excitement For Upcoming Year 0 comments
    Nov 15, 2012 2:37 PM | about stocks: BTHE

    2012 Boston Therapeutics, a developer of complex carbohydrate therapeutics designed to treat diabetes and inflammatory diseases, yesterday reported its financial results for the three and nine months ended September 30, 2012.

    "We made good progress this year laying the foundation to commercialize our complex carbohydrate diabetes compounds," stated David Platt, Ph.D., Chairman and Chief Executive Officer of Boston Therapeutics. "The recent addition of Jonathan Rome as our Chief Operating Officer will help accelerate the commercialization of SUGARDOWN® and the filing of an Abbreviated New Drug Application for BTI-7, a new, chewable dosage form of the diabetes drug metformin hydrochloride. We believe 2013 could be an exciting year for our Company as we ramp up operations."

    Major highlights of the last nine months include:

    • SUGARDOWN® sales increased approximately 700% in the first nine months of 2012 compared with the same period in 2011

    • The company completed the PAZ320 Phase II clinical trial at Dartmouth Medical Center; results expected to be published in peer-reviewed journal

    • FDA approved Boston Therapeutics petition to file an ANDA for BTI-7 to treat diabetes

    Revenue for the three and nine month periods ended September 30, 2012, totaled $2,520 and $23,750. The increase was primarily due to distribution through a new reseller. Cost of goods sold for the three and nine months ended September 30, 2012, were $9,120 and $40,877, respectively, compared to $2,834 and $5,084, respectively, for the same periods in the prior year.

    Research and development expense for the three and nine month periods ended September 30, 2012, were $26,116 and $145,668, respectively, compared with $94,222 and $127,433, respectively, for the same periods a year earlier. Sales and marketing expenses were $93,519 and $227,597 for the three and nine month periods ended September 30, 2012, respectively, compared with $132,842 and $134,839, respectively, for the same periods in the prior year.

    General and administrative expense for the three and nine month periods ended September 30, 2012, were $234,632 and $498,603, respectively, compared with $115,208 and $265,503, respectively, for the same periods in the prior year. These costs where higher primarily because of consulting expenses of $94,000 and $114,000 for the three and nine month periods, respectively.

    Boston Therapeutics had a cash balance of $169,321 at September 30, 2012. The weighted average diluted shares outstanding for the three and nine month periods ended September 30, 2012, were 17,348,206 and 16,619,598, respectively.

    For more information, visit bostonti.com

    Please see disclaimer on the QualityStocks website: disclaimer.qualitystocks.net

    Stocks: BTHE
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