WEB NEWS Comments & Business Outlook
Second Quarter 2013 Results
Revenue for the second quarter was $2,118, compared with $2,376 in the prior year's quarter.
Net loss for the second quarter 2013 was $519,238 or $0.03 per share, compared with a net loss of $281,989, or $0.02 per share in the prior year's second quarter.
"During the second quarter we requested an IND application meeting with the Food & Drug Administration (FDA), and our discussions continue regarding the trial design for our international Phase III PAZ320 trial for patients with Type 2 diabetes," said David Platt, Ph.D., Chief Executive Officer, Boston Therapeutics. "We are focused on commercializing PAZ320 as the first compound in a new class of therapies for post-meal blood sugar, called carbohydrate hydrolyzing enzyme inhibitors (CHEI)."
Dr. Platt continued, "We are exhibiting at the American Association of Diabetes Educators (AADE) meeting in Philadelphia on August 7-9. AADE, is a multidisciplinary membership organization for healthcare professionals who specialize in teaching patients about diabetes and how to self-manage the disease. Founded in 1973, AADE works to define the practice of diabetes education, increase patients' access to the services of diabetes educators, and provide members with the support and tools to become leaders in the field of diabetes care. AADE represents and supports diabetes educators by providing members with the resources to stay abreast of the current research, methods and trends in the field and by offering opportunities to network and collaborate with other healthcare professionals.
"In addition, we are pleased that data from our PAZ320 Phase II clinical trial is expected to be published in the July/August issue of Endocrine Practice, a leading peer-reviewed journal. As the Company continues to achieve its milestones, we look forward to furthering our drug development and commercialization pathway for therapies that address the growing diabetes market," Dr. Platt concluded.
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MANCHESTER, NH--(Marketwire - Apr 18, 2012 ) - Boston Therapeutics, Inc. (OTCBB : BTHE), a developer of diabetes therapeutics, today announced that it has received its first commercial purchase order for $157,000 from Advance Pharmaceutical Trading Co., a privately-held company based in Hong Kong.
Boston Therapeutics will manufacture and supply product for Advance Pharmaceutical Trading Co. Advance Pharmaceutical will be responsible for the packaging, marketing and distribution of SUGARDOWN® in the region. Advance Pharmaceutical made an equity investment in Boston Therapeutics to support clinical trials on SUGARDOWN® which concluded last year at University of Sydney in Australia.
"This purchase order is an important milestone in our Asia business development initiative. We believe that Advance Pharmaceutical Trading Co. is an excellent business partner to commercialize SUGARDOWN® in Hong Kong," said Ken Tassey, President of Boston Therapeutics. "Advance Pharmaceutical has a strong market presence in Hong Kong and Southern China with several of its drugs taking lead positions in those markets. We believe Advance's decades of experience in product development, regulatory, licensing, marketing, distribution and international trade provide valuable growth opportunities for Boston Therapeutics," said Tassey.
"We are pleased to make our first product order with Boston Therapeutics to commercialize SUGARDOWN® in China," said Chan Hong Wang Alvin, Marketing Director at Advance Pharmaceutical Trading Co. "SUGARDOWN® has the potential to have a positive impact on the lives of millions of diabetics and pre-diabetics in China. The clinical data from the study at University of Sydney will support our marketing efforts in Hong Kong and China. We value our relationship with Boston Therapeutics and the opportunity to commercialize SUGARDOWN®," said Mr. Chan.
According to an article published in the New England Journal of Medicine, 92 million adults in China have diabetes and 148 million adults are pre-diabetic (Yang, et al., NEJM 2010; 362:1090.).