Paul Knopick E & E Communications pknopick@eandecommunications.com (Tel:) 949.707.5365
Radient Pharmaceuticals Announces FY 2011 Third Quarter Results
TUSTIN, Calif., Nov. 14, 2011 /PRNewswire via COMTEX/ -- 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
interest expense, legal settlement expenses, loss of
guarantee and a loss on extinguishment of debt, offset by a
gain on change in fair value of derivative liabilities. The
complete filing is available at www.sec.gov .
"We continue to work to significantly increase revenues,
subject to adequate funding for marketing efforts, with
outreach to healthcare professionals and negotiations for
additional distribution agreements in key international
markets. Our Onko-Sure