Welcome!

News Feed Item

Boston Therapeutics Reports Corporate Update and Financial Results for the First Quarter Ended March 31, 2014

MANCHESTER, NH -- (Marketwired) -- 05/13/14 -- Boston Therapeutics, Inc. (OTCQB: BTHE) ("Boston Therapeutics" or "the Company"), a leading developer of compounds that address diabetes using complex carbohydrate chemistry, reports its financial results for the first quarter ended March 31, 2014.

David Platt, Ph.D., Chief Executive Officer, Boston Therapeutics, said, "In the first quarter, we have continued to work toward fulfilling the milestones we outlined in last quarter's year-end corporate update. Since that time, I am pleased to announce that we have continued to disseminate scientific findings regarding BTI-320, and have initiated steps to prepare for its future development. Specifically, we are pleased to be presenting a poster on the mechanism of action of BTI-320 at the AACE Annual Congress in Las Vegas, and look forward to presenting further results on the properties of this compound in the future. Furthermore, our recently signed agreement with Patheon Inc. to manufacture pharmaceutical-grade tablets of BTI-320 positions us well for our upcoming IND filing later this year, and our planned international Phase III trial for BTI-320 in 2015. All of these efforts will allow us to continue to harness our expertise in complex carbohydrate chemistry to design compounds to better manage blood glucose."

Business and Clinical Highlights for the First Quarter 2014 and Recent Months:

  • Announced the presentation of a late-breaking poster on the mechanism of action for BTI-320 at the American Association of Clinical Endocrinologists (AACE) 23rd Annual Scientific and Clinical Congress at the Paris Las Vegas Hotel in Las Vegas, Nevada. BTI-320 is a non-systemic chewable complex carbohydrate-based compound designed to reduce post-meal elevation of blood glucose.

  • Signed agreement (along with the Company's Hong Kong-based strategic partner Advance Pharmaceutical Company) with pharmaceutical manufacturing company Patheon Inc. to manufacture pharmaceutical-grade tablets of BTI-320, in advance of the Company's anticipated IND filing in late 2014 and its planned international Phase III trial for BTI-320 in 2015.

Financial Results for the First Quarter Ended March 31, 2014:

  • Cash and cash equivalents as of March 31, 2014 were $2,512,404 compared with $3,387,428 as of December 31, 2013.

  • Revenue for the first quarter ended March 31, 2014 was $43,827, compared with $23,336 in the prior year's first quarter. Revenue for the quarter was generated from the sale of SUGARDOWN®.

  • Gross margin for the first quarter ended March 31, 2014 was a deficit of ($10,731), compared with a deficit of ($24,601) in the prior year's first quarter. The gross margin deficit for the first quarter ended March 31, 2014 was primarily related to a one-time material cost charge and continued fixed fulfillment charges. The improvement in gross margin is primarily related to the increase in revenue.

  • Research and development expense for the first quarter ended March 31, 2014 was $269,434 compared with $28,661 for the prior year's first quarter. The increase in research and development is primarily the result of expenses associated with Phase II trial activities for BTI-320.

  • Sales and marketing expense for the first quarter ended March 31, 2014 was $172,735, compared with $81,226 in the prior year's quarter. The increase is primarily related to the engagement of a healthcare marketing company to market SUGARDOWN® and the hiring of employees to support our sales and marketing initiatives. Subsequent to the quarter ended March 31, 2014, the Company ended the agreement with the healthcare marketing company and is currently pursuing alternative marketing partners.

  • General and administrative expense for the first quarter ended March 31, 2014 was $1,105,230, an increase of $577,060 as compared to $528,170 for the first quarter ended March 31, 2013. Approximately $313,000 of the increase is related to non-cash, stock-based compensation primarily related to fully vested options granted during the first quarter ended March 31, 2014. Consulting and professional services increased $132,000 primarily due to our business development, public relations and investor relations activities. Accounting, financial and legal professional fees increased $80,000 primarily due to the indemnification of Dr. Platt's legal costs associated with his arbitration and the engagement of a finance professional to manage its accounting and financial reporting matters. In addition, payroll and payroll related expense increased $62,000 due to salary increases, the institution of an employee medical benefit program and the hiring of two new employees.

  • Net loss for the first quarter ended March 31, 2014 was $1,566,423 or $0.04 per share, compared with a net loss of $667,422 or $0.04 per share in the prior year's first quarter. As of March 31, 2014, there were 37,451,156 million weighted average shares outstanding, compared with 18,880,845 million weighted average shares outstanding as of March 31, 2013.

We have incurred recurring operating losses since inception as we have worked to bring our SUGARDOWN® product to market and develop BTI-320 and IPOXYN. IPOXYN is an injectable anti-necrosis drug specifically designed to treat lower limb ischemia associated with diabetes. We expect such operating losses will continue until such time that we receive substantial revenues from SUGARDOWN® or we complete the regulatory and clinical development of BTI-320 or IPOXYN. We anticipate that our cash resources will be sufficient to fund our planned operations into the second half of fiscal 2014. We plan to seek additional capital through private placements and public offerings of the Company's common stock. There can be no assurance that the Company will be successful in accomplishing its objectives. Without such additional capital, the Company may be required to curtail or cease operations.

About BTI-320

BTI-320 is a non-systemic chewable complex carbohydrate-based compound designed to reduce post-meal elevation of blood glucose. BTI-320 is a proprietary polysaccharide to be taken before meals and works in the gastrointestinal tract to block the action of carbohydrate-hydrolyzing enzymes that break down complex carbohydrates into simple sugars, reducing the availability of glucose for absorption into the bloodstream.

About Boston Therapeutics, Inc.

Boston Therapeutics, headquartered in Manchester, NH, (OTCQB: BTHE) is an innovator in designing compounds using complex carbohydrate chemistry. The company's product pipeline is focused on developing and commercializing therapeutic molecules that address diabetes and inflammatory diseases, including: BTI-320 (formerly PAZ320), a non-systemic chewable therapeutic compound designed to reduce post-meal glucose elevation, and IPOXYN, an injectable anti-necrosis drug specifically designed to treat lower limb ischemia associated with diabetes. The company also produces and sells SUGARDOWN®, a non-systemic complex carbohydrate-based dietary food supplement designed to support healthy blood glucose. More information is available at www.bostonti.com.

Cautionary Note Regarding Forward Looking Statements

This press release contains, in addition to historical information, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future financial performance, and use words such as "may," "estimate," "could," "expect" and others. They are based on our current expectations and are subject to factors and uncertainties which could cause actual results to differ materially from those described in the statements. Factors that could cause our actual performance to differ materially from those discussed in the forward-looking statements include, among others, that our plans, expectations and goals regarding the clinical trials are subject to factors beyond our control and provide no assurance of FDA approval of any of our future drug development plans. Our clinical trials may not produce positive results in a timely fashion, if at all, and any necessary changes during the course of the trial could prove time consuming and costly. We may have difficulty in enrolling candidates for testing, which would affect our estimates regarding timing, and we may not be able to achieve the desired results. Any significant delays or unanticipated costs in any subsequent drug trial could delay obtaining meaningful results from Phase II studies and/or preparing for Phase III studies with the current cash on hand.

Upon receipt of FDA approval, we may face competition with other drugs and treatments that are currently approved or those that are currently in development, which could have an adverse effect on our ability to achieve revenues from our approved products. Plans regarding development, approval and marketing of any of our compounds, including BTI-320, are subject to change at any time based on the changing needs of our company as determined by management and regulatory agencies. We have incurred operating losses since our inception, and our ability to successfully develop and market drugs may be affected by our ability to manage costs and finance our continuing operations. For a discussion of additional risk and other factors affecting our business, see our Annual Report on Form 10-K for the year ended December 31, 2013, and our subsequent filings with the SEC. You should not place undue reliance on forward-looking statements, and actual results may differ materially from the results anticipated in our forward-looking statements. Although subsequent events may cause our views to change, we disclaim any obligation to update forward-looking statements.



                         Boston Therapeutics, Inc.
                    Statement of Operations (Unaudited)

                                                     Three Months Ended
                                                          March 31,
                                                 --------------------------
                                                     2014          2013
                                                 ------------  ------------
Revenue                                          $     43,827  $     23,336
Cost of goods sold                                     54,558        47,937
                                                 ------------  ------------
Gross margin (deficit)                                (10,731)      (24,601)

Operating expenses:
  Research and development                            269,434        28,661
  Sales and marketing                                 172,735        81,226
  General and administrative                        1,105,230       528,170
                                                 ------------  ------------
    Total operating expenses                        1,547,399       638,057
Operating loss                                     (1,558,130)     (662,658)

Interest expense                                       (4,728)       (4,764)
Other expense                                          (2,940)            -
Foreign currency loss                                    (625)            -
                                                 ------------  ------------
    Net loss                                     $ (1,566,423) $   (667,422)
                                                 ============  ============

Net loss per share - basic and diluted           $      (0.04) $      (0.04)
Weighted average shares outstanding basic and
 diluted                                           37,451,156    18,880,845



                          Boston Therapeutics, Inc.
                             Balance Sheet Data

                                                   March 31,    December 31,
                                                      2014          2013
                                                 ------------- -------------

Cash and cash equivalents                        $   2,512,404 $   3,387,428

Working capital                                  $   2,384,994 $   2,859,578

Total assets                                     $   3,469,725 $   4,535,032

Total stockholders' equity                       $   2,857,279 $   3,345,270

© Boston Therapeutics, Inc. All rights reserved.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Apache Hadoop is a key technology for gaining business insights from your Big Data, but the penetration into enterprises is shockingly low. In fact, Apache Hadoop and Big Data proponents recognize that this technology has not yet achieved its game-changing business potential. In his session at 19th Cloud Expo, John Mertic, director of program management for ODPi at The Linux Foundation, will explain why this is, how we can work together as an open data community to increase adoption, and the i...
"We have several customers now running private clouds. They're not as large as they should be but it's getting there. The adoption challenge has been pretty simple. Look at the world today of virtualization vs cloud," stated Nara Rajagopalan, CEO of Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...