Category: Baystreet Newswire
Company: Vitro Diagnostics/DBA Vitro Biopharma
Date: Tuesday, August 12, 2014
Golden, Colorado / ACCESSWIRE / August 12, 2014 / Vitro Diagnostics, Inc. (OTCQB: VODG), dba Vitro Biopharma, announced continued revenue growth in its third fiscal quarter of 2014 and developments to further increase revenue. Total revenues increased over four-fold in the first nine months of 2014 compared to the same period in 2013 from increased product sales and revenues from contract research services.
In collaboration with Dr. Josef Smarda and Neuromics, Inc. we continued to realize increased revenues. Through a network of European clinics, Dr. Smarda provides services to treat various conditions including autism (ASD), autoimmune conditions and other diseases through personalized protocols involving balancing macro/micro issues related to deficiencies or infectious agents followed by more detailed biomarker profiling and treatment with agents know to activate stem cells within the body. Vitro Biopharma provides assistance with biomarker profiling, and agents that activate endogenous stem cells for therapeutic benefit. Stem cells are activated by stimulation of specific biological signaling pathways resulting in migration, proliferation and reprogramming of stem cells that reside in the body, but are usually inactive. Activated stem cells may have therapeutic value based on numerous pre-clinical studies and our clinical trials in Europe are designed to test this hypothesis. This operation is now being expanded through a new media platform to offer ASD testing and treatments through stem cell activation to a much wider market. We anticipate additional revenue from this initiative in late 2014 together with revenues from on-going operations.
Our MSC-Gro(tm) Media for cell culture of MSCs and other primary cell lines has numerous competitive advantages including increased cellular recovery and potency when compared to other leading suppliers. We are leveraging this position to attain full regulatory compliance and increased manufacturing capacity for use of this media in the expansion of patient-specific MSCs for clinical applications. Human MSC transplantation is gaining positive results from numerous studies of efficacy & safety especially in the treatment of osteoarthritis, a common condition that often leads to joint replacement. We are in discussions with various third parties representing significant commercial opportunities for us to also recognize increased revenue through this initiative.
There are several neurological disorders that may treated by activation of endogenous stem cells to induce regeneration of damaged tissues. Vitro Biopharma has developed a series of cell-based assays to quantitatively determine activation of stem cells within the brain. These include specific measures of stem cell proliferation, migration and epigenetic reprogramming. Through these assays, Vitro Biopharma has developed a clinical trial protocol for testing the effect of brain stem cell activation on the treatment of traumatic brain injury (TBI). We are now seeking regulatory approval through a process known as Institutional Review Board approval and establishing partnerships to launch a series of trials to establish safety and efficacy. Positive results may lead to extensions of similar approaches to the treatment of Alzheimer’s, Parkinson’s, ALS and spinal cord injury. Vitro Biopharma would recognize revenue from contract research services related to cell-based assays and biomarker profiling to support these clinical trials.
Dr. Jim Musick, Vitro Biopharma’s President & CEO said, “We are very pleased to announce continued revenue growth during the first nine months of 2014. Our partnership with Neuromics, Inc. and Dr. Josef Smarda in Europe is primarily responsible for the increased revenue growth. We anticipate continued growth of revenues throughout 2014 and are building a basis for solid financial performance in the future. Our MSC-Gro(tm) media has compelling advantages in MSC expansion for clinical use and our clinical trials for TBI may lead to viable stem cell treatments of several neurological conditions that presently have limited treatment options. We are also very pleased to be recognized by Frost and Sullivan as an innovation leader in stem cell tools and technology. Vitro Biopharma recently received the Technology Innovation Leadership Award for Stem Cell Tools & Technology in 2014.”
Pete Shuster, a Director of Vitro Biopharma and the CEO & founder of Neuromics said, “We are pleased to announce this solid revenue growth. In the coming quarters, we anticipate revenue growth to continue to accelerate well beyond the 4-fold increase documented in this release. Our shareholders should expect announcement of profits by end of Q1, 2015.
The challenges that lie ahead for us include working as a team to identify, engage and close new business and using our resources wisely to serve our growing customer base. We have exciting initiatives in the pipeline. We must continue to execute on related business plans to ensure we bring these to fruition. In the coming months, I would anticipate we will be announcing significant new business based on these initiatives.”
About Vitro Biopharma
Vitro Diagnostics, Inc. dba Vitro Biopharma (OTCQB: VODG; http://www.vitrobiopharma.com/), owns US patents for production of FSH, immortalization of pituitary cells, and a cell line that produces beta islets for use in treatment of diabetes. In 2011, Vitro Biopharma out-licensed its intellectual property related to treatment of infertility to Dr. James Posillico, a renowned expert in Assisted Reproductive Technologies. Vitro Biopharma also owns a pending patent for methods of mesenchymal stem cell (MSC) generation and related materials. Vitro Biopharma’s mission is “Harnessing the Power of Cells™” for the advancement of regenerative medicine to its full potential. Vitro Biopharma operates within a modern biotechnology manufacturing, R&D and corporate facility in Golden, Colorado. Vitro Biopharma manufactures and sells “Tools for Stem Cell and Drug Development™”, including human mesenchymal stem cells and derivatives, the MSC-Gro™ Brand of optimized media for MSC self-renewal and lineage-specific differentiation. In addition to our FSH patent licensee, Vitro Biopharma maintains several strategic partnerships including an alliance with Neuromics, Inc. (http://www.neuromics.com/). Neuromics, Inc. is a primary distributor of Vitro Biopharma products and a well established manufacturer and distributor of a large variety of life science research products especially focused on cell-based assay systems We jointly manufacture stem cell assay systems with HemoGenix®, Inc. (http://www.hemogenix.com/), known as the MSCglo quantitative assay for determination of MSC quality, potency and response to toxic agents. Also, Vitro Biopharma’s CEO is a consultant on an NSF grant at the City College of New York to advise Dr. Lane Gilcrest, Professor of Materials Science and Engineering, and his colleagues regarding the development of novel extracellular materials for use in self-renewal and differentiation of mesenchymal stem cells.
Vitro Biopharma received the Frost and Sullivan Technology Innovation Leadership Award for the industry sector: Stem Cell Tools and Technology in North America, 2014.
Safe Harbor Statement
Statements herein regarding financial performance have not yet been reported to the SEC nor reviewed by the Company’s auditors. Certain statements contained herein and subsequent statements made by and on behalf of the Company, whether oral or written may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are identified by words such as “intends,” “anticipates,” “believes,” “expects” and “hopes” and include, without limitation, statements regarding the Company’s plan of business operations, product research and development activities, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, acceptability of the Company’s products in the market place, general economic conditions, receipt of additional working capital, the overall state of the biotechnology industry and other factors set forth in the Company’s filings with the Securities and Exchange Commission. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.
Dr. James Musick
Chief Executive Officer
(303) 999-2130 Ext. 3
Source: Vitro Diagnostics, Inc.