Golden, CO / May 6, 2014 / Vitro Diagnostics, Inc. (OTCQB:VODG), dba Vitro Biopharma, announced completion of its second fiscal quarter. Revenues continue to show strong growth and the Company projects near-term attainment of profitable operations. Total revenues increased three-fold (300%) in the first six months of 2014 compared to the same period in 2013 from increased product sales and revenues from contract research services. Our products include adult stem cells and several formulations of cell culture media for stem cell growth and differentiation. Our products have competitive advantages including out-performance of competitor's products in several different aspects. We have recently added new products including cell lines and stem cell media products for culture of canine and equine stem cells. Revenue from products rose by 70% over the first 6 months of 2013.
We added revenues from contract research services that contributed about 40% of the total revenue thus far in 2014. We now collaborate with a network of European medical clinics treating patients with various conditions. We provide extensive test measurements of numerous biological molecules within serum including cytokines, growth factors and other biological signaling molecules to generate a molecular profile of the disease condition. This information allows comparison with other patients and also a basis for evaluating the effects of various treatments on disease. This network of clinics consists of patients with various conditions including autoimmune diseases, autism and chronic fatigue syndrome that are managed by a well-known immunologist, Professor Josef Smarda, who has a network of professional experts that operate the clinics and administer treatment of these patients.
The initial treatment is designed to control macro and micro blood levels of commonly measured agents. This stage of treatment also corrects problems related to toxic levels of metals, infectious agents, and low levels of trace elements, etc. The analysis performed at our facility adds more detailed molecular profiling to provide a complete picture of the patients. We utilize a laser scanner to obtain quantitative data from antibody arrays that allow us to measure up to 40 or 50 different molecules at the same time. We provide a profile of these different molecular levels and thus a molecular signature of the disease. We use this information to establish baseline data. We are also testing various procedures known to activate stem cells within the body and then determining the effects of these procedures on the molecular biomarker profiles.
Dr. Jim Musick, Vitro Biopharma's President & CEO said, "We are very pleased to announce continued revenue growth during the first six months of 2014. This is a direct reflection of our increased collaboration with Neuromics, Inc. At the end of December we decided to defer our merger and focus instead on growing the revenue and earnings of Vitro Biopharma to profitability. This would result in positive earnings for the subsequent merger of the two companies. That plan has been operational since then and I am pleased to say that this is working quite well. We anticipate continued growth of revenues throughout 2014 and project profitable operations at the end of 2014. In addition we anticipate the establishment of platforms to accelerate revenues & earnings growth substantially through our regenerative medicine and drug discovery/development initiatives. Vitro Biopharma has relatively limited common shares issued and outstanding, approximately 20 million that is very modest for comparable companies. With our ability to generate earnings and rapid earnings growth, we anticipate strong earnings per share growth as we go forward which is one of the fundamental aspects of Vitro Biopharma. We have very actively attempted to maintain a favorable capital structure for the company."
Pete Shuster, a Director of Vitro Biopharma and the CEO & founder of Neuromics said, "We are pleased to be exceeding revenue targets dictated by our 3 year strategic plan. The goal of this plan is to profitably grow revenues by leveraging Vitro Biopharma's expertise and research infrastructure. We are well positioned to enjoy continued growth in the coming quarters. This should be reflected in Stock Price appreciation."
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(TM)" 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(TM)", including human mesenchymal stem cells and derivatives, the MSC-Gro(TM) 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 oncell-based assay systems We jointly manufacture stem cell assay systems with HemoGenix(R), 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.
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.
Release ID: 43363