(MENAFN- ProactiveInvestors)
(CSE:PVO) (OTCQX:PVTTF) had 42 percent higher sales in the fourth quarter 2014 and about one percent higher for the full year 2014.
Pivotal reported sales for the three and twelve months ended December 31 2014 are $107728 and $306596 respectively as compared to $75859 and $303530 for the three and twelve months ended December 31 2013.
The increased sales were unable to prevent a loss of $5.4 million or $0.06 per common share compared with a loss of $3.0 million or $0.04 per common share for the twelve months ending December 31 2013 due to higher marketing research and development expenses.
But the company also closed a C$7.74 million financing as it continued to advance development of its unique 6:1 EPA:DHA formulation in conjunction with anti-obesity agents for the reduction of body weight in cardiovascular disease patients and diabetics.
"Pivotal’s accomplishments in 2014 have been significant with the right strategic partners and additional capitalization in 2015 investors can look forward to a more realistic valuation of the Company" stated Pivotal’s CEO and CFO Eugenio Bortoluzzi.
Indeed among other highlights in 2014 Pivotal presented two posters discussing Omega-3 deficiency and Vascazen’s unique formulation to correct the deficiency at the American Heart Association’s Arteriosclerosis Thrombosis and Vascular Biology (ATVB) 2014 Scientific Sessions in Toronto.
The peer reviewed journal Molecular and Cellular Biochemistry published the results of the Vascazen trial showing its positive effects in the correction of an Omega-3 deficiency in cardiovascular patients.
The Toronto based company also signed a Memorandum of Understanding to create a Joint Venture with ACGT Corporation to gain access to the Chinese market.
In March Pivotal and the Korea Animal Medical Science Institute (KAMSI) agreed on establishing an upfront payment and minimum annual targets for the exclusive sale and distribution of the company’s BeneFishial™ family of products in Korea and Japan.
Benefishial is Pivotal’ third product to market. It was also created as part of Pivotal’s new nutraceutical line for prenatal child heart health and Age-Related Macular Degeneration (AMD) applications in mind.
Pivotal has a total of eight patent applications of which one has been issued and two allowed so far. Several more patent allowances are anticipated in 2015. The patents could open a window of opportunity for Pivotal as big pharma companies seek potential licensing deals to extend their current anti-obesity and cholesterol-reducing drug pipelines.
Separately the Canadian firm also has its first drug candidate PVT-100 in the pipeline; it is designed to stabilize vulnerable plaque in patients undergoing carotid endarterectomy (an operation which removes the inner lining of your carotid artery if it has become thickened or damaged).
Pivotal’s products are based on its high purity Omega-3 formulation and unique EPA to DHA ratio but are targeted for different populations from those suffering from heart disease to diabetics and even pregnant women. Omega 3s are widely known to result in improved blood flow reduced inflammation and have positive effects on lipid metabolism.
Since the beginning of January Pivotal’s shares were trading C$0.14 or 40 percent higher than their previous YTD high of C$0.10/share.
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