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OncoVista Inc. Reports Sharply Higher Q1 Revenues

^{Published on 2010-05-17 11:10:20 - Market Wire}
 

SAN ANTONIO--([ BUSINESS WIRE ])--OncoVistaInnovative Therapies, Inc. (OTCBB: OVIT), a high-growth global biotech company developing proprietary, leading-edge early detection and drug technologies to enable safe, targeted personal cancer treatments, today announced a significant rise in first quarter 2010 revenues as compared to first quarter 2009.

"AdnaGen AG, a leader in molecular diagnostic technology, is currently deployed across ten countries in Europe with United States approval anticipated by 2012. We expect AdnaGen to reach break-even in 2010."

First quarter 2010 revenues were $335,698, an increase of approximately $158,000, or 89%, over first quarter 2009 revenues. Net loss per share was reduced from $0.08 to $0.02 during the same period. The increase in revenue in the three months ended March 31, 2010 is primarily attributable to increased sales of diagnostic kits as well as research and development revenues. Costs were also significantly reduced through the outsourcing of R&D and administrative expenses.

aThe rise in the companya™s revenue was directly attributable to a significant increase in the sales and licensing of its majority-owned subsidiary AdnaGen AGa™s cancer diagnostic kits as well as several non-exclusive distribution agreements in Europe,a said Dr. Alex Weiss, Chairman, CEO and President of OncoVista. aAdnaGen AG, a leader in molecular diagnostic technology, is currently deployed across ten countries in Europe with United States approval anticipated by 2012. We expect AdnaGen to reach break-even in 2010.a

OncoVista is a biopharmaceutical technology company commercializing diagnostic tests for metastatic tumors, as well as developing targeted anticancer therapies by utilizing tumor-associated biomarkers. OncoVista has developed diagnostic kits for breast, colon, ovarian, and prostate cancers, and currently markets diagnostic kits in Europe for the detection ofcirculating tumor cells (aCTCa™sa) in patients with breast, colon and prostate cancer. OncoVista believes that it is well positionedto leverage its ownership of AdnaGen to realize revenues from sales of its CE-marked diagnostic kits in Europe, while utilizing its proprietary diagnostic technologies to guide and expedite our anticancer drug development efforts.

About OncoVista:

Texas-based OncoVista Innovative Therapies, Inc. (OTCBB: OVIT) is a high-growth theragnostic (the fusion of therapeutic and diagnostic medicine for individual patients) company that identifies specific biomarkers in the bloodstream carried by CTCa™s to detect metastatic tumors. This allows an oncologist the unique ability to develop personalized, efficacious cancer treatments.

While oncologists typically require several months before visually evaluating a tumora™s growth or shrinkage, OncoVistaa™s proprietary product, AdnaGen Diagnostics, detects meaningful fluctuations in the biomarkers expressed by CTCa™s in just weeks. This revolutionary approach to evaluating cancer therapeutic efficacy can dramatically improve a patienta™s chance of survival.

OncoVista owns 78% of German-based AdnaGen AG, a world leader in diagnostic technology. AdnaGena™s patented detection products are currently deployed across ten countries in Europe with United States marketing approval expected by 2012.

OncoVista also produces innovative drug discovery, registration strategies and emerging technologies allowing it to bring to market less toxic and highly effective anti-cancer drugs.

For additional information, please visit OncoVistaa™s corporate website: [ www.oncovista.com ]

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as OncoVista or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, such statements in this release that describe the company's business strategy, outlook, objectives, plans, intentions, or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, and risk inherent in the operations of a company. We assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events or other factors.