Pivotal Therapeutics (OTCQX: PVTTF) (CNSX: PVO), a specialty pharmaceutical company focused on Omega-3 therapies for cardiovascular disease (CVD), saw its sales jump 27 per cent in the second quarter as it continues to expand its marketing efforts for its main product, Vascazen.
For the three months that ended June 30, net loss for the period was slightly lower at $0.72 million, or 1 cent per share, compared to $0.87 million, or 1 cent per share, in the prior year quarter. Sales jumped to $93,189 from $26,408 in the second quarter a year ago.
"I am very pleased to report continued increasing sales of VASCAZEN®," said CEO and CFO, Eugene Bortoluzzi, in a statement released with the quarterly figures late Wednesday. "A growing number of physicians and health care professionals are realizing the advantages of treating an Omega-3 deficiency by using VASCAZEN® and are impressed by the results they are seeing."
Pivotal's Vascazen is an FDA-regulated medical food product developed to lower cardiovascular health risks in Omega-3 deficient cardiac patients, including high triglycerides, or fatty substances in the blood that are associated with coronary disease. The product is available with a prescription in all major pharmacies throughout the U.S.
Currently, the company's sales reps are focused on marketing the product on the eastern seaboard in the U.S., which it says contains the highest prevalence of cardiovascular disease-related illness in the nation. The 90 percent-pure Omega-3 product, which was introduced in the U.S. in November 2011, provides those suffering from heart disease with levels of the most important Omega-3 fatty acids in fish oil – EPA and DHA – that the company says are ideal, and cannot be achieved just through simple changes in diet alone.
Indeed, in the second quarter, the company revealed that results from a clinical trial showed that after eight weeks of treatment with its Vascazen product, there was an increase of 121 per cent in the Omega-Score and 112 per cent in the Omega-Index - both diagnostic tests that measure circulating blood levels of Omega-3 in individuals. Subjects also benefited from an 48 per cent triglyceride reduction, and increased levels of HDL - known as the "good cholesterol". The results of the trial were even presented at the American Heart Association's Arteriosclerosis, Thrombosis and Vascular Biology (ATVB) 2013 Scientific Sessions.
Aside from a proven product that is driving sales growth, Pivotal is also armed with strong management, as the company's founder and chief scientific officer, Dr. George Jackowski, was the recipient in May of Queen Elizabeth's Diamond Jubilee Medal for his contribution to the Canadian biotech industry. He is credited for the development of the rapid format cardiac blood test - the standard of care for triaging patients presented to the emergency room with chest pain.
Looking ahead to the remainder of the year, Pivotal said in its statement accompanying the quarterly figures that its goals include the bolstering of Vascazen's commercialization, the expansion of its sales and marketing team and the initiation of new clinical trials. The company is also looking into international licensing opportunities.