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Boston Therapeutics, Inc. Research Update Released

3/26/2014 11:36:12 AM

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New York, NY - On March 25, 2014, Taglich Brothers released an updated research report on Boston Therapeutics, Inc. (BTHE), reiterating a Speculative Buy rating with the 12-month price target lowered to $1.80 per share from $1.95 due to anticipated dilution stemming from projected financing. The report noted the following key investment considerations:

• Boston Therapeutics brings its expertise in complex carbohydrate chemistry to bear on the development and commercialization of prescription therapies and over-the-counter dietary supplements for diabetics.
• Lead product BTI320 (formerly called PAZ320) is a non-systemic enzyme inhibitor that limits after-meals glucose levels. If BTI320 clears regulatory hurdles and launches in 2017, revenue could ramp to $32 million by 2020. Preclinical work on IPOXYN, a hypoxia treatment developed for lower limb ischemia in diabetics, has been completed.
• SUGARDOWN, an over-the-counter enzyme inhibitor proven to manage after-meal glucose levels, is currently BTHE’s only commercialized product. SUGARDOWN will be available worldwide, but is limited to small scale distribution undertaken only as pre-launch missionary work for BTI320.
• In 4Q13 (results released Mar. 17, 2014) BTHE lost $2.3 million, or ($0.06) per share, on revenue of $80,000 vs. a loss of ($0.03) per share on revenue of $42,000 in the year-earlier period. We projected a loss of ($0.01) per share on revenue of $5,000. In 2013, the company lost ($0.18) per share on revenue of $323,000. We project operating losses and modest revenue (from SUGARDOWN sales) through 2017.
• In 3Q13, the company raised $4.9 million (net) in a private placement of common shares and warrants, substantially strengthening its ability to commercialize its product line. By our estimates, the company will have to raise an estimated $7 million in 2015 to cover its cash burn.
The full report can be viewed at

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Company Description:
Boston Therapeutics, Inc. (BTHE.OB), headquartered in Manchester, New Hampshire, is a development stage specialty pharmaceutical company that brings proprietary complex carbohydrate chemistry to bear on the commercialization of prescription therapies and over-the-counter dietary supplements that treat Type 2 diabetes.

Lead drug candidate PAZ320 blocks the release of glucose into the bloodstream after meals by preventing hydrolyzing enzymes from become active. IPOXYN is an injectable prescription drug candidate in preclinical development that was developed as a universal carrier of oxygen; it is being evaluated for the relief of lower-limb ischemia in diabetics. SUGARDOWN is an over-the-counter chewable dietary supplement developed to block the release of glucose into the bloodstream after meals.

SUGARDOWN, currently BTHE’s only commercialized product, is distributed on a very limited scale, serving mainly to introduce distributors to the potential benefits of PAZ320, which recently completed a phase II trial.

If PAZ320 clears regulatory hurdles, BTHE’s lead product could be commercialized by 2017. While SUGARDOWN could contribute some revenue, the company is likely to incur losses at least through 2017. Clinical studies of all of BTHE’s products are ongoing; progress is contingent on the company’s ability to raise adequate financing.

Taglich Brothers:
Taglich Brothers, Inc. is full-service broker dealer focused exclusively on microcap companies. The Company defines the microcap segment of the equity market as companies with less than $250 million in market capitalization. Taglich Brothers currently offers institutional and retail brokerage services, investment banking and comprehensive research coverage to the investment community.

The Taglich Brothers' Equity Research department is dedicated to providing research reports that are informative, insightful and illuminating. Reports are designed to distill volumes of investment information into a concise, straightforward format so that busy professional investors can make informed investment decisions.

The information and statistical data contained herein have been obtained from sources, which we believe to be reliable but in no way are warranted by us as to accuracy or completeness. We do not undertake to advise you as to changes in figures or our views. This is not a solicitation of any order to buy or sell. Taglich Brothers, Inc. is fully disclosed with its clearing firm, Pershing, LLC, is not a market maker and does not sell to or buy from customers on a principal basis. The above statements are the opinion of Taglich Brothers, Inc. and are not a guarantee that the target price for the stock will be met or that predicted business results for the company will occur. There may be instances when fundamental, technical and quantitative opinions contained in the reports are not in concert. We, our affiliates, any officer, director or stockholder or any member of their families may from time to time purchase or sell any of the above-mentioned or related securities. Analysts and members of the Research Department are prohibited from buying or selling securities issued by the companies that Taglich Brothers, Inc. has a research relationship with, except if ownership of such securities was prior to the start of such relationship, then an Analyst or member of the Research Department may sell such securities after obtaining expressed written permission from Compliance. All research issued by Taglich Brothers, Inc. is based on public information. Taglich Brothers, Inc. does not currently have an Investment Banking relationship with the company mentioned and was not a manager or co-manager of any offering for the company within the last three years. In July 2012 the company paid an initial monetary engagement fee of US$9,000 to Taglich Brothers, Inc. representing payment for six months of creation and dissemination of research reports. In July 2013 the company paid another monetary engagement fee of $4,500 to Taglich Brothers, Inc. representing payment for three months of the creation and dissemination of research reports, after which the company will pay Taglich Brothers, Inc. a monetary fee of US$1,500 per month for a minimum of nine more months for such services.

Richard Oh

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