RestorGenex Reports Second Quarter 2014 Financial Results
8/15/2014 8:30:07 AM
CHICAGO--(BUSINESS WIRE)--RestorGenex Corporation (OTCQB: RESX), a specialty biopharmaceutical company initially focused on developing products for dermatology, ophthalmology and women’s health, today reported on its cash balance as of June 30, 2014 and its financial results for the second quarter of 2014.
The Company’s cash and cash equivalents as of June 30, 2014 were approximately $27.1 million. RestorGenex incurred a net loss of approximately $4.5 million or ($0.35) per share for the quarter ended June 30, 2014, compared to net income of $2.3 million or $0.82 per share for the same period in 2013. The increase in the net loss was due primarily to $10.6 million in other income recognized in 2013 for non-cash gains on adjustments to the fair value of the Company’s previously owned derivative liability and extinguishment of that derivative liability combined with higher expenses in 2014 associated with the Company’s research and development efforts to advance its technologies and products.
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