Radient Pharmaceuticals Announces Second Quarter 2010 Financial Results -- Anticipating 4th Qtr Profitability

August 17, 2010 |

5 min read

TUSTIN, CA--(Marketwire - August 17, 2010) - Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) announced today that it has filed a Notification of Late Filing under Rule 12b-25 of the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission (the “SEC”) for its Quarterly Report on Form 10-Q for the second quarter ended June 30, 2010. The Company has now filed its unaudited results and the filing of its Form 10-Q with the SEC for the fiscal year second quarter 2010.

For the three-month period ending June 30, 2010, RPC reported revenues of approximately $45,000, as compared with corporate segmented revenues of approximately $3,181,043 in the second quarter of FY2009. RPC reported a comprehensive second quarter loss of approximately $29,290,054 ($1.00 per share) in FY2010, compared to approximately $8,095,558 ($0.51 per share) in FY2009. Interest expense, the fair value of debt conversions and impairment on our investment in JPI, contributed approximately $26.3 million (or nearly 90%) to this loss during the period ended June 30, 2010.

According to Douglas MacLellan, Chairman and CEO of Radient Pharmaceuticals, “We anticipate that value of the 3rd & 4th quarter sales of Onko-Sure and the monetization of JPI to be large drivers during the second half of 2010. We have been executing a low risk path to achieve profitability by the fourth quarter of fiscal year 2010 and have made marked progress on many fronts. We remain steadfast in our aggressive effort to meet this important milestone by the stated date with a simultaneous focus to build Radient Pharmaceuticals for the long-term.”

RPC Business Milestones
Over the past 4 and half months we have made remarkable progress on various corporate objectives. These 23 various objectives are noted below:

April 7, 2010 - Collaboration agreement with Jaiva Technologies to advance commercialization of CIT cancer vaccine in India.
April 8, 2010 - Extended sales and distribution partnership to market Onko-Sure as a general cancer screen in India.
April 9, 2010 - Extended sales and distribution partnership with GenWay Biotech for the commercialization of Onko-Sure in Russia and the former Soviet Republics.
April 13, 2010 - Completed 2^nd closing of convertible promissory note financing.
April 14, 2010 - Published a peer-reviewed journal article written by Dr. Andrea Small-Howard and Mr. Holden Harris titled “Advantages of the AMDL-ELISA DR-70 (FDP) Assay Over Carcinoembryonic Antigen (CEA) for Monitoring Colorectal Cancer Patients.”
April 16, 2010 - Completed third closing of convertible promissory note financing.
April 21, 2010 - Presented Onko-Sure® in vitro diagnostic (IVD) cancer test at the 46th Annual Meeting of the American Society of Clinical Oncology (ASCO) in Chicago from June 4-8, 2010.
April 22, 2010 - On April 22, 2010 RPC launched Clinical Laboratory Improvement Amendments (CLIA) laboratory testing services in the US and Canada.
April 26, 2010 - established a cancer-specific medical advisory board.
April 29, 2010 - Completed 4^th and final closing of convertible promissory note financing.
May 4, 2010 - Announced Provista Life Sciences LLC (PLS) independently validated Onko-Sure as a potential screening tool for breast cancer detection.
May 5, 2010 - Announced collaboration agreement with Provista Life Sciences to provide CLIA services for Onko-Sure.
June 2, 2010 - Announced collaboration agreement with Perceptive Imagineering LLC to expand commercialization of Onko-Sure in Latin America.
June 7, 2010 - Announced Provista Life Sciences initiated validation study of Onko-Sure for use as a general cancer screen.
June 11, 2010 - Launched interactive Onko-Sure.com website.
June 14, 2010 - Announced New Delhi, India-based Gaur Diagno, Pvt Ltd distribution partner outlined plans to implement a government supported general cancer screening program for select populations.
June 24, 2010 - Announced partner Jaiva planning to submit a clinical trial application to the Central Drugs Standard Control Organization (CDSCO) in India to commence human phase II trials for RPC’s Combination Immunogene Therapy (CIT) technology as a vaccine therapy for non-small cell lung carcinoma (NSCLC).
July 13, 2010 - Finalized LOI to acquire Provista Diagnostics Inc.
July 20, 2010 - Named Dr. Robert Beart Jr. to RPC’s Board of Directors.
July 22, 2010 - Presented Onko-Sure® in vitro diagnostic (IVD) cancer test at the AACC Annual meeting and Clinical Lab Expo.
July 28, 2010 - Announced Jade Pharmaceuticals LOI to acquire Shanxi Baotai Pharmaceuticals Co. Ltd.
August 12, 2010 - Appointed Gary Giarratano as Director of North American Sales and Marketing.
August 16, 2010 - Hired Director of Onko-Sure® manufacturing.

For additional information on Radient Pharmaceuticals, ADI and its portfolio of products visit the Company’s corporate website at www.Radient-Pharma.com. For Investor Relations information contact Kristine Szarkowitz at IR@Radient-Pharma.com or 1.206.310.5323.

About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals is dedicated to saving lives and money for patients and global healthcare systems through the deployment of its Onko-Sure® in vitro diagnostic cancer test. The company’s focus is on the discovery, development and commercialization of unique high-value diagnostic tests that help physicians answer important clinical questions related to early disease detection; treatment strategy; and the monitoring of disease progression, prognosis, and diagnosis to ultimately improve patient outcomes. Radient Pharmaceutical’s current Onko-Sure® cancer test is used to guide decisions regarding patient treatment, which may include decisions to refer patients to specialists, perform additional testing, or assist in the selection of therapy. To learn more about our company, people and potentially life-saving cancer test, visit www.radient-pharma.com.

Forward-Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company’s operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.