XRpro Sciences Announces Fiscal 2014 Financial Results
CAMBRIDGE, Mass., March 27, 2015 /PRNewswire/ -- XRpro Sciences, Inc., a provider of a unique platform for drug discovery and development services which features high throughput transporter and ion channel assays for the pharmaceutical industry, announced financial results for the year ended December 31, 2014.
Timothy C. Tyson, Chairman of XRpro Sciences commented, "We have completed a number of steps to successfully transition from development stage to commercial stage in large part by achieving several stated goals including, settling certain of our legacy litigation and building the management and technology teams, highlighted by hiring Richie Cunningham as our new President and CEO." He continued, "Additionally, we changed the Company's name to XRpro Sciences to better reflect our technology and business focus and secured the necessary capital to execute the plan to commercialization, achieving a flattened (simplified) capital structure intended to better attract new investors and to prepare the Company to publicly trade its shares."
XRpro Sciences reported operating revenues for the year ended December 31, 2014 of $541,794 as compared to operating revenues of $708,273 for the prior year. The Company reported gross profit/ (loss) of $(66,256) for 2014 and gross profit of $200,507 for 2013.
Net loss applicable to common stock for 2014 totaled $(569,288) or $ (0.14) per share as compared to net loss of $(5,881,319) or $(1.39) per share for 2013. The improvements in net income during the current period were primarily due to the litigation settlement of $7 million prior to pending expenses and the net movement of derivative liability in the amount of $2,808,129. The weighted average number of common shares outstanding was 4,075,675 for 2014.
Richie Cunningham, President and CEO of XRpro Sciences stated, "In 2014, XRpro Sciences set in motion the transition from a development stage technology company to a company focused on commercialization. We are optimistic about the market acceptance of XRpro® technology and services based on recent activity and interest we have experienced during the early stages of commercialization. We believe that the ability of our platform technology to enable research into difficult access Ion Channels and Transporter Assays has positioned us favorably as we look to gain market acceptance.
Recent Company Highlights:
Timothy C. Tyson assumed role as Executive Chairman
Richard Cunningham appointed President and CEO
Important patents assigned from Los Alamos National Security, LLC
Completion of equity financing of $8,855,000 led by Taglich Brothers, Inc., Investment Bank
Settlement of legacy litigation for $7 million prior to pending expenses
Company completed name change to XRpro Sciences, Inc.
Conference Call Information
Management will host an investor conference call on April 2, 2015 at 11:00 AM ET to provide updates and address investor questions. Participants will include Tim Tyson, Chairman, Richie Cunningham President & CEO and Mark Korb, CFO. Interested parties may participate by dialing 877 407-9747 (International): 412 902-0044 approximately five minutes before the call start time. A replay of the call will be available on our website for 30 days. Interested parties may also access the replay by dialing 877 660-6853 (International): 201 612-7415 and entering conference ID number 13605408.
About XRpro Sciences, Inc.
XRpro Sciences, Inc. provides a unique platform for drug discovery and development services featuring high throughput ion channel assays for the pharmaceutical industry. The Company's proprietary advances in X-ray fluorescence provide measurements that would otherwise be difficult or impossible applying other readily available technologies. XRpro® technology directly measures the activity of a drug target, without the need for costly and artifact-causing chemical dyes or radiolabels. For further information, please visit www.xrpro.com.
Daniel Boutcher – email@example.com Mobile: (973) 332-0120 Office: (212) 406-9012
Aimee Boutcher - Aimee@xrpro.com
This release includes forward-looking statements on the Company's current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements regarding our position in the market, our ability to attract new investors and the planned establishment of a trading market,. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in the Company's forward-looking statements include, among others, our ability to sell and market our technology and services, our ability to develop an active trading market and the other factors described in the Company's Report on Form 10-K for the year ended December 31, 2014 and any other filings with the SEC. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/xrpro-sciences-announces-fiscal-2014-financial-results-300056984.html
SOURCE XRpro Sciences, Inc.
Released March 27, 2015