OVIT OncoVista Innovative Therapies Inc (CE)

OncoVista Innovative Therapies, Inc. (Pink Sheets: OVIT) reported continued strong growth in revenue, in the third quarter of 2009. For the nine months ended, revenues increased to $697,456 up from $249,565 in the prior year period. Net loss per diluted share was $0.22 compared with a loss of $0.32 per diluted share in the prior period.

“The increase in our revenues is due to two factors,” said Dr. Alexander L. Weis, President of OncoVista Innovative Therapies, Inc. “Sales of our proprietary kits being sold under the brand AdnaGen™ continue to increase and are now sold in more than ten countries and the United States. The Company also received its first tranche of research and development revenues from the BioRN Cluster Management GmbH (BioRN), a public-private consortium of biotech companies of which AdnaGen AG is a member. (BioRN was selected by the German Federal Ministry for Education and Research (BMBF) as one of the five most significant high-tech regions in Germany. As part of this recognition, BioRN is receiving part of the 200 million Euro ($300 million) BMBF federal grant.)”

“In addition,” Dr. Weis stated, “the Company’s operating expenses were reduced by almost 30% which was one of the milestones of the Company’s business plan to increase shareholder value through increased revenues. OncoVista expects to continue its research and development programs with some of the expenses offset by the R&D revenues received from the government and various industrial resources.”

 

3 Months Ended

 

9 Months Ended

    2009 2008 2009 2008 Total revenues $ 239,786.00 $ 90,315.00 $ 697,456.00 $ 249,565.00

 

Total operating expenses

$ 1,248,571.00 $ 1,848,512.00 $ 4,828,706.00 $ 6,687,344.00   Loss from operations $ (1,064,491.00 ) $

(1,845,939.00

) $ (4,021,757.00 ) $ (5,795,596.00 )   Total other income, net $ (55,706.00 ) $ (87,742.00 ) $ 78,182.00 $ 642,183.00   Net loss per share - basic & diluted $ (0.06 ) $ (0.10 ) $ (0.22 ) $ (0.32 )   Weighted average # of shares outstanding basic & diluted 18,316,475 18,296,475 18,316,475 18,209,614

OncoVista Innovative Therapies, Inc. is a biopharmaceutical company involved in the development of targeted anticancer therapies by using tumor-associated biomarkers. In conjunction with its subsidiary, AdnaGen AG which is based in Langenhagen, Germany, the Company has developed and currently markets patented diagnostic kits in Europe for the detection of circulating tumor cells in patients with breast, colon, ovarian and prostate cancers under the brand name AdnaGen™. The Company has also developed research products for the detection of steroid receptors and cancer stem cells and has research contracts in place with major pharmaceutical companies and recognized U.S. research facilities.

OncoVista has an experienced management team specialized in development of targeted, anticancer drugs. OncoVista’s targeted drug development uses the proprietary, state-of-the-art molecular platform of AdnaGen AG. Further information on OncoVista can be found at www.oncovista.com.

BioRN Cluster Management GmbH is a public-private partnership between the Rhine-Neckar BioRegion, the Heidelberg Technology Park, the Rhine-Neckar Chamber of Commerce and the Rhine-Neckar Metropolitan Region. The Company is charged with the coordination, integration, development and marketing of the Biotech Cluster Rhine-Neckar (BioRN) – one of the leading life science clusters in Europe. In addition to research institutions such as the University of Heidelberg, the Berman Cancer Research Center (DKFZ) and the European Molecular Biology Laboratory (EMBL), 60 small and medium sized biotech enterprises are represented within the cluster. Important strategic partners are the companies Roche, Merck Serono and Abbott, as well as the cities of Heidelberg and Mannheim. The activities of the BioRN Cluster Management GmbH are supported by the Ministry for Science, Research and the Arts of the State of Baden-Wuerttemberg. For more information, go to www.BioRN.org.

The German government’s pharmaceutical initiative was created to strengthen Germany’s biotechnology and pharmaceuticals industries. By encouraging consortiums and networking among small and large companies and partners from science and clinical practice, the German government hopes to strengthen the development of innovative pharmaceuticals from research to production enabling German companies to compete more effectively in the 21st Century global marketplace. The Initiative is administered by the Ministry of Education and Research (BMBF). In addition to the awards, the BMBF is also offering research bonuses equal to 25% of a contract up to €100,000 ($150,000) as incentives to encourage collaboration with small and mid-sized enterprises to convert more ideas into products, processes and services.

For more information about this German Government initiative go to http://www.bmbf.de.

Forward-Looking Statements: A number of statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements.