“The Company has positioned itself for continued growth in the first quarter. The strong sales in the Sphingo Biotechnology division validate our focus on the biotechnology sector for expansion,” said Dr. Jeffrey Tate, President of CTD Holdings, Inc.
Alachua, FL (PRWEB) May 15, 2014
CTD Holdings, Inc., a manufacturer of cyclodextrins, (OTCQB:CTDH) reported product sales of $560,325 for the first quarter ended March 31, 2014. The Trappsol(R) Cyclo(TM) orphan drug product generated first-quarter sales of $418,000, a 97% increase from the same period a year ago. Cash increased to $873,000 during the first quarter due to strong sales and $500,000 raised in a private placement of equity.
First Quarter 2014 highlights include:
- Sales of the Company’s orphan drug Trappsol(R) Cyclo(TM) increased 97% from the same period in 2013.
- Cash flows from operations rose 70% to $194,000, compared with $114,000 in the same period in 2013.
- The Company raised $500,000 in equity through the private placement of 10 million shares of common stock.
- The Company expanded its Board of Directors to six seats, and appointed N. Scott Fine, Markus W. Sieger and F. Patrick Ostronic to the board.
- The Company entered into a Securities Purchase and Collaboration Agreement with Novit LP under which the Company issued 4 million shares of common stock and raised $1 million in equity capital.
“The Company has positioned itself for continued growth in the first quarter. The strong sales in the Sphingo Biotechnology division validate our focus on the biotechnology sector for expansion.” said Dr. Jeffrey Tate, President of CTD Holdings, Inc. “Our expanded Board is a dynamic team, directing the expansion of our core businesses. I look forward to continued growth as we move forward.”
About the Company:
The CTD Holdings, Inc. Family of Companies manufactures and markets the trademarked Trappsol(R) and Aquaplex(R) cyclodextrins, cyclodextrin derivatives, and cyclodextrin complexes for research, nutrition, cosmetic and medical markets. NanoSonic Products, Inc. operates the world's only cGMP pulse drying facility for the production of ultra-pure cyclodextrin derivatives and pharmaceutical grade Aquaplex(R) cyclodextrin complexes. The companies offer a wide variety of cyclodextrin related manufacturing services to worldwide customers, including custom formulation, manufacturing, and commercial scale supply of pharmaceutical grade cyclodextrin complexes. For additional information, visit the Company's websites: http://www.ctd-holdings.com and http://www.cyclodex.com
Safe Harbor Statement:
This press release contains "forward-looking statements" about the Company's current expectations about future results, performance, prospects and opportunities. Statements that are not historical facts, such as "anticipates," "believes" and "expects" or similar expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could cause actual results in future periods to differ materially from what is expressed in, or implied by, these statements. The factors which may influence the Company's future performance include the Company's ability to obtain additional capital to expand operations as planned, success in attracting additional customers and profitable contracts, and regulatory risks associated with producing food and pharmaceutical grade products. These and other risk factors are described from time to time in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's reports on Forms 10-K and 10-Q. Unless required by law, the Company assumes no obligation to update or revise any forward-looking statements as a result of new information or future events.
Sitrick And Company
Wendy Tanaka, (415) 369-8447, wtanaka(at)sitrick(dot)com
Thomas Mulligan, (212) 573-6100, Ext. 395, tmulligan(at)sitrick(dot)com
Source: CTD Holdings, Inc.