AtheroNova (OTCBB: AHRO) is an early stage biotech company focused on discovery, research, development and licensing of novel compounds to reduce or regress atherosclerotic plaque deposits. The Company's focus on compounds to reduce or eliminate atherosclerotic plaque deposits addresses the most lucrative segments of the multi-billion dollar prescription drug market: cardiovascular disease and stroke prevention.
The Company announced that it has released financial results for fiscal 2011. Since it is a development stage company, "no revenues were recognized in the twelve months ended December 31, 2011. Losses from operations were $2,560,235 for 2011 compared to $2,679,435 in 2010. Net income was $4,263,286, or $0.17 per basic share ($0.15 diluted), in the year ended December 31, 2011 compared to a loss of $15,656,852, or ($0.70) per basic and diluted share, for the year ended December 31, 2010."
AtheroNova CEO Thomas W. Gardner commented,
"This past year was a period of clear progress as we significantly enhanced our management team and scientific advisory board. The regression and prevention of atherosclerosis represents a multi-billion dollar market. This considerable market size and identifiable near term milestones positions us for a significant growth opportunity. We continue to remain on track with our development activities and 2012 will be a year of substantial evolution. We continue to advance the AHRO-001 product, as we recently announced the first shipment to our R&D partner, CardioNova; a clear milestone as we prepare for our upcoming human clinical trials. As CardioNova commences toxicology studies conducted for Russian regulatory purposes, we expect our progress to accelerate in the coming months as we achieve additional development milestones."