LOWELL, MA -- (Marketwired) -- 03/28/16 -- Viatar CTC Solutions, Inc. (OTCQB: VRTT), the cancer dialysis company, today filed its annual report on Form 10-K with the Securities and Exchange Commission. The filing no longer contains a "going concern" qualification from the Company's auditors.
Viatar also announced that the $4.2 million Series B preferred stock financing announced on February 29, 2016 has now been fully funded.
"With the full funding of our $4.2 million financing Viatar has greatly strengthened its capital position; and the independent auditor's report on our financial statements for 2015 does not include the 'going concern' qualification which is typical for startup companies," said Ilan Reich, Chairman and CEO of Viatar. "The completion of this financing provides us with the funding that will enable us to complete the significant engineering, manufacturing and regulatory compliance tasks in order to obtain CE Mark approval. We project commercialization of our Therapeutic Oncopheresis System in Europe and Canada in 2017. We are also pursuing the FDA approval process on a parallel track. Viatar is now firmly on the path to commercialization next year and improving the outcomes for overall survival for a wide range of solid tumor cancers."
About Viatar CTC Solutions
Viatar CTC Solutions Inc., the cancer dialysis company, is a medical technology company focused on the treatment of patients with metastatic cancer. The company's lead product, the Viatar™ Therapeutic Oncopheresis System, removes circulating tumor cells from whole blood using size and deformation based cross-flow filtration. Pending regulatory approval targeted for 2017, it will be used as a periodic therapy to improve overall survival for a wide range of solid tumor types such as lung, breast, colon, prostate and gastric cancers. This proprietary technology also powers the company's liquid biopsy products, which are collection systems for use by genetic testing companies, researchers and medical oncologists that provide a greater quantity and purity of circulating tumor cells for their molecular analysis and personalized medicine objectives.
Forward Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC.
For More Information:
For Viatar CTC Solutions:
PCG Advisory Group
407-644-4256, ext. 104
PCG Advisory Group