DigiPath Raises $2.2 Million & Reports 2nd Quarter Financial Results
Source: Wall Street Journal
I do not usually have or make any comments on press releases re-posted but this one is worth commenting upon. First public news I am aware of from DigiPath in about six months includes note of a new president of a parent company (DigiPath, Inc.) to DigiPath, Corp.
DigiPath, Inc. (http://www.digipath.com), according to its website, “Aims to become a trusted brand providing the gold standard of support services targeting botanical nutraceutical markets. We ensure consistency and quality by setting the industry standards for testing and professional education.” DigiPath, Inc., (http://www.digipath.biz) through its subsidiary, DigiPath, Corp., develops and sells the affordable, innovative, and reliable digital pathology solutions for second opinion, consultation, tumor board, archiving, and educational purposes for improved workflow, analysis and data mining in support of pathology in academic medical centers, reference laboratories, biopharma organizations, and life science research institutions.
AGOURA HILLS, Calif., May 14, 2014 /PRNewswire/ — DigiPath, Inc. (OTCBB and OTCQB: DIGP), a life sciences company focused on nutra-pharmaceuticals and pathology, is pleased to announce that it has raised $2.2 million in growth capital from individual accredited investors and filed its second quarter financial results with the SEC for the fiscal period ending March 31, 2014.
“With financing in place, we expect renewed growth in revenue over the near-term as we reinvest in sales and prepare to launch new products in the nutra-pharmaceutical space,” said DigiPath’s President Todd Denkin.
DigiPath raised $2.2 million from individual accredited investors in its second round of financing this year on May 12, 2014. In aggregate, DigiPath has raised $8.2 million so far this year to support its growth initiatives designed to build long-term shareholder value.
Revenues for the three months ended March 31, 2014 were $51,000, compared to $202,000 for the same three months last year. Revenues for the six months then ended were $106,000, compared to $307,000 for the same six months last year. The decline in revenue was primarily attributed to insufficient capital available for sales and marketing expenditures required to maintain and grow revenue. Net loss for the three months ended March 31, 2014 and 2013 were $265,000 and $103,000, respectively. Net loss for the six months ended March 31, 2014 and 2013 were $298,000 and $209,000, respectively. The net loss for both the three month and six month periods ending March 31, 2014 was $0.05 per share.
The complete 10-Q filing may be viewed on the company’s website at www.digipath.com.
About DigiPath, Inc.
DigiPath, Inc., through its subsidiary, DigiPath, Corp., develops and sells the affordable, innovative, and reliable digital pathology solutions for second opinion, consultation, tumor board, archiving, and educational purposes for improved workflow, analysis and data mining in support of pathology in academic medical centers, reference laboratories, biopharma organizations, and life science research institutions. Our digital pathology image-based information environment enabled by computer technology that allows for the management of information generated from a digital slide. Digital pathology is enabled in part by virtual microscopy, which is the practice of converting glass slides into digital slides that can be viewed, managed, and analyzed. Our digital pathology products, PathScope(TM), PathCloud(TM), PathReview(TM), and PathConsult(TM) provide a digital platform to share and store archive tissue images. DigiPath, Inc. is also currently exploring new lines of business associated with the research, development, licensing and operation of botanical and nutra-pharmaceutical products and services, including, without limitation, the licensing of brand name nutra-pharmaceutical products. For more information DigiPath, Inc. please visit: www.digipath.com.
Source: Wall Street Journal
