GOLDEN, Colo. � May 3, 2011 (Investorideas.com Newswire) - Vitro Diagnostics, Inc. (OTCQB:VODG), dba Vitro Biopharma, announced progress and achievement of key financial goals in the transformation of the Company from a research operation to a profitable commercial operation with sustained earnings growth. Income was recently increased by $200,000 through license fees obtained by licensing our fertility drug patents, products and technology. This infertility treatment technology was developed previously and is no longer a primary operational goal as the Company is now focused on commercialization of stem cell products and technology. Thus, the recent license of this intellectual property allows the Company to monetize previously written-off assets through income from license fees and potential sales royalties while also pursuing additional product revenues through sales of its stem cell products.
marketing plan currently targets select distributors together with direct sales to key accounts representing substantial sales volume. We are now in discussions and product evaluations with distributors and key initial accounts. Numerous studies by the Company and other independent groups have shown strong competitive advantages of the Company's stem cell media. We intend to leverage our highly competitive media products into aggressive penetration of this emerging market. Management projects achievement of profitable operations by the end of its current fiscal year (10-31-11) or sooner.
To sustain future revenues and earnings growth, the Company intends to expand and improve its current product offering of tools for stem cell research and is now developing clinical grade products to support clinical trials and eventual therapeutic applications of stem cells. Furthermore, the Company intends to identify synergistic M&A candidates with existing product sales and profits to provide rapid growth of revenue and earnings. Early stage discussions are now underway with a privately held stem cell firm regarding a business combination with the Company.
Current liabilities have also been reduced by $250,000, through fees obtained from recent patent out-licenses and debt refinancing activities. Operating expenses have also been reduced by approximately $100,000 (37%) per year through debt service expense reduction, reduction of interest expenses, and executive salary reduction. These activities enable a more rapid turn-around and improve shareholder's equity.
About Vitro Diagnostics, Inc.
Vitro Diagnostics, Inc. dba Vitro Biopharma (OTCQB: VODG) (http://www.vitrobiopharma.com), owns U.S. patents for production of FSH, immortalization of pituitary cells, and a cell line that produces beta islets for use in treatment of diabetes. Vitro also owns a pending international patent for generation of pluripotent stem cells. Vitro's mission is "Harnessing the Power of Cells™" for the advancement of regenerative medicine to its full potential. Vitro operates within a modern biotechnology manufacturing, R&D and corporate facility in Golden, Colorado. Vitro manufactures and sells "Tools for Stem Cell and Drug Development™", including human mesenchymal stem cells and derivatives, optimized media for stem cell self-renewal and lineage-specific differentiation. Vitro recently formed a strategic alliance with HemoGenix�, Inc. (http://www.hemogenix.com/) to jointly manufacture and distribute Lumenesc™ and LumiSTEM™ quantitative assays for determination of stem cell quality, potency and response to toxic agents.
Safe Harbor Statement
Certain statements contained herein and subsequent statements made by and on behalf of the Company, whether oral or written may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are identified by words such as "intends," "anticipates," "believes," "expects" and "hopes" and include, without limitation, statements regarding the Company's plan of business operations, product research and development activities, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, acceptability of the Company's products in the market place, general economic conditions, receipt of additional working capital, the overall state of the biotechnology industry and other factors set forth in the Company's filings with the Securities and Exchange Commission. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.
1. Market research data provided by BCC Research.
Vitro Diagnostics, Inc.
Dr. James Musick, 303-999-2130
Chief Executive Officer