Golden, Colorado—March 1, 2016 —Vitro Diagnostics, Inc. (OTCQB: VODG), dba Vitro Biopharma, announced increased revenues during its first fiscal quarter 2016 of 143% compared to the same period in 2015, predominately due to further increased sales of its cell lines and MSC-Gro™ Brand of cell culture media products. Vitro Biopharma’s cell line product sales are being driven by sales of our cancer-associated fibroblasts (CAFs). We are now adding key new products to our CAF and stem cell-derived cellular lineage product lines. Sales of MSC-Gro™ Cell Culture media for both research and clinical studies also continued to grow in early 2016 as also occurred during 2015. Our Clinical Grade MSC-Gro™ is now being used in clinical trials of osteoarthritis (OA), to a partner who requires anonymity. This product is manufactured in strict adherence to applicable GMP requirements that is a key property for its use in clinical trials. Our Clinical Grade MSC-Gro™ was qualified through extensive testing and has been used in OA clinical trials for the past year. Our Clinical Grade MSC-Gro™ is being used to expand patient-specific MSCs to obtain a sufficient amount of cells for direct injection and back-up injections into afflicted joints to induce cartilage regeneration and other regenerative effects to restore function, without requiring joint replacement. These trials are now providing evidence of safety and efficacy. Osteoarthritis is major global health issue affecting 10% of the US population at a total health care cost exceeding $40 billion per year. We anticipate additional demand for MSC-Gro™ and have plans to expand production capacity for Clinical Grade MSC-Gro™ by 5-fold during 2016.
In addition we are continuing to develop our TBI clinical trials and concussion support services. We are in discussions with centers regarding these trials and we are also gaining CLIA certification of our clinical laboratory for biomarker profiling critical to monitoring the status of concussion patients. Vitro Biopharma has previously operated a CLIA Certified clinical reference laboratory during the early 1990’s. Our cell-based assay service is expanding through enhanced analytical capability in genetic expression and methylation analysis as part of our growing epigenetic analytical capability. We are also developing a new product line to provide stem cell activation using natural products. We anticipate launch of our concussion support service during spring 2016.
Dr. Jim Musick, Vitro Biopharma’s president and CEO said, “We are pleased to announce our early 2016 results showing increased demand for Vitro Biopharma’s products and services. We have appropriate expansion activities to support continued growth of our revenues to achieve profitable operations. Also, our financial partnership with C. Brooke Partners is now yielding additional opportunities for accelerated growth through strategic alliance and M&A opportunities. We look forward to continued expansion into stem cell therapeutic markets including support of stem cell transplantation therapy by use of our highly competitive Clinical Grade MSC-Gro™ expansion media and through use of our proprietary technology for stem cell activation therapy, especially for neurological conditions including TBI &concussion.”
About Vitro Biopharma
Vitro Biopharma’s (http://www.vitrobiopharma.com/) mission is “Harnessing the Power of Cells™” for the advancement of regenerative medicine to its full potential. Vitro Biopharma operates within a modern, GMP-compliant biotechnology manufacturing and R&D facility in Golden, Colorado. Vitro Biopharma manufactures and sells “Tools for Stem Cell and Drug Development™”, including human mesenchymal stem cells and derivatives, the MSC-Gro™ Brand of optimized media for MSC self-renewal and lineage-specific differentiation. Our cell lines also include cancer-associated fibroblasts (CAFs) derived from lung, colorectal, ovarian, uterine and pancreatic tumors. In addition, we provide MSC-derived progenitor cells, including neural stem cells (NSCs), nephron progenitor cells (NPCs) as well as a growing line of terminally differentiated cells: cholinergic, dopaminergic and sensory neurons, osteoblasts, chondrocytes, cardiomyocytes, and renal tubular epithelial cells. A primary application of these terminally differentiated cells is cell-based assays for drug discovery and pre-clinical toxicology of drugs, drug candidates and drug combinations that may produce toxic effects on cardiac, neural or renal cells, either directly or through metabolites derived from the interaction of drugs with specific cells such as liver cells. Vitro Biopharma now provides its Clinical Grade MSC-Gro™ Media for expansion of stem cells prior to transplantation for clinical studies of osteoarthritis treatment and products for use in preliminary studies of stem cell activation therapy for ASD & autoimmunity.
Vitro Biopharma received the Frost and Sullivan Technology Innovation Leadership Award for the industry sector: Stem Cell Tools and Technology in North America, 2014.
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Statements herein regarding financial performance have not yet been reported to the SEC nor reviewed by the Company’s auditors. 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.
Dr. James Musick
Chief Executive Officer
(303) 999-2130 Ext. 3