Star Scientific yesterday reported net sales for the year ended December 31 of $6.2 million, up from $1.2 million during 2011.
The company said that sales of its Anatabloc® dietary supplement constituted the vast majority of its total sales for 2012.
Star reported a net loss of $22.9 million for 2012, compared with a net loss of $38.0 million for 2011. ‘The net loss for 2012 includes other income of $6.6 million, primarily in connection with the September 2012 settlement of the RJ Reynolds patent litigation matters,’ the company said in a note posted on its website.
Meanwhile, the company said that it had discontinued the sale of its low-TSNA smokeless tobacco products and completed its transition from the tobacco manufacturing business as of the end of December in order to focus exclusively on its dietary supplements, related cosmetic products, and potential pharmaceutical products.
‘This decision was made, among other reasons, because manufacturing dissolvable tobacco products negatively impacted the company’s ability to interest leading research centers in undertaking clinical research related to its dietary supplements and the principal compound in those products, anatabine citrate,’ Star said.
‘The company’s corporate intent is to embrace the biotech landscape as it focuses on a range of wellness products, both in the nutraceutical and pharmaceutical areas.
‘At the same time, the company will continue to explore licensing opportunities for its patented StarCured® tobacco curing process and for its related low-TSNA dissolvable tobacco products and technology.’
Category: Breaking News