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SOURCE DigiPath, Inc.
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™, PathCloud™, PathReview™, and PathConsult™ 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.
Information about Forward-Looking Statements
This press release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company's products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. An example of such forward looking statements in this press release include statements regarding the Company developing and completing new products and revenue growth. For a more detailed description of the risk factors and uncertainties affecting DigiPath, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
David Williams, CFO
2870 Roadside Drive, Suite 128
Agoura Hills, CA 91301
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