May 11, 2010 - Star Scientific has reported revenue of $0.2 million for the first quarter of 2010 and a net loss of $4.9 million. Star said that losses generated from operating expenses continued to impose significant demands on liquidity.
Cash needs during the remainder of 2010 included those to cover litigation costs of roughly $1.6 million in connection with the company's patent infringement lawsuit against RJ Reynolds. Appellate counsel for Star filed the company's opening brief in its appeal of the June 2009 trial verdict with the US Court of Appeals for the Federal Circuit on May 5.
Test market launch CigRx™.. The company expects continuing cash requirements associated with the test market launch of CigRx™, the non-nicotine nutraceutical product (any substance that is a food or a part of a food and provides medical or health benefits, including the prevention and treatment of disease)developed by its Rock Creek Pharmaceuticals subsidiary. First quarter expenses related to CigRx™ totaled roughly $1.3 million. The company currently is engaged in a number of pre-market efforts in connection with the launch. It also is finalizing marketing plans with Gerbig, Snell, Weisheimer Advertising LLC. (GSW), a subsidiary of InVentiv Health. GSW will supply sales and marketing support when the test market commences. (Star Scientific - new product (in 2010) to help adult smokers maintain a nicotine-free metabolism..)
References: Star Scientific Files First Quarter Financial Report, PRNewswire, 5/10/2010; Star gears up for nutraceutical launch, Tobacco Reporter, 5/11/2010.
Some related Star Scientific news briefs:
Star Scientific - continue incurring losses on its smokeless-tobacco products..;
Star Scientific asks FDA to certify lozenge less harmful..;
Star Scientific denied new trial in patent infringement - files appeal..;
Star Scientific - NASDAQ trading symbol changed to CIGX..;
Star Scientific - new product (in 2010) to help adult smokers maintain a nicotine-free metabolism..;
Star Scientific - will use its low-nitrosamine tobacco curing process to formulate smokeless tobacco dissolvable smokeless products..
Star Scientific - q2 2009 report..;
Star Scientific - Filing patent for zero-nitrosamine tobacco curing process..;
Star Scientific - 2008 annual report/Stonewall vs other OTC NRTs..;
Star Scientific Corporate Study Stonewall Lozenge in NRT..;
Star Scientific Files Third Quarter Financial Report..;
Star Scientific wants to augment sales of their tobacco lozenges..;
Star Scientific , second quarter 2008, sales down 23.6%..;
Star Scientific Applauds Recent State Legislation - Banning Smoking in Cars with Children..