GROUPE ATHENA, INC. POSTS STRONG 1ST QUARTER RESULTS
Nov 09, 2015
OTC Disclosure & News Service
Mumbai, MHT, India -
Groupe Athena, Inc. (Pink sheets GATA.PK) today announced revenues of $22,672,908 for the period ending September 30, 2015, which represents an increase of $2,490,946 over the same period in 2014. Gross income before depreciation, amortization and taxes was $1,485,704 and reflects a Research and Development charge of $2,116,729.
Cash reserves in the form of short term investments and deposits remain strong and the Company is confident they will continue to fund any ongoing R&D expense from revenues.
In related news the Company is extremely pleased to report that research and development of their manufacturing processes for Atorvastatin is progressing well. During the quarter, the company continued its Pharmacokinetic (PK) modeling as part of its preclinical studies in its continuing efforts to start production of Atorvastatin Calcium. Pharmacokinetic modeling is a mathematical technique for predicting the effect and efficacy of drug dosing over time. Broadly speaking, pharmacokinetic models describe how the body reacts to a drug in terms of absorption, distribution, metabolism, and excretion.
The Indian pharmaceutical industry is increasingly focusing on exports to the United States and GATA is well positioned to help them get their products approved by the FDA for sales in the US. All of these are potential clients and the Company believes it has an advantage over competitors due to the facilities based in India, and their ability to deliver quick feedback to clients that could result in expedited order generation. With recent additions to equipment, the company will continue to take on additional contracts and continue to anticipate further growth.
About Groupe Athena, Inc.
Groupe Athena, Inc. was incorporated in June 2008 and began operations on July 1 of that year. The company is a research and testing organization and helps various pharmaceutical and medical products and devices companies in India and Southeast Asia to get regulatory approvals and facilitate exports of their products to the United States. The Company accomplishes this by assisting clients from concept through development, providing consultation on regulatory requirements, filings and processes.
