LOS ANGELES, June 06, 2024 (GLOBE NEWSWIRE) -- ViaDerma, Inc. (OTC Pink: VDRM) is pleased to announce that on May 13, 2024, the Company released its quarterly report for the period ending March 31, 2024. The report shows a 3700% increase of cash on hand over the same period last year rising from $9,933.00 to $377,901. While the Company realized only a very slight increase in gross profits, they did have a 52% reduction in operating expenses for the quarter, lowering their costs from $93,356 during the first quarter last year to $44,744.
Additionally, the report reflected a loan of $700,000 to CEO Dr. Otiko. Dr. Otiko has funded many of the Company's expenses over the past several years from his own resources in order to keep ViaDerma from getting into costly debt. In lieu of taking the $700,000 as payment for his significant expenditures, Dr. Otiko chose to take the money as a loan to help ViaDerma retain its current fiscal soundness. On May 28, 2024, Dr. Otiko paid the loan back to the Company in full. ViaDerma is currently holding approximately $1 million in cash and has sufficient cash on hand and current revenues to fund operations without the need to take on any debt.
The Company is also announcing they are now hiring 3 new full-time employees who will be responsible for the expansion of international sales.
"We are currently in the strongest financial position in which we have ever been, said, Dr. Christopher Otiko, President of ViaDerma. This is the right time for us to bring on additional staff that will be in responsible for expanding our international sales."
About ViaDerma, Inc.
ViaDerma, Inc. (OTC: VDRM) is a publicly traded specialty pharmaceutical company committed to bringing new products to market and licensing its innovative transdermal drug delivery technology solutions to current leaders in the pharmaceutical industry in a wide variety of therapeutic areas. For more information, please visit: https://viaderma.com
Any forecast of future performance is a "forward looking statement" under securities laws. Such statements are included to allow potential investors the opportunity to understand management's beliefs and opinions with respect to the future so that they may use such beliefs and opinions as one factor among many in evaluating an investment.
Contact information:
Investor Relations
Email: ir@viaderma.com
Phone: 310-734-6111
Follow ViaDerma on Twitter: https://twitter.com/viaderma
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