ENGLEWOOD, CO / ACCESSWIRE / November 14, 2019 / Aytu BioScience, Inc. (NASDAQ:AYTU), a specialty pharmaceutical company focused on global commercialization of novel products addressing significant medical needs, today will provide an overview of its business, including the company's operational and financial results for its fiscal first quarter 2020 that ended September 30, 2019. The company will host a live conference call and webcast today at 4:30 p.m. ET. Conference call details are provided at the end of this press release.

2020 First Quarter Financial and Corporate Highlights

• Reports revenue of $1.44 million for the three months ended September 30, 2019.
• Ends the quarter with cash, cash equivalents and restricted cash of $7.3 million, which does not include $10 million raised in a private placement closed subsequent to quarter end.
• Announced a definitive agreement to acquire Innovus Pharmaceuticals, Inc, and purchased a portfolio of prescription products from Cerecor, Inc, resulting in Pro Forma revenue¹ of approximately $10.6 million and $42.7 million for the three and twelve months ended September 30, 2019.
• Raised $10 million (approximately $9.3 million after fees and expenses) through a private placement with healthcare institutional investors, resulting in Pro Forma net cash², cash equivalents and restricted cash of approximately $16.6 million as of September 30, 2019.

Mr. Disbrow continued, 'While boosting our top line run rate, we also expect these transactions to accelerate the company's path to profitability. Both Innovus and the Cerecor commercial business operate at or near breakeven from a cash standpoint, so we are adding increased revenue scale without a corresponding increase in cash burn. We feel we are well positioned to reach break-even more rapidly as a result of the cost saving synergies the two transactions provide, as well as expected growth in revenue from product cross selling and increased physician reach due to the increase scale across combined sales forces. Additionally, as context, Aytu grew by 100% from fiscal 2018 to 2019, and Innovus has grown over 300% from 2017 to 2019. Through the combination of Aytu and Innovus, coupled with the asset purchase from Cerecor, we expect the consolidated entity to continue on a significant growth path while realizing operational synergies across the new combined organization to achieve profitability sooner than the company would have prior to the consummation of these combinations.'

[1] Pro Forma revenue is a non-GAAP metric calculated by combining the reported net revenues for: (i) Aytu BioScience, Inc., (ii) the net revenues associated with the acquired pediatric pharmaceutical products from Cerecor, which closed November 1, 2019, and (iii) the net revenues associated with the pending acquisition of Innovus Pharmaceuticals, Inc.

[2] Pro Forma net cash is a non-GAAP metric calculated by combining the (i) cash, cash equivalents and restricted cash on hand as of September 30, 2019, and (ii) the net cash proceeds from the October 2019 private placement financing.

Additional Corporate Highlights

• The Company re-negotiated the Natesto^® license agreement with Acerus Pharmaceuticals, Inc. to accelerate prescription growth and increase promotion to specialists:
  • Doubles the number of Natesto sales representatives; augments current Aytu sales force with nationwide specialty sales team focused on urology and endocrinology,
  • Increases gross profit, eliminates milestone payments, and removes regulatory fees and clinical trial expenses.
• The Company announced a Tuzistra^® XR co-promotion with Poly Pharmaceuticals to accelerate Rx growth and increase physician coverage:
  • Doubles the number of Tuzistra XR sales representatives,
  • Expands primary care physician promotion by over 7,500 prescribers.

• The Company announced a co-promotion agreement with Validus Pharmaceuticals for ZolpiMist^™ and launched into the $163 million psychiatry market
  • Adds 8 specialty representatives selling ZolpiMist to psychiatrists.
• The Company announced positive clinical results from a Natesto Spermatogenesis Study, which demonstrated maintenance of semen parameters (sperm concentration, sperm motility, and total motile sperm count) in hypogonadal men treated with Natesto for six months.
• Natesto added to two national pharmacy benefit managers' (PBM) formularies: Natesto now covered on payer plans covering over 36 million U.S. lives.
• Tuzistra XR added to a leading national PBM's formulary, increasing patient insurance coverage rates nationwide.
• The Company joined the Russell Microcap^® Index.

Conference Call Information

The company will host a live conference call at 4:30 p.m. ET today. The conference call can be accessed by dialing either:

1- 844-602-0380 (toll-free)

1- 862-298-0970 (international)

The webcast will be accessible live and archived on Aytu BioScience's website, within the Investors section under Events & Presentations, at aytubio.com, for 90 days.

A replay of the call will be available for fourteen days. Access the replay by calling 1-877-481-4010 (toll-free) and using the replay access code 56773.

About Aytu BioScience, Inc.

Aytu BioScience is a commercial-stage specialty pharmaceutical company focused on commercializing novel products that address significant patient needs. The company currently markets Natesto^®, the only FDA-approved nasal formulation of testosterone for men with hypogonadism (low testosterone, or 'Low T'). Aytu also has exclusive U.S. and Canadian rights to ZolpiMist™, an FDA-approved, commercial-stage prescription sleep aid indicated for the short-term treatment of insomnia characterized by difficulties with sleep initiation. Aytu is the exclusive U.S. licensee with commercial rights to Tuzistra^® XR, the only FDA-approved 12-hour codeine-based antitussive syrup. Tuzistra XR is a prescription antitussive consisting of codeine polistirex and chlorpheniramine polistirex in an extended-release oral suspension. Additionally, Aytu is developing MiOXSYS^®, a novel, rapid semen analysis system with the potential to become a standard of care for the diagnosis and management of male infertility caused by oxidative stress. MiOXSYS is commercialized outside of the U.S. where it is a CE Marked, Health Canada cleared, Australian TGA approved, Mexican COFEPRAS approved product, and Aytu is planning U.S.-based clinical trials in pursuit of 510k de novo medical device clearance by the FDA. Aytu's strategy is to continue building its portfolio of revenue-generating products, leveraging its focused commercial team and expertise to build leading brands within large therapeutic markets. For more information visit aytubio.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act. All statements other than statements of historical facts contained in this presentation, are forward-looking statements. Forward-looking statements are generally written in the future tense and/or are preceded by words such as ''may,'' ''will,'' ''should,'' ''forecast,'' ''could,'' ''expect,'' ''suggest,'' ''believe,'' ''estimate,'' ''continue,'' ''anticipate,'' ''intend,'' ''plan,'' or similar words, or the negatives of such terms or other variations on such terms or comparable terminology. These statements are just predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include, among others: the effects of the business combination of Aytu and the Commercial Portfolio and the previously announced, but not yet consummated, merger ('Merger') with Innovus Pharmaceuticals, including the combined company's future financial condition, results of operations, strategy and plans, the ability of the combined company to realize anticipated synergies in the timeframe expected or at all, changes in capital markets and the ability of the combined company to finance operations in the manner expected, the diversion of management time on Merger-related issues and integration of the Commercial Portfolio, the ultimate timing, outcome and results of integrating the operations the Commercial Portfolio and Innovus with Aytu's existing operations, the failure to obtain the required votes of Innovus' shareholders or Aytu's shareholders to approve the Merger and related matters, the risk that a condition to closing of the Merger may not be satisfied, that either party may terminate the merger agreement or that the closing of the Merger might be delayed or not occur at all, the price per share utilized in the formula for the initial $8 million merger consideration in the Merger may not be reflective of the current market price of Aytu's common stock on the closing date, potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Merger, risks relating to gaining market acceptance of our products, obtaining or maintaining reimbursement by third-party payors, the potential future commercialization of our product candidates, the anticipated start dates, durations and completion dates, as well as the potential future results, of our ongoing and future clinical trials, the anticipated designs of our future clinical trials, anticipated future regulatory submissions and events, our anticipated future cash position and future events under our current and potential future collaboration. We also refer you to the risks described in ''Risk Factors'' in Part I, Item 1A of the company's Annual Report on Form 10-K and in the other reports and documents we file with the Securities and Exchange Commission from time to time.

Contact for Investors:

James Carbonara
Hayden IR
(646) 755-7412
james@haydenir.com

Aytu BioScience, Inc,
Condensed Consolidated Balance Sheet Information

Aytu BioScience, Inc,.
Consolidated Statements of Operations Information
(Unaudited)

		Three Months Ended
		September 30,
		2019				2018
Revenues
Product revenue, net		$	1,439,826			$	1,431,809
Operating expenses
Cost of sales			375,720				410,959
Research and development			78,020				155,878
Selling, general and administrative			5,146,443				3,576,580
Selling, general and administrative - related party			-				253,709
Amortization of intangible assets			575,117				451,957
Total operating expenses			6,175,300				4,849,083
Loss from operations			(4,735,474	)			(3,417,274	)
							Share article: Watch latest videos Subscribe and Follow Get a daily dose of Miami Mirror news through our daily email, its complimentary and keeps you fully up to date with world and business news as well. Subscribe Now News RELEASES Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Miami Mirror. More Information 62 ℉ Fair in Miami Business Section Samsung corrects sales figures for newly-launched fold smartphone SEOUL, South Korea - Samsung Electronics has denied media reports that it has sold a million Galaxy Fold smartphones in ... $200m funding to benefit public works and highways in Philippines MANILA, Philippines - The Asian Development Bank (ADB) has approved a $200 million loan to help the Philippine government prepare ... Airbus to supply Ireland with two C 295s for maritime surveillance DUBLIN, Ireland - The government of Ireland has awarded a contract for the provision of two new Maritime Patrol Aircraft ... Confirmation of trade pact drives Wall Street higher NEW YORK, New York - U.S. stocks rose again Friday after momentous gains a day earlier. Gains on Friday however ... Lift for maritime sector in Kenya and Djibouti after fall in piracy The upsurge of Somali piracy after 2005 led to significant international activity in the Horn of Africa. Naval missions, training ... China Suspends Planned Tariffs Scheduled for Dec. 15 on Some US Goods SHANGHAI, CHINA - China has suspended additional tariffs on some U.S. goods that were meant to be implemented on Dec. ... International Section Man in LA area swindled seniors out of their homes LOS ANGELES, California - Michael Henschel offered to help financially struggling individuals save their homes.Instead, he stole their American dream.Henschel, ... Are Israel's Militant Tendency Conspiring against the Left? Last Easter an antisemitism crisis erupted in the UK setting the Jewish Community against the Labour Party, or more precisely ... New Alan Dershowizt book takes aim at Epstein accuser On December 30, 2015, in a court in Florida, Alan Dershowitz, was accused of having had sex on seven occasions ... Trump wins reprieve on having to release tax returns WASHINGTON, DC - In a big development, the United States' Supreme Court on Friday agreed to hear appeals from President ... Six of 8 bodies extracted after White Island volcano eruption AUCKLAND, New Zealand - New Zealand Defence Force and police officers successfully recovered six bodies from Whakaari/White Island on Friday, ... Johnson party looks set for overwhelming victory in UK elections LONDON - Prime Minister Boris Johnson's Conservative Party will win an overwhelming victory in Britain's election with a majority of ... Movie Review The Last Command Last Command