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INVITRO’S OCULAR IRRITECTION® REACHES FINAL STAGE OF OECD’S TEST METHOD ADOPTION

FOR IMMEDIATE RELEASE

CONTACT

 

InVitro International   Contact: W. Richard Ulmer
330 E. Orangethorpe Ave., Ste. D   (800) 246-8487
Placentia, CA 92870    http://www.invitrointl.com

 

Placentia, CA – November 15, 2017

Last week, at the annual meeting of the Organization for Economic Common Development (OECD) Expert Group on Skin and Eye Irritation Test Methods in Paris, InVitro International and its long-time Italian in vitro testing partner, INT.E.G.RA, received final OECD Expert Group on Skin and Eye Irritation Test Methods acceptance of Ocular Irritection®.  The OECD is generally viewed as the world’s foremost regulatory authority on in vitro test methods.

The company plans to move forward immediately to compose a Test Guideline (TG) document for submission to the OECD. The TG will make our test method both clear and available to all laboratories that wish to use the Ocular Irritection® test.  Completion of a TG can take several months to more than one year.

InVitro CEO & President, W. Richard Ulmer, said: “This nearly global level of regulatory support for a non-mammalian (plant protein) test technology not only means much to InVitro, but also could possibly encourage more innovative in vitro test methods to be developed as well. We continue to be very enthusiastic about the future for non-animal testing on a global basis. Ocular Irritection® is the only such method with OECD acceptance which can be shipped anywhere in the world with significant remaining shelf life for its laboratory users.”

This release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by forward looking statements. These risks and uncertainties include, but are not limited to: acceptance of the Company’s technology by customers or regulatory agencies, changes in market conditions and other competitive factors. The forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update such statements.

 

 

Beautiful Breakthroughs: How Non-Animal Testing Pushes the Cosmetics Industry Forward

One of the biggest reasons why people continue to advocate for animal testing is due to its proven ability to help companies understand how different products react to the human body. For a long time, it was the only way to ensure that cosmetic companies could call their products ‘safe.’ It made it possible for researchers and innovators to test their boundaries for the good of the business, and it preemptively saved the buyer from painful skin or eye irritations from dangerous chemicals.

But non-animal testing is not an enemy to progress, nor does it increase the odds of product liability. In fact, it may be paving the way for progress in the industry, as more companies discover the benefits of in-vitro testing. This method allows researchers to determine how a consumer’s skin and eyes will react to each new ingredient without the use of live animals. By simulating real-world situations, cosmetic companies can test and create at will without having to worry about legal implications or consumer backlash.

Learn more about just a few practical ways in-vitro testing has been put into action.

Anti-Pollution Skin Care

This is a category that’s expected to explode in the next few decades as the full extent of pollution effects begin to emerge. Companies are looking into measures far beyond what’s currently available on the market to combat an array of harmful chemicals in the air. From carbon dioxide to cigarette smoke, the skin is exposed to a number of unnatural elements that it hasn’t had a chance to adapt to. Companies have already started using in vitro testing to assess how well certain ingredients perform at blocking the free radicals that stem from pollution.

Niche Beauty Alternatives

The rise of awareness amongst young people today has them looking at far more than just a price tag. They’re looking for products that fit in with their lifestyle, whether it’s religious, social, or environmental. These buyers are certainly not looking to increase unnecessary suffering for any reason. In-vitro testing has made it possible to label products as cruelty-free, which has led the way for more independent brands to pop up in the public sphere. It’s afforded more entrepreneurs a chance to get their foot in the door, and it’s created more jobs. The best part about it is that workers can actually feel good about what they do and who they serve.

Consumers Spend Less

In-vitro testing is entirely cost-effective, which means that consumers often spend less money to get the same quality. The everyday consumer marvels over how it’s even possible to get such a healthy glow for just a few bucks. Not only do companies have to worry about the logistics of caging and caring for animals during the testing period, but they can also save hundreds of dollars on each test performed. One draize animal test on a rabbit may cost $1,800, but the same in-vitro test would only cost $1,400. It’s incredible how much of that cost savings can be passed directly down to the consumer. This is exactly the kind of thing that will spark the higher brand loyalty that companies crave today.

There are so many ways that in-vitro testing can facilitate doing more rather than less. Consumers are always going to be on the look-out for that next big breakthrough, but they’re also interested in exactly how that breakthrough came to be. In-vitro delivers for both companies and consumers looking to do more with their limited resources — without help from our animal friends.

Canadian Senate to Vote on Banning Animal Testing

Keeping an eye on global trends is one of the best ways for a government to prepare for the future. In late 2016, Senator Carolyn Stewart-Olsen aimed to make a change in Canadian law with the Cruelty-Free Cosmetics Act. Learn more about Canada’s relationship with animal testing and how it may be set to change soon.

Bill S-214

In 2015, Stewart-Olsen introduced a bill into Senate to make cosmetic animal testing a thing of the past. It was solely focused on cosmetic testing (as opposed to all animal testing) and received support from other members of the Senate as well as the public and the cosmetics industry. The law would ensure no Canadian manufacturer could use animals to test their cosmetics and that no store could sell products from other countries that allowed animal testing. It was correctly pointed out by Stewart-Olsen that most cosmetic ingredients have already been tested at length, and that most cosmetics companies have stopped testing their products on animals completely. However, it did still manage to face opposition, with some Senators raising concerns about what the bill would mean for human safety.

Be-Cruelty Free Campaign

Stewart-Olsen’s bill is just one measure of many that the Be Cruelty-Free Canada movement has launched. Led by Canada’s Humane Society and the Animal Alliance of Canada, they found a partner in Stewart-Olsen to spearhead the bill. They’re hoping that Canada will follow countries like India and Taiwan when it comes to animal rights, and have already instituted the Leaping Bunny symbol on products. This little picture indicates that the product was made without animal testing. The members of the movement are advocates to end all animal suffering, and they also facilitate volunteer opportunities and pet adoptions.  Many people in Canada aren’t even aware that their cosmetic products may still be tested on animals, and 88% shun the idea of animal suffering in the name of looking better.

The Global Impact

The Canadian cosmetic industry is not very large, and there are no public numbers about the use of animals to advance their products. It is thought the backlash from Canadian lobbyists or business owners will not be a major factor when it comes to opposition. The real value in this bill is the tangential influences it may have on other cosmetic companies. Anyone who does still test on animals won’t be able to keep making a profit in Canada, which may lead manufacturers to reconsider how they develop their products. For the innovators in the industry who constantly want to improve their line, companies can use non-animal testing like in-vitro to ensure their customers’ safety.

Further Considerations

Most Canadians (81%) support a full ban on animal testing for cosmetics, agreeing that a new lipstick or eyeshadow simply isn’t worth it. As the Standing Senate Committee on Social Affairs, Science and Technology reviews the bill, hopefully, they’ll see that the legislation has nothing to do with limiting progress in cosmetics, only in limiting how many animals are affected because of it. If it doesn’t pass, it’s likely because animal welfare issues are a bit of a controversial area in the Senate. Some members are afraid that the language used could lead to far more extreme consequences than proposed. For example, another bill that failed in the Senate was denied because voters felt it would limit or outlaw everything from hunting to medical research. If there is a hiccup in getting this passed, it will likely be for similar reasons.

InVitro International is fully behind Bill S-214, and we believe that it can help push Canadian law into a new era. Our test kits and lab tests are proven to give cosmetic companies the safety information they need without subjecting animals to harm. We know that banning cosmetic animal testing doesn’t have to stunt progress or limit other industries and hobbies. The consultations that the Standing Committee has to perform before giving their recommendation should hopefully give the thumbs-up to Senators to vote in favor of this important bill.

A note from the CEO

It’s my privilege as CEO & President of IVRO to be among the first bloggers on our site. The subject I’m raising for your awareness and support is our need for U.S. legislative action banning the use of live rabbits to determine corrosive materials.

 

Several states have already taken a leadership role in this effort by passing such a regulation. Europe has done so as well. Many countries (all of Europe, India, Taiwan) have even banned animal irritancy testing of new cosmetics and their ingredients, a much lower level of cruelty to animals than corrosion testing.

What are we waiting for??

The Doris Day Animal League (DDAL), now partnering with the Humane Society, negotiated the first ban on animal corrosion testing in 1999, in CA. Now 20 years later, only a handful of other states have followed. DDAL is the animal welfare organization which impacts our Federal government most and best. Let’s support them and also ask them to elevate the priority on the particularly painful and unnecessary use of animals.

I say unnecessary because DDAL was instrumental in gaining DOT acceptance of our Corrositex® in 1992 – the very first ever in vitro test to be government approved in the US. Global (GHS) acceptance took another 22 years though, but still no US ban on an animal use in corrosion testing. Now is the time – let’s just do it!!

How Involved Should US Federal Agencies Be in the Future of In Vitro Testing?

Conservatives and liberals alike are finding their way into the world of animal rights. With the Obama administration’s 2016 passage of the revised Toxic Substances Control Act and the current legislation on the table, the Humane Cosmetics Act, political momentum stands firmly on the side of animal rights. With money moving away from traditional animal testing methods, donors are looking for new ways to stay in the industry and stay in compliance with new laws.

In vitro testing has been vetted as a low cost, viable alternative to animal testing, and government interests on all sides are looking to use it as an in for continued funding. The race to fund the kingmakers is on, and it is one that animal rights activists should look into with a great deal of interest.

Invariably, when government interests get too involved in a scientific industry, that industry becomes bloated with less efficient research and development methods. The reason that animal rights has been able to move forward so drastically in the United States is because of the vetted success of alternative testing methods like in vitro testing. If budgets become bloated and ROI drops, there is no economic incentive for the cosmetics industry to continue along the same path. Legislation that is considered can easily be reversed – keep in mind that Obama had to revise the Toxic Substances Control Act. Nothing is to say that legislation cannot be revised in the opposite direction as well.

Moving alternative testing methods away from the private market is also moving power away from the dedicated activists that are truly protecting animals. If too much power is invested in politicians to protect animals, the issue will become one of many that move across their desks in any given session. This is guaranteed to produce less productivity in the animal-rights space, as it does with most of the scientific industries that rely too much on Washington.

InVitro International is in full support of moving forward on animal rights legislation. However, we are also incredibly wary of shifting too much of the power into the public sector. The incredible dedication of activists and research of private companies has provided the alternatives that the cosmetics industry is moving into today. There is no reason to fix what isn’t broken.

Legislation to Ban Cosmetic Testing on Animals is Officially on the Table

The United States may finally catch up to the rest of the world when it comes to cosmetic testing on animals. Building on the momentum of Obama signing the revised Toxic Substances Control Act in 2016, some members of Congress have reintroduced the Humane Cosmetics Act to the legislative floor. The Humane Cosmetics Act completely stops any animal testing on ingredients or finished products in the domestic cosmetics industry. It also completely bans cosmetics from other countries that have been tainted with animal testing.

The United States currently lags behind other Western countries on the issue of animal testing. Australia currently became one of the last major cosmetics exporters (excluding the United States) to put forward legislation to ban animal testing, joining New Zealand, Turkey, South Korea, Norway, India, Israel, Taiwan and Brazil. The entire European Union has banned all animal testing since 2004. However, the Humane Society still estimates that upwards of 200,000 animals may still be used to test product every year.

The fight to keep animals safe from the cruelty of cosmetics testing is far from over. However, the United States joining the right side of history is definitely a huge step into a better future. The Humane Society is currently encouraging all animal rights activists to place calls to their legislators in support of the Humane Cosmetics Act.

Experts within the cosmetics industry predict that the US moving away from animal testing will encourage cosmetics manufacturers to pursue alternatives that are actually faster, more reliable and cheaper than animal testing. Cosmetics companies within the United States will also become more competitive in the global cosmetics industry, as they will be adhering more closely to the global standard.

The testing kits created by InVitro International stand as one of the most thoroughly vetted alternatives to animal testing in the industry. We stand in support of the Humane Cosmetics Act. We hope that the United States and other major governments will continue to rally behind the idea that animals do not need to used to test cosmetic products, especially when there are better alternatives.

 

INVITRO REPORTS FIRST QUARTER FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Three Months Ended December 31,
1997 1996
Revenues $133,000 $259,000
Costs and expenses 191,000 779,000
Loss from operations (58,000) (520,000)
Other income 0 14,000
Net loss $(58,000) $(506,000)
Loss per common share $(0.004) (0.04)
Weighted average common
shares outstanding 14,028,300 14,028,300

Condensed Consolidated Balance Sheet
December 31, September 30,
1997 1997
Cash and cash equivalents $54,000 $54,000
Other current assets 539,000 584,000
Total current assets 593,000 638,000
Noncurrent assets 229,000 255,000
Total assets $822,000 $893,000
Current liabilities $158,000 $169,000
Shareholders’ equity 664,000 724,000
Total liabilities & equity $822,000 $893,000

INVITRO INTERNATIONAL REPORTS FY 2016 A YEAR OF SOLID PROGRESS WITH AN UNUSUAL LOOK

InVitro International
Contact: W. Richard Ulmer
330 E. Orangethorpe Ave. Ste. D
(800) 246-8487
Placentia, CA 92870
http://www.invitrointl.com
Placentia, CA. Jan 31, 2017 – Today InVitro International (OTC, Pink Sheets, IVRO) reported audited FY 2016 sales of $884,245, off 11% from FY 2015 and income of $122,903, down from $232,100 the year prior. Cash increased more than 60% for the second consecutive year.

IVRO CEO and President, W. Richard Ulmer, observed: “Despite what may at first appear to be financially disappointing FY 2016 results when compared to 2015 figures, we at InVitro International view FY 2016 as an extremely positive year overall. When reporting sales, earnings, and cash for FY 2015, we stated clearly these were anomalies….albeit extremely positive ones. At that time we knew that FY 2016 comparisons would fall short. Thus we set measurable, stretching yet realistic financial goals for this year. For example, we believed our monthly sales in FY 2016 should be at least 25% higher than they were in FY 2014, two years earlier. If that were to happen, then we would show a solid upward trend over the two year period. In fact, monthly sales in FY 2016 finished more than 28% ahead of those in FY 2014. Furthermore, FY 2016 cash gains reflect that we made both our budgeted spending, and sales goals. These financial results are one of the reasons why we view our year so positively. In addition, Ocular Irritection continued its European Regulatory Agency progress reaching what we believe to be the final stages of OECD review. Looking forward, we expect FY 2017 to provide further evidence that IVRO can become a truly sustainable publically held corporation.”

This release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: acceptance of the Company’s technology by customers or regulatory agencies, changes in market conditions and other competitive factors. Any such forward-looking statements are not guarantees of future performance.



CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS


Three months ended
September 30


Twelve months ended
September 30


2016


2015


2016


2015


Revenues


224,041


262,302


884,245


994,714


Costs and expenses


229,370


245,296


768,040


768,531


Income from operations


 (5,329)


   17,006


116,205


226,183


Other income (loss)


1,297


(2,467)


6,698


5,917


Net profit 


(4,031)


14,540


122,903


232,100


Other Comprehensive Income


– 


–  


19,876


(11,110)


Comprehensive Income


(4,031)


14,540


142,779


220,990


Profit (loss) per common share


(0.001)


0.001


0.006


0.011


Weighted average common
shares outstanding


21,953,976


21,953,976


21,953,976


21,953,976

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2016


September 30, 2015


Cash, cash equivalents and marketable securities


836,592


650,561


Other current assets


224,650


255,182


Total current assets


1,061,242


905,743


Noncurrent assets


49,586


65,563


Total assets


1,110,828


971,306


Current liabilities


76,973


80,230


Shareholders’ equity


1,033,855


891,076


Total liabilities and equity


1,110,828


971,306

INVITRO INTERNATIONAL REPORTS OUTSTANDING FY 2015 FINANCIAL RESULTS, AND CORE TECHNOLOGY REGULATORY PROGRESS

InVitro International
Contact: W. Richard Ulmer
330 E. Orangethorpe Ave. Ste. D
(800) 246-8487
Placentia, CA 92870
http://www.invitrointl.com
Placentia, CA February 2, 2016 – Today InVitro International (OTC, Pink Sheets, IVRO) reported audited FY 2015 sales of $994,713, up 45% from FY 2014 comparable period. Net income leapt 774% to $232,100 and cash increased 69%

IVRO CEO & President, W. Richard Ulmer, said “The confluence of several positives in our FY 2015 business made this a special year for our company. First, official U.S. Regulatory implementation of the Global Harmonization System (GHS) continued to benefit our Corrositex test technology here and in Europe. Additionally for the first time, Ocular Irritection sales were positively impacted by GHS acceptance in Europe’s REACH program, which over several years will be re-classifying all chemicals used there. Next, our 2014 company relocation along with several new cost saving measures provided important cash growth in 2015. So now looking forward, we believe the pieces will be in place to support promotion of Ocular Irritection should it receive full OECD Regulatory adoption in the near future. Our submission continues to make solid progress in its regulatory review.”

“At InVitro we feel we are moving ever closer to our major goal of corporate sustainability. The 2015 audited financial statements support this feeling and demonstrate the impact of InVitro’s Quasi Reorganization. Because we met the required five consecutive years of profitability, effective October 2014, U.S. Generally Accepted Accounting Principles (GAAP) permitted elimination of accumulated IVRO historical operating losses; thus InVitro achieved a new financial reporting status. As we begin a new year, we remain a dedicated, determined and disciplined team in pursuit of both company and shareholder goals.”

This release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: acceptance of the Company’s technology by customers or regulatory agencies, changes in market conditions and other competitive factors. Any such forward-looking statements are not guarantees of future performance.



CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS


Three months ended
September 30


Twelve months ended
September 30


2015


2014


2015


2014


Revenues


262,302


200,173


994,714


686,118


Costs and expenses


245,296


193,008


768,531


667,865


Income (loss) from operations


 17,006


  7,165


226,183


18,253


Other income (loss)


(2,467)


3,834


5,917


8,933


Net profit (loss)


14,540


10,999


232,100


27,186


Other Comprehensive Income


– 


–  


(11,110)


996


Comprehensive Income


14,540


10,999


220,990


28,182


Profit (loss) per common share


0.001


0.001


0.011


0.001


Weighted average common
shares outstanding


21,953,976


21,866,853


21,953,976


21,886,853

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2015


September 30, 2014


Cash, cash equivalents and marketable securities


650,561


431,763


Other current assets


255,182


223,677


Total current assets


905,743


655,440


Noncurrent assets


65,563


76,400


Total assets


971,306


731,840


Current liabilities


80,230


61,754


Shareholders’ equity


891,076


670,086


Total liabilities and equity


971,306


731,840

INVITRO INTERNATIONAL REPORTS POSITIVE FINANCIAL IMPACT OF RELOCATION; FY 2014 FINANCIAL

RESULTS, AND 1ST QUARTER FY 2015 SALES JUMP
InVitro International
Contact: W. Richard Ulmer
330 E. Orangethorpe Ave. Ste. D
(800) 246-8487
Placentia, CA 92870
http://www.invitrointl.com
Placentia, CA February 3, 2015 – Today InVitro International (OTC, Pink Sheets, IVRO) reported FY 2014 sales of $686,400, off 3% from FY 2013 comparable period sales. Net income, however, was $27K, up 157% over last year.

IVRO CEO & President, W. Richard Ulmer, said “FY 2014 was a year of re-positioning for IVRO. Relocating the company proved exciting since we saw immediate cost savings and fully expect they will continue for several years. Then in 1st Quarter 2015 we recorded the second best quarterly sales volume in this century, $139,900, nearly 35% of our total in 2014. We attribute some of this to the published peer review paper of our Irritection™ Assay System Ocular ECVAM (European Center for the Validation of Alternative Methods) study results. They have been and are very impressive to many new sales prospects and existing customers. In addition, the imminent arrival of GHS (Global Harmonization System) in the U.S. has stimulated sales of our 23 year old Corrositex™ technology worldwide. All in all, we see FY 2014 as an important repositioning year where we’ve laid the groundwork for improved sales performance and progress toward our sustainability goal. All the while, we continued to make progress and be enthusiastic about our ECVAM/OECD Regulatory submission made at year end 2013.”

This release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: acceptance of the Company’s technology by customers or regulatory agencies, changes in market conditions and other competitive factors. Any such forward-looking statements are not guarantees of future performance.



CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS


Three months ended
September 30


Twelve months ended
September 30


2014


2013


2014


2013


Revenues


200,173


192,896


686,118


712,121


Costs and expenses


193,008


170,547


667,865


721,572


Income (loss) from operations


 7,165


  22,349


18,253


(9,451)


Other income (loss)


3,834


3,571


8,933


20,283


Net profit (loss)


10,999


25,920


27,186


10,832


Other Comprehensive Income


– 


–  


996


(16,630)


Comprehensive Income


10,999


25,920


28,182


(5,798)


Profit (loss) per common share


0.0005


0.0012


0.0012


0.0005


Weighted average common
shares outstanding


21,866,853


21,820,072


21,886,853


21,820,072

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2014


September 30, 2013


Cash, cash equivalents and marketable securities


431,763


431,115


Other current assets


223,677


231,772


Total current assets


655,440


662,887


Noncurrent assets


76,400


44,837


Total assets


731,840


707,724


Current liabilities


61,754


66,320


Shareholders’ equity


670,086


641,404


Total liabilities and equity


731,840


707,724