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ROSEVILLE, Calif., Sep 08, 2008 (BUSINESS WIRE) -- Dutton Associates updates its coverage of Vyteris (OTCBB:VYTR) maintaining a Speculative Buy rating and a $1 price target. The 13-page report by Dutton senior analyst Richard W. West, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg Professional, FactSet, Capital IQ, Zacks, Reuters, Knobias, and other leading financial portals.
Vyteris made a strategic decision that transformed its business plan. On February 1, Vyteris announced the restructuring of its business model to emphasize the advancement of peptide delivery. Based on the successful results of Ferring Pharmaceutical Inc.'s Phase 1 clinical trial demonstrating that Vyteris' patented Smart Patch transdermal technology can deliver a peptide molecule in humans without the use of needles, Vyteris, with approval from its Board of Directors, restructured its business to focus on the development of peptide delivery using its Smart Patch technology. Since the successful outcome of the Phase 1 clinical trial will go far to prove the successful delivery of certain peptides into humans, Vyteris intends to pursue partnerships with other biotechnology companies to advance their drug delivery beyond the current mechanisms of subcutaneous/intramuscularly injections or intravenous infusions. The financial ramifications of the redirected business plan and limited commercial success of the LidoSite product, resulted in a significantly lower cash burn. In July Vyteris, in partnership with Ferring Pharmaceutical, announced the completion of a Phase I dose-ranging study using Vyteris' patented Smart Patch transdermal system for delivery of a peptide hormone. This is most important for Vyteris, since the $2.5 million payment described in the report, would be due to Vyteris if Ferring elects to proceed with Phase II clinical trials. Considering the aggregate of these events we reiterate our rating and price target
About Dutton Associates
Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.
The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. The Firm does not accept any equity compensation. We received $35,000 from the Company for 4 quarterly Research Reports with coverage commencing on 10/08/2007. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.
SOURCE: Vyteris
Dutton Associates John M. Dutton, 916-960-0623
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