Wednesday, May 2, 2012
Theralase Announces Year End Financials
Theralase Holds Revenues Stable While Advancing Therapeutic Laser, Cancer and Bacteria Destruction Technologies
Toronto, Ontario – April 30, 2012, Theralase Technologies Inc. (TSXV: TLT) announced its year end 2011 financial results today.
Total revenue for the twelve months ended December 31, 2011 remained stable at $2,027,058 compared to $2,040,537 for the same period in 2010.
Selling expenses increased by 55%, to $1,060,288 for the twelve month period ended December 31, 2011 compared to $681,968 for the same period in 2010. The percentage increase was due to increased spending on salaries, marketing, advertising and travel related expenses, as a result of the Company’s expansion efforts into the US medical market.
Administrative expenses decreased from $1,241,126 for the twelve months ended December 31, 2010 to $1,028,431 for the same period in 2011 representing a decrease of 17%. The decrease in administrative expenditures is primarily due to reductions in the costs associated with stock based compensation.
Research and development costs increased to $867,872 for the year ended December 31, 2011 compared to $688,411 for the previous year. This represents a 26% increase in expenditures, which is due to the costs required to commercialize the TLC-2000 biofeedback laser and research and development of the TLC-3000 Photo Dynamic Compound cancer and bacteria destruction technology.
The net loss for the year ended December 31, 2011 was $1,453,974 which included $74,922 of net non-cash expenses (amortization, stock-based compensation expense, foreign exchange gain/loss and lease inducements) compared to a net loss in 2010 of $1,168,350, which included $271,086 of net non-cash expenses. The increase in net loss is due to capital investments in three fundamental areas: sales and marketing expansion of the therapeutic laser technology into the US medical market, commercialization of the patented TLC-2000 Biofeedback Therapeutic Laser due for launch in 4Q2012 and research and development of the TLC-3000 Photo Dynamic Compound cancer and bacteria destruction technology due for completion of the pre-clinical phase by 4Q2012..
Roger Dumoulin-White, President and CEO of Theralase Technologies Inc. stated, “The Company is preparing for the unveiling of its next generation patented TLC-2000 Biofeedback Therapeutic Laser in 4Q2012, while on the research front, exciting progress is being made in the destruction of cancer cells and bacteria utilizing Theralase’s patented Photo Dynamic Compounds (PDCs). In order to capitalize on this research and unlock shareholder value, we are presently investigating strategic partnerships focused on the early commercialization of both of these ground breaking technologies.”
Subsequent to the Company’s year-end, Theralase completed a private placement on April 13, 2012 for gross proceeds of $750,000.
About Theralase Technologies Inc.
Theralase Technologies Inc., founded in 1995, designs, develops, manufactures and markets patented, superpulsed laser technology utilized in biostimulation and biodestruction applications. Theralase technology is safe and effective in treating pain, inflammation and for tissue regeneration of neural muscular skeletal conditions and wound healing. As well, these applications extend to the care of animals by veterinarians. Theralase is currently developing patented Photo Dynamic Compounds (PDCs) that are able to target and destroy cancers, bacteria and viruses when light activated by Theralase’s proprietary and patented laser technology.
The complete consolidated financial statements and MD&A for twelve months ending December 31, 2011 may be viewed at www.theralase.com and www.sedar.com .
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The Company disclaims any obligation to update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchanges) accepts responsibility for the adequacy or accuracy of this release.
For More Information, please contact:
Roger Dumoulin - White,
President & CEO
416-447-8455 ext. 225
Chief Financial Officer
416-447-8455 ext. 224
Director of Investor Relations
416-447-8455 ext. 262
Chief Scientific Officer
416-447-8455 ext. 242