Toronto, Ontario
– August 28, 2012 Theralase Technologies Inc. (“Theralase”) (TSX‐V: TLT)
announced its second quarter 2012 financials reporting that revenue remained relatively
constant year over year at $670,537 for the three month period ended June 30,
2012, as compared to $688,606 for the same period in 2011.
The net loss for
the three month period ended June 30, 2012 was $199,284 which included $77,765 of non-cash
expenses (amortization, stock-based compensation expense, foreign exchange
gain/loss and lease inducements), as compared to a net loss of $357,262 for the
same period last year ($20,597 of non-cash expenses), demonstrating an
improvement of 44% year over year.
Selling expenses
decreased for the three month period ended June 30, 2012 to $148,526, compared
to $327,216 for the same period the previous year, a decrease of 54.6%. The decrease
was the direct result of the elimination of non-essential sales personnel and a
decrease in product advertising costs associated with their respective
territories.
Administrative
expenses decreased to $305,693 for the three month period ended June 30, 2012
compared to $319,972 for the same period the previous year, a decrease of 4.5%,
as a result of elimination of non-essential administrative personnel.
Research and
development costs increased to $241,105 for the three month period ending June
30, 2012 compared to $176,623 for the same period in 2011, a 36.5% increase.
The increase is due to the research and development costs associated with the
patented TLC-2000 biofeedback therapeutic laser system, scheduled to be
commercially launched Q1 2013 and Theralase’s patented Photo Dynamic Compounds
(PDCs) under systematic development for clinical evaluation in the destruction
of bladder cancer via a FDA Phase 1 human clinical study in 2013.
Roger
Dumoulin‐White, President and CEO of Theralase Technologies Inc. stated, “As
Theralase expands its presence internationally and maintains its established stronghold
in the Canadian market, the Company is committed to bringing its newly
designated Therapeutic Laser Therapy Division to profitability in the latter
half of 2012 and then to dramatically increase sales with the launch of the TLC‐2000
biofeedback therapeutic laser system in early 2013. The Photo Dynamic Therapy
Division; however, will continue to require equity financings, in order to provide
the capital injection required to research and develop the technology for a FDA
Phase 1 human clinical study in 2013. By investing in future technology, Theralase will secure the
coveted position of an international leader in both divisions of medical laser
technology for decades to come.”
During the second
quarter, Theralase announced that
it has selected bladder cancer as the first clinical target in its Photo
Dynamic Compound (PDC) research. Theralase now has a clear direction and
mandate with which to prepare for a FDA Phase 1 human clinical study. The Theralase light activated PDC drug has
been proven superior to any currently approved FDA PDC drug on the market that
has been tested in the company’s lab.
Theralase plans to aggressively pursue commercialization of the ground-breaking
PDC technology through an accelerated FDA regulatory approval process. This FDA
process is able to "fast-track" approval when a treatment is shown,
through proven success rate, to have a positive impact on a serious,
life-threatening medical conditions for which no other drug or treatment exists
or is as effective.
In addition, during
the quarter, Theralase announced that it has entered into an exclusive
distribution agreement with Jordan based medical device distributor MediQu to
market and sell the Theralase line of therapeutic laser products into 16
countries in the Middle East region, branded as Theralase
Arabia.
Theralase is preparing
for significant growth in the 2nd half of 2012 and in 2013 as the Company
expands its sales and marketing efforts in the US and internationally and
prepares for the launch of its patented TLC‐2000 biofeedback therapeutic laser
in Q1 2013.
The complete
consolidated financial statements and MD&A for the three and six months ending
June 30, 2012 can be found at www.theralase.com and www.sedar.com.
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. The technology is safe and effective in the
treatment of chronic pain, neural muscular-skeletal conditions and wound healing.
When combined with its patented, light-sensitive Photo Dynamic Compounds,
Theralase laser technology is able to specifically target and destroy cancers,
bacteria and viruses, as well as microbial pathogens associated with food
contamination. For further information, please visit www.theralase.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
Roger Dumoulin-White
President & CEO,
416-447-8455 ext. 225
Kristina Hachey
CFO
416-447-8455 x224
Greg Bewsh
Director of Investor
Relations,
416-447-8455 ext. 262