Toronto,
Ontario – November 29, 2012 Theralase Technologies Inc. (TSX-V: TLT) announced
today its third quarter 2012 financial results reporting that revenue remained
relatively constant year over year for the three month period ending September
30, 2012 at $437,060, compared to $453,212 for the same period in 2011.
The net loss for the three month period ended September 30, 2012 was
$348,478, which included $71,406 of non-cash expenses (amortization,
stock-based compensation expense, foreign exchange gain/loss and lease
inducements) as compared to a net loss of $423,929 for the same period last
year, demonstrating an improvement of 18% year over year.
Selling expenses decreased for the three month period ending September
30, 2011 to $162,596 compared to $237,409 for the same period the previous
year, a decrease of 31.5%, while maintaining essentially the same revenue. The
decrease in selling expenses and increase in profitability was directly
attributable to efficiencies gained in operations through the elimination of
non-essential sales personnel and a decrease in product advertising costs
associated with their respective territories.
Administrative expenses remained constant at $287,346 for the three
month period ending September 30, 2012 compared to $280,587 for the same period
the previous year, with the minor increase primarily due to stock based
compensation expense.
Research and development costs were $174,841 for the three month period
ending September 30, 2012 compared to $225,439 for the same period in 2011. The
expenditures are primarily due to the commercialization costs associated with
the anticipated launch of the patented TLC-2000 biofeedback therapeutic laser
system, scheduled to be commercially launched in 2013 and costs associated with
the research and development of Theralase’s patented Photo Dynamic Compounds
(PDCs) being developed for the destruction of cancer, viruses and
bacteria.
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 (TLT) Division to profitability
in 2013 through the dramatic increase in sales associated with the launch of
the TLC-2000 biofeedback therapeutic laser system in early 2013. The Photo
Dynamic Therapy (PDT) Division; however, will continue to require equity
financings, in order to provide the capital injection required to research and
develop the technology through the FDA Phase 1 human clinical approval process 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 quarter, Theralase announced that it has selected bladder
cancer as the first clinical target in its Novel Photo Dynamic Compound (PDC) research.
Theralase now has a clear direction with which to proceed with FDA clinical trials.
Bladder cancer is the fifth most common cancer in North America being the
fourth most common in men and the eighth most common in woman. In North
America, it is estimated that there will be over 77,000 new cases and over
15,000 deaths annually. With a recurrence rate of nearly 80%, bladder cancer is
the most expensive cancer to treat on a per patient basis; as well, the high
recurrence rate raises many issues affecting quality of life. Theralase plans
to aggressively pursue commercialization of its ground-breaking PDC technology
through the 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 its
Theralase therapeutic laser system has now been proven clinically effective in
the relief of chronic knee pain and for the treatment of osteoarthritis (OA).
The company commissioned an independent clinical study (blinded, randomised,
controlled clinical study) to clinically evaluate if the Theralase laser system
was safe and effective in reducing chronic knee pain and for the treatment of
osteoarthritis. The results of the clinical study were dramatic and have proven
unequivocally that the Theralase therapeutic laser system is clinically and
statistically effective in reducing pain in these debilitating conditions. The
efficacy of the study was evaluated by the assessment of subject pain levels
via the visual analog scale (VAS) measurement, a validated assessment tool
widely accepted by the medical community, especially, neurology and orthopedic
specialists. The study
has been accepted for publication in an international journal, “Photonics &
Lasers in Medicine” renowned for the communication of high-quality
peer-reviewed research.
The Company also announced during the quarter that it has expanded the
distribution of Theralase products into mainland China by signing an exclusive
distribution agreement with an active, established Chinese medical device
distributor, Chengdu Disi Industrial Co. Ltd. (Chengdu Disi). Under the terms
of an exclusive distribution agreement, Chengdu Disi will market, sell and
provide customer support on Theralase therapeutic lasers to government, public
and private hospitals, in China, training them in the safe and effective
operation of this advanced technology
The complete consolidated financial statements and MD&A for the
three and nine months ending September 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. Theralase technology is safe
and effective in treating pain, inflammation and for tissue regeneration of
neural muscular skeletal conditions and wound healing in both humans and
animals. Theralase also develops patented Photo Dynamic Compound (PDC)
technology focused at targeting and destroying cancers, bacteria and viruses when
light activated by Theralase’s proprietary and patented laser technologies.
For further information please visit www.theralase.com
, regulatory filings may be viewed by visiting 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,
416-629-5356
rwhite@theralase.com
Kristina Hachey
CFO
416-937-7391
khachey@theralase.com
Greg Bewsh
Director of Investor Relations,
647-462-2229
gbewsh@theralase.com
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