- Preclinical research that confirmed the complete destruction of subcutaneous (under the skin) colon cancer tumours in mouse subjects, which were treated with the Theralase anti-cancer Photo Dynamic Compound (PDC) technology, which have continued to thrive cancer-free for more than 1 year post-treatment without any side effects.
- Bladder cancer named as the principal cancer target
- Theralase’s PDC was found to be 100% effective in destroying bladder cancer tumour cells
- Theralase PDCs have shown an ability to destroy Escherichia Coli (E. coli) and Listeria Monocytogenes (Listeria) bacteria in vitro when light activated
- Theralase establishes laser distributors in the Middle East and China
- Addition of TENS (Transcutaneous Electrical Nerve Stimulation) on select laser models to allow additional CPT billing codes for the US market
- Theralase's innovative anti-cancer PDC technology validated at major international conferences
- Theralase expands intellectual property portfolio with increased patent protection
- Renowned oncologist Dr. Michael Jewett joins Theralase's medical and scientific advisory board
Thursday, May 2, 2013
Theralase Announces 2012 Year End Financials
Theralase Advances Therapeutic Laser and Cancer Destruction Technologies
Toronto, Ontario – May 1, 2013, Theralase Technologies Inc. (TSXV: TLT) announced its year end 2012 financial results today.
Total revenue for the twelve month period ended December 31, 2012 dipped slightly to $1,824,313 compared to $2,027,058 for the same period in 2011, a 10% reduction, primarily due to a reduction in laser sales in the US and internationally. In 2012, Theralase focused its efforts on laser sales in Canada for its Therapeutic Laser Technology (TLT) Division and for accelerating the research and development of its patented cancer destruction platform for its Photo Dynamic Therapy (PDT) Division.
Selling expenses decreased by 41%, to $626,380 for the twelve month period ended December 31, 2012 compared to $1,060,288 for the same period in 2011. The percentage decrease was due to decreased spending on salaries, marketing, advertising and travel related expenses, as more focus was paid to completing sales in Canada, than abroad.
Administrative expenses increased from $1,028,431 for the twelve months ended December 31, 2011 to $1,238,900 for the same period in 2012 representing an increase of 20%. The increase in administrative expenditures was primarily due to increases in the costs associated with stock based compensation.
Research and development costs increased to $873,335 for the year ended December 31, 2012 compared to $759,352 for the previous year, representing a 15% increase, due in part to the costs required to commercialize the TLC-2000 biofeedback laser, but primarily due to research and development costs of the TLC-3000 Photo Dynamic Compound (PDC) cancer and bacteria destruction technology.
The net loss for the year ended December 31, 2012 was $1,509,569, which included $322,915 of net non-cash expenses (amortization, stock-based compensation expense, foreign exchange gain/loss, equipment write-off and lease inducements) compared to a net loss in 2011 of $1,453,974, which included $74,921 of net non-cash expenses. The increase in net loss is due to increases in the costs associated with stock based compensation, commercialization of the patented TLC-2000 Biofeedback Therapeutic Laser due for launch in 2013 and primarily due to the research and development of the TLC-3000 Photo Dynamic Compound cancer destruction technology due for completion of the pre-clinical phase by 4Q2013.
Theralase has had many successes in 2012, specifically:
Roger Dumoulin-White, President and CEO of Theralase Technologies Inc. stated, “The Company has completed the research and development of its next generation, patented TLC-2000 Biofeedback Therapeutic Laser and is now preparing for its launch in 4Q2013. In addition, Theralase has made great strides forward in the research and development of its patented Photo Dynamic Compounds (PDCs), indicated for the destruction of specific cancerous tumours. Our first target, bladder cancer, should be ready for human trials as early as 2014. In order to capitalize on this state-of-the-art cancer destruction technology and dramatically increase shareholder value, Theralase is in negotiations with strategic partners focused on the early commercialization of this ground breaking technology.”
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 laser technology.
The complete consolidated financial statements and MD&A for twelve months ending December 31, 2012 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:
President & CEO
416-699-LASE (5273) ext. 225
Chief Financial Officer
416-699-LASE (5273) ext. 224
Director of Investor Relations
416-699-LASE (5273) ext. 258
Chief Scientific Officer
416-699-LASE (5273) ext. 260