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:
- 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
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:
Roger Dumoulin-White,
President & CEO
416-699-LASE (5273) ext. 225
Kristina Hachey
Chief Financial Officer
416-699-LASE (5273) ext. 224
Greg Bewsh
Director of Investor Relations
416-699-LASE (5273) ext. 258
Arkady
Mandel
Chief
Scientific Officer
416-699-LASE (5273) ext.
260
No comments:
Post a Comment