Theralase Releases 3Q2013 Financial Resultsadmin
Toronto, Ontario – November, 29, 2013 Theralase Technologies Inc. (TSXV: TLT) released its third quarter 2013 financial results today, demonstrating an increase in profitability by 40% year over year, while successfully advancing its patented next generation therapeutic laser and cancer destruction technologies.
Total revenue for the nine months ended September 30, 2013 decreased 25% from $1,555,956 to $1,165,216 year over year.
The net loss for the nine months ended September 30, 2013 was $596,873 (includes $137,888 of net non-cash expenses) compared to a net loss of $1,001,046 in 2012 (includes $233,484 of net non-cash expenses), demonstrating an improvement of 40% year over year.
The net loss is a reflection of the ongoing commitment of Theralase to invest in the next generation of therapeutic laser and cancer destruction technologies, from existing therapeutic laser sales.
Selling and marketing expenses decreased 31% from $499,512 to $344,136 for the same period in 2012. The decrease was due to reduced spending on salaries for sales personnel and a reduction in associated marketing costs.
Administrative expenses decreased 20% from $902,252 to $722,485 for the same period in 2012. The decrease in administrative expenditures is due to reductions in: administrative personnel, stock based compensation and rent.
Research and development costs decreased 45% from $665,104 to $364,189 for the same period in 2012. The decrease reflects the approaching completion of the patented TLC-2000 therapeutic laser technology and the pending ramp-up in the research and development costs associated with the cancer destruction technology.
"Theralase is preparing to launch its next generation TLC-2000 biofeedback therapeutic laser technology in 2014 that will revolutionize the therapeutic laser industry. This new, patented cold laser technology will provide patient specific treatments that adapt to a patient’s physical characteristics delivering best-in-class performance in the elimination of pain, inflammation and acceleration of tissue healing. The medical community and patients who experience pain have been waiting for a technology of this efficacy and performance to enter the market", stated Roger Dumoulin-White, President and CEO of Theralase.
Mr. Dumoulin-White went on to say, "Our patented cancer technology is demonstrating significant success in the pre-clinical stages and is on track for clinical evaluation in humans for bladder cancer in late 2014.
In order to facilitate the launch of these two groundbreaking technologies in 2014, on November 7, 2013, the company closed a private placement, raising gross proceeds of $3,150,000 by issuing 21,000,000 units to investors at a price of $0.15 per Unit. Each Unit consisted of one common share in the capital of the Company and one non-transferable common share purchase warrant. Each whole Warrant will entitle the purchaser to purchase one additional common share in the capital of the Company until November 7, 2015 at a price of $0.20.
About Theralase Technologies Inc.
Theralase Technologies Inc. designs, manufactures and markets patented, superpulsed laser technology used in healing injured tissue and destroying cancer. Theralase technology is safe and effective in eliminating pain, reducing inflammation and accelerating tissue regeneration of numerous nerve, muscle and joint injuries. Theralase is actively developing patented technology that is able to target and destroy cancers, bacteria and viruses when light activated.
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
Chief Financial Officer
416-699-LASE (5273) ext. 224
Posted: November 29th, 2013 under ACCESSWIRE.