Toronto, Ontario / ACCESSWIRE / May 30, 2014 -- Theralase Technologies Inc. ("Theralase") (TSXV: TLT) (OTCBB: TLTFF) released its first quarter 2014 financial results today, demonstrating a slight increase in revenue for the three month period ended March 31, 2014, edging up 5% year over year, while successfully advancing its patented next generation therapeutic laser and cancer destruction technologies.
Total revenue for the three-month period ended March 31, 2014 increased 5% from $342,900 to $361,179 year over year.
The net loss for the three-month period ended March 31, 2014 was $344,074 (including $15,897 of net non-cash expenses) compared to a net loss of $332,435 in the same period in 2013 (including $56,829 of net non-cash expenses), a 3.5% increase.
The net loss reflects 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 increased 12% from $109,391 to $122,278 for the same period in 2013, due primarily to increased spending on product marketing and travel costs.
Administrative expenses decreased 4% from $249,767 to $240,373 for the same period in 2013, due to reductions in administrative personnel and stock based compensation.
Research and development costs decreased 1% from $199,597 to $197,792 for the same period in 2013. The slight decrease reflects the approaching completion of the development of the patented TLC-2000 therapeutic laser technology and the ramp-up in the research and development costs associated with the cancer destruction technology.
Roger Dumoulin-White, President and CEO of Theralase stated that, "The Company is on-track to launch the next generation therapeutic laser technology in 4Q2014 in Canada. The patented TLC-2000 biofeedback therapeutic laser technology has been researched and designed to revolutionize the therapeutic laser industry, by providing patient specific treatments that adapt to a patient's physical characteristics delivering best-in-class performance in the elimination of pain, reduction in inflammation and dramatic acceleration of tissue healing. The medical community and especially the patients who suffer from pain and inflammation on a daily basis have been waiting for a technology of this efficacy and performance to enter the market for a long time."
Mr. Dumoulin-White went on to say, "Our patented cancer technology is demonstrating significant success in preclinical research and is on track for clinical evaluation in humans for bladder cancer as early as 1Q2015. If our PDC technology, with its recent advances in providing an immune-mediated "memory response" in the destruction of cancer is proven effective in cancer patients, the implications of this discovery are nothing short of game changing for both Theralase and for the cancer patients, who are inflicted with this deadly disease. The ability to destroy the original cancer and at the same time program the body's immune system to prevent its recurrence, after only a single treatment, is nothing short of miraculous. The scientific, clinical and engineering teams at UHN, Acadia and Theralase are all fully dedicated to bringing the Theralase anti-cancer PDC technology to the forefront of clinical treatment, as soon as possible, in order to help eradicate the world of cancer and assist cancer patients."
In order to help facilitate the launch of these two ground breaking technologies in 2014 and 2015, the Company closed a $3.15 M private placement on November 7, 2013, 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 dramatically 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.
The complete interim consolidated financial statements and MD&A for the three month period ended March 31, 2014 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 and CEO, Theralase Technologies Inc.
1.866.THE.LASE (843.5273) x 225
416-699-LASE (5273) x 225
Chief Financial Officer, Theralase Technologies Inc.
1.866.THE.LASE (843.5273) x 224
416-699-LASE (5273) x 224