Toronto, Ontario / ACCESSWIRE / August 29, 2014 / Theralase Technologies Inc. ("Theralase") (TLT: TSXV) (TLTFF: OTC Link) released its second quarter 2014 financial results today, demonstrating a slight increase in revenue for the three month period ended June 30, 2014, edging up 1% year over year, while successfully advancing its patented next generation therapeutic laser and cancer destruction technologies.
Total revenue for the six-month period ended June 30, 2014 increased 1% from $852,196 to $860,437 year over year.
The net loss for the six-month period ended June 30, 2014 was $689,727 (including $64,304 of net non-cash expenses) compared to a net loss of $411,079 in the same period in 2013 (including $56,829 of net non-cash expenses).
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.
Sales and marketing expenses increased 27% from $237,221 to $301,716 for the same period in 2013, due to increased spending on product marketing and travel related costs.
Administrative expenses increased 8% from $510,944 to $550,986 for the same period in 2013, due to increased spending on investor relations activities.
Research and development costs increased 62% from $272,014 to $441,647 for the same period in 2013. The increase in spending 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 anti- cancer technology.
Roger Dumoulin-White, President and CEO of Theralase stated that, "The Company expects to launch the next generation TLC-2000 therapeutic laser technology in Canada in 4Q2014. This patented technology will revolutionize the therapeutic laser industry by providing patient optimized treatments that automatically adapt to a patient's physical characteristics to deliver 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 stated that, "Theralase is on track to launch 5 beta prototypes for beta testing by Key Opinion Leaders (KOLs) at the end of 3Q2014. Pending regulatory approvals, Theralase will supply pre-commercial prototypes to its Canadian Territory Sales Managers (TSMs) in 4Q2014 to solicit orders and trade-up existing customers using the existing TLC-1000 technology. The TLC-2000 will commercially launch the patented TLC-2000 Biofeedback Therapeutic Laser Technology in Canada in mid 4Q2014. Theralase intends to utilize a recurring revenue sales model; whereby, Theralase will partner with practitioners and participate in the revenue stream generated through the use of the therapeutic laser technology for patient treatments. "
Mr. Dumoulin-White went on to say, "Our patented cancer technology has demonstrated significant success in preclinical research and is on track for completion of preclinical evaluation in late 2014 / early 2015. Theralase is anticipating enrollment of patients into a FDA Phase 1/2a clinical trial for bladder cancer in early 2015. 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 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 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."
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 six-month period ended June 30, 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
SOURCE: Theralase Technologies Inc.