COLUMBIA, MD / ACCESSWIRE / March 16, 2017 / Medifocus, Inc. (OTCQB: MDFZF and TSX-V: MFS.V) ("Medifocus" or the "Company"), a biotechnology company with a portfolio of medical products including thermotherapy systems for the treatment of Benign Prostatic Hyperplasia (BPH) and Breast Cancer, reported its financial results for the three months and nine months ending December 31, 2016, respectively. The Company recorded its first ever operating profit in the December quarter.
Prolieve® sales were $1,043,335 for the quarter ended December 31, 2016, compared to $1,136,755 for same period in 2015, reflecting a decrease of 8%. However, due to the cost reduction measures implemented under the Company's new management, since March 2016 the Company achieved its first ever quarterly operating profit of $33,694, compared to a loss of $1,082,397 in the same period in 2015.
For the nine months ended December 31, 2016, sales were maintained at $3,170,299, a decrease of 7% from the $3,398,125 in the same period in 2015. Operating losses were reduced significantly under the new program, from $2,676,912 to $239,129, a 91% improvement compared to the same period in 2015.
Dr. William Jow, President and Chief Executive Officer of Medifocus, commented, "Since we launched the restructuring program in March 2016 to cut costs and to improve operation efficiency, we have achieved a substantial reduction in the Company's operating losses, leading to the first operating profit in its history. We will remain diligently focused on minimizing expenses and improving gross margin, as we grow our Prolieve® business by launching new programs to create public awareness of the significant advantages it has over alternative treatments to this debilitating condition that effects the growing aging population." Dr. Jow continued, "Prolieve® is a proven technology with over 100,000 cases performed in the U.S. alone. Our interim 10-year post market study of 220 men treated with Prolieve® submitted to the FDA demonstrated long-term safety, efficacy and durability with improved lower urinary tract symptoms, urinary flow rate, quality of life, and little or no sexual side effects compared to untreated age-matched population at 5-year follow-ups."
About Medifocus, Inc.:
Medifocus, Inc. (TSXV: MFS, OTCQB: MDFZF) is biotechnology company with a portfolio of medical technologies that utilize heat activation to treat conditions ranging from prostate diseases to breast cancer and extends to gene therapy. Heat is known to accelerate numerous chemical and biochemical reactions, and Medifocus' portfolio relies on this fact to improve clinical outcome. Its Prolieve® Thermodilatation™ System offers relief from Benign Prostatic Hyperplasia (BPH) to millions of men with a simple, 45-minute, in-office treatment. Its APA 1000 Breast Cancer Treatment System is currently in phase 3 clinical trials, and it is designed to destroy localized breast tumors through the application of heat alone or in combination with chemotherapy. Medifocus has formally entered into an exclusive license agreement with Duke University to the Patent Rights of a "method for selective expression of therapeutic genes in cancer cells by hyperthermia" to develop Heat-Activated and Tumor-Targeted Immunotherapy and Gene Therapy. This is a novel approach to control expression of anti-cancer genes intratumorally with focused heat and is a unique method to achieve precise viral delivery of gene therapy and molecular therapeutics on demand. Medifocus will work on further development of other focused heat devices and delivery vector, making it universal to accommodate other molecular and genetic therapeutics. The Company believes this could result in an entire stable of gene-specific, heat-activated treatments for a variety of medical conditions.
Forward-Looking Statements
This news release contains "forward-looking statements" and "forward-looking information", which may not be based on historical facts. Forward-looking statements and forward-looking information, include, but are not limited to, information and statements with respect to the benefit to Medifocus' future growth resulting from the acquisition of additional intellectual property rights, additional treatment possibilities and the expectation that sales from Prolieve® may accelerate as a consequence. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Such forward-looking statements and forward-looking information involve known and unknown risks, uncertainties and other factors that may cause the actual results events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements or forward-looking information. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements and forward-looking information. Except as required by applicable securities laws, the Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results, events or developments.
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www.medifocusinc.com
www.prolieve.com
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Company Relations:
Medifocus, Inc.
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SOURCE: Medifocus, Inc.