Theralase Increases Revenue 15% in 2014 Financials
May 1, 2015 (Source: Accesswire) — Theralase Technologies Inc. (“Theralase” or the “Company”) (TLT: TSXV) (TLTFF: OTC Pink®) released its 2014 financial results today, demonstrating an increase of 15% year over year in revenue.
In 2014 and early 2015, Theralase has made dramatic strides in both its Therapeutic Laser Therapy (“TLT”) and Photo Dynamic Therapy (“PDT”) anti-cancer divisions.
In the TLT division, Theralase has completed the design and initial manufacture of its next generation TLC-2000 therapeutic laser technology and is currently awaiting final Health Canada approval to launch in Canada. The TLC-2000 with patented Cell SensingTM technology is able to determine the precise location of injured tissue in a patient based upon their physical characteristics and automatically deliver an optimal dose of healing laser light energy safely and effectively to heal the damaged tissue faster and more effectively than any other laser system on the market.
In the PDT division, Theralase has significantly advanced its anti-cancer technology, focused initially on the treatment of Non-Muscle Invasive Bladder Cancer (“NMIBC”), and is gearing up for enrollment of patients in a Health Canada Phase Ib clinical study.
To meet this goal, Theralase has:
- Assembled an illustrious Medical and Scientific Advisory Board (“MSAB”) in 4Q2014
- Presented its anti-cancer technology to Health Canada during a Clinical Trial Application (“CTA”) meeting that occurred in 1Q2015
- Commenced the manufacturing process of its lead Photo Dynamic Compound (“PDC”) TLD-1433 to Good Manufacturing Practice (“GMP”) certification standards for completion of a Drug Master File (“DMF”) slated for 3Q2015
- Secured a toxicology analysis lab to evaluate TLD-1433
- Commenced compiling the clinical protocol and investigator’s brochure
Completion of these key objectives will result in submission of a CTA package to Health Canada in 3Q2015 and pending approval, enrolling patients that meet the inclusion / exclusion criteria into a Phase Ib clinical study for NMIBC in 4Q2015.
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Total revenue for the year ended December 31, 2014 increased 15% to $1,380,604 from $1,203,620 year over year.
The net loss for the year ended December 31, 2014 was $2,587,542 (including $291,534 of net non-cash expenses) compared to a net loss of $1,152,209 in 2013 (including $211,543 of net non-cash expenses).
The net loss is a reflection of the ongoing commitment of Theralase to invest in the next generation of therapeutic laser technology and state-of-the-art anti-cancer treatment technology, partly funded from existing therapeutic laser sales.
Selling and marketing expenses increased 38% to $598,178 from $433,622 for the same period in 2013, primarily due to increased spending in associated marketing costs.
Administrative expenses increased 54% to $1,448,781 from $942,069 for the same period in 2013. The increase in administrative expenditures was due to increased spending on investor relations activities and medical advisory fees.
Research and development costs increased 176% to $1,455,301 from $527,233 for the same period in 2013. The increase was due to increased expenditures and investment into the commercialization of the TLC-2000 therapeutic laser technology and research and development of the TLC-3000 anti-cancer technology.
Roger Dumoulin-White, President and CEO of Theralase stated that, “2014 was a very strategic year for Theralase, where we made dramatic strides forward in both our TLT and PDT divisions. 2015 will be even more exciting with the planned launch of the TLC-2000 and the commencement of a Health Canada Phase Ib clinical study for NMIBC.”
About Theralase Technologies Inc.
Theralase Technologies Inc. (“Theralase®”) (TSXV: TLT) (TLTFF: OTC Pink®) in its Therapeutic Laser Technology (“TLT”) Division designs, manufactures and markets patented super-pulsed laser technology indicated for the: elimination of pain, reduction of inflammation and dramatic acceleration of tissue healing for numerous nerve, muscle and joint conditions. Theralase’s Photo Dynamic Therapy (“PDT”) Division researches and develops specially designed molecules called Photo Dynamic Compounds (“PDCs”), which are able to localize to the cancer cells and then when laser light activated, effectively destroy them.
Theralase Technologies Inc. was recognized as a TSX Venture 50® company in 2015. TSX Venture 50 is a trademark of TSX Inc. and is used under license.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>