COLUMBIA, MD and TORONTO, ON--(Marketwired - Sep 10, 2014) - Medifocus Inc. (OTCQX: MDFZF) (TSX VENTURE: MFS) (Medifocus or the Company), reported its financial results for the fiscal first quarter ending June 30, 2014 which shows a 32% increase in revenues over the prior year's first quarter.
Medifocus is a revenue generating biotechnology company using focused heat for the development and commercialization of minimal invasive systems to treat cancerous and benign tumors.
Today, sales from its Prolieve® Thermodilatation System, reached US $1,649,469 for the three months ended June 30, 2014, representing an increase of 32% from the same period in the prior year. The net loss, before other charges for the quarter, was US $1,189,140, compared to $1,235,196 in the same three months of 2013, and $1,288,747 in the three months ended March 31, 2014. The revenues for the quarter ended June 30, 2014 are essentially unchanged from the $1,677,138 in quarter ended March 31, 2014, however, the revenues for the quarter ended March 31, 2014 saw a 31% increase from the quarter ended December 31, 2013.
The Prolieve® Thermodilatation System is designed to provide a relatively painless and effective alternative to drug therapy and certain types of surgical procedures used to treat the symptoms of Benign Prostatic Hyperplasia (BPH).
Dr. Augustine Y. Cheung, President and CEO of Medifocus commented, "We will continue to focus on growing our Prolieve business and strengthening our market position. In the meantime the Company will allocate more resources to accelerate the pivotal Phase III clinical trial for the APA 1000 Breast Cancer Treatment System which should help increase shareholder value."
About Medifocus, Inc.
Medifocus owns two fully developed technology platforms with comprehensive United States and international patent protection: (i) The Endo-thermotherapy Platform-a catheter-basis focused heat technology platform that utilizes natural body openings to deliver precise microwave thermotherapy to the diseased sites. The United States Food and Drugs Administration (FDA) approved Prolieve Thermodilatation System for the treatment of Benign Prostatic Hyperplasia (BPH) was developed based on the Endo-thermotherapy and is currently generating revenue; and (ii) the Adaptive Phased Array (APA) Microwave Focusing Platform, invented by the Massachusetts Institute of Technology, licensed to Medifocus directs precisely focused microwave energy at tumor center to induce shrinkage or eradication of tumors without undue harm to surrounding tissue. Medifocus' APA 1000 Breast Cancer Treatment System, developed from the APA technology platform, has received approval from the FDA and Health Canada to conduct the pivotal Phase III clinical trials. Medifocus believes that these two technology platforms can provide the design basis for the development of multiple cancer treatment systems for surface, subsurface and deep seated localized and regional cancers. Please visit www.medifocusinc.com, www.prolieve.com and http://www.facebook.com/pages/Medifocus-Inc-Company-Page/546315028715627 for more details.
Forward-Looking Statements and Information
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