TORONTO--(Marketwire - Jan 23, 2013) - Medifocus Inc. (OTCQX: MDFZF) (TSX VENTURE: MFS) (Medifocus or the Company) is pleased to announce its preliminary results for the fourth quarter of 2012, relative to the accelerated rollout of its recently acquired Prolieve® Thermodilatation System, 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).
The minimally invasive Prolieve® system has been proven to be more effective than current drug therapies in providing relief from the chronic symptoms of BPH. It is based on a 45-minute office procedure, which creates no meaningful side effects, and no interference with sexual functionality that is frequently associated with invasive surgical alternatives and drug therapy.
Dr. Augustine Y. Cheung, President and CEO of Medifocus, commented, "In our last fiscal quarter ended September 30, 2012, we reported our first ever revenue of $313,281 from sales of our Prolieve® system. We achieved this third quarter revenue in the short transitional period after the Company acquired the Prolieve® business from Boston Scientific, with a minimal sales staff in place."
Dr. Cheung continued, "Now, we are pleased to report that we have increased our revenue by 101% in the fourth quarter of 2012 and achieved sales of $630,000. During the course of the fourth quarter, we expanded our sales and service personnel, many of whom were part of the sales effort at Boston Scientific. While the full complement sales and service personnel were not in place during most of the fourth quarter, we nevertheless doubled our sales volume."
Dr. Cheung concluded, "Now that we have assembled a seasoned sales and service team nationwide, we believe that we have a strong opportunity to serve the extensive nationwide network of urologists that have come to recognize the strong advantages of utilizing the Prolieve® system when treating BPH. As we continue to build our team and infrastructure, we can look forward to continuous steady growth in the utilization of our proprietary system and revenue in the future."
About Medifocus Inc.
Medifocus develops and commercializes minimally invasive, unique heat treatment systems used in treatment of cancerous and benign tumors, and enlarged prostate, Benign Prostatic Hyperplasia ("BPH").
The Company owns two technology platforms with comprehensive US and international patent protection: The "Endo-thermotherapy Platform" and the "Adaptive Phased Array Microwave Focusing Platform". The Company has developed two advanced therapeutic products: the Adaptive Phased Array (APA)-1000 system for treatment of breast cancer and the Prolieve® system for the treatment of BPH. The APA-1000 uses precisely focused and controlled microwave energy to shrink breast cancer tumors without side effects on the surrounding tissues to produce better treatment outcomes.
The Company has also received regulatory approvals to complete the APA 1000's pivotal Phase-III clinical trials, the final step before marketing approval. The U.S. FDA-approved Prolieve® System (www.prolieve.com) is a medical device based on endo-thermotherapy that both heats the prostate and dilates the prostatic urethra. The Prolieve® System is the only minimally invasive treatment option for the symptoms of enlarged prostate in men indicated by the FDA as an in office treatment alternative to drug therapy. The Prolieve® System is a revenue generating product catering to the $8 billion non-surgical BPH drug market. The Company is currently focusing on marketing Prolieve® for the treatment of BPH and completing the APA 1000 breast cancer system's Phase III study. For more information, visit www.medifocusinc.com.
Forward-Looking Statements and Information
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's future growth resulting from the election of Mr. Yam and the expectation that sales from Prolieve® will accelerate. 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.