COLUMBIA, MD and TORONTO, ON--(Marketwired - Mar 6, 2014) - Medifocus, Inc. (OTCQX: MDFZF) (TSX VENTURE: MFS), a revenue generating biotechnology company focused on the use of focused microwave for the development and commercialization of minimally invasive systems for the treatment of cancerous and benign tumors, today announced its financial results for the third fiscal quarter and nine months ending December 31, 2013.
In the third quarter, the Company continued to demonstrate the successful rollout of its Prolieve® system into the U.S. BPH (Benign Prostatic Hyperplasia) market. Medifocus reached a critical milestone as it increased its Prolieve® accounts from 61 in July 2012 when the Prolieve® technology was first purchased from Boston Scientific Corporation ("BSC"), to over 230 as of December 31, 2013.
Revenue for the third quarter of fiscal 2014 ending December 31, 2013 was CAD$1.35M compared to revenue of CAD$630,150 in the comparable period of fiscal 2013, representing an increase of 114%. The Company reported a net loss of CAD$(1.54M), or CAD$(0.013) per share, for the third fiscal quarter of 2014 compared to a net loss of CAD$(2.1M), or CAD$(0.021) per share, in the prior year period.
Revenue for the nine months ending December 31, 2013 was CAD$3,892,178, compared to revenue of CAD$943,431 in the prior year period, representing an increase of $2,948,747, or 313%, over the comparable period of fiscal 2013.
Dr. Augustine Y. Cheung, President and CEO of Medifocus, commented, "In the first nine months of fiscal 2014, we remained diligently focused on expanding our sales force and enhancing our infrastructure so that we can further strengthen our position and meet increasing demand for the Prolieve® system in the year ahead."
About Medifocus, Inc.
Medifocus is a leader in the use of focused microwave energy to treat cancer and other tumors. It owns two fully developed technology platforms with comprehensive US and international patent protection: (1) 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 U.S. 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 (2) The Adaptive Phased Array (APA) Microwave Focusing Platform-invented by MIT, licensed to Medifocus, directs precisely focused microwave energy at tumor center to induce shrinkage or eradication of tumors without undue harm to surrounding tissue. The Company's APA 1000 Breast Cancer Treatment System, developed from the APA technology platform has received approval from the U.S. FDA and Health Canada to conduct the pivotal Phase III clinical trials. The Company 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.
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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