Toronto, Ontario – March 11, 2015, Theralase Technologies Inc. (“Theralase” or the “Company”) (TLT:TSXV) (TLTFF: OTC Pink®) announced today confirmation of its strategic initiatives for 2015.
On March 3, 2015, Theralase closed a prospectus financing, where the Company raised $CAN 8 million from US institutional and Canadian institutional and retail investors.
Completed at a 20% discount to market, these funds are considered strategic to the Company as it has now solidified relationships with influential Canadian and US institutional investors that will prove to be invaluable down the road, as the Company executes on its strategic initiatives.
Theralase is now fully funded to commence and complete its two core strategic initiatives in 2015.
The first core strategic initiative for the Company is the launch of the next generation TLC-2000 “Cell Sensing” therapeutic laser system in Canada in April 2015 and in the US and Europe in 3Q2015. This technology will revolutionize the therapeutic laser industry by providing healthcare practitioners with a technology that can sense where a patient’s tissue is damaged and then deliver an exact dose of healing laser light energy to the region to heal the condition in the safest and most effective way possible. The technology is expected to generate significant revenue for Theralase over the next few years as the US pain market, estimated at $100 M in size, is expected to grow rapidly with the aging population.
The second core strategic initiative is the commencement of a Phase I / II a clinical study to evaluate the safety and tolerability of Photo Dynamic Therapy (“PDT”) in the destruction of Non-Muscle Invasive Bladder Cancer (“NMIBC”) as a primary outcome measure. As a secondary outcome measure, Theralase will investigate the efficacy of its technology in the destruction of NMIBC. Various milestones leading up to this milestone include: commencement and completion of a toxicity analysis, completion of the clinical protocol, Health Canada Clinical Trial Application (“CTA”) meetings, Food and Drug Administration (“FDA”) Investigational New Drug (“IND”) application meetings, completion of non-Good Manufacturing Practices (“GMP”) and GMP manufacture of the lead Photo Dynamic Compound (“PDC”). Pending commercialization of this technology, Theralase is expected to significantly increase its revenues. The US bladder cancer market is estimated to cost the American medical system $4 B annually with all cancers costing over $77 B annually.
Roger Dumoulin-White, President and CEO of Theralase stated that, “Theralase is now fully funded to execute on its strategic initiatives and we look forward to achieving significant commercial success in the medical markets of healing pain and destroying cancer.”
About Theralase Technologies Inc.
Founded in 1994, Theralase Technologies Inc. (“Theralase®”) (TSXV: TLT) (TLTFF: OTC Pink®) designs, manufactures and markets patented super-pulsed laser technology used for the elimination of pain, reduction of inflammation and dramatic acceleration of tissue healing. Theralase has sold over 1,200 systems to licensed healthcare practitioners, including: medical doctors, chiropractors, physical therapists and athletic therapists. Theralase has been so successful in healing nerve, muscle and joint conditions in clinical practice that Theralase’s scientists and clinicians have now turned their attention to investigating the application of its lasers in the destruction of cancer, using specially designed molecules called Photo Dynamic Compounds (“PDCs”), which are able to localize to the cancer cells and when light activated, 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.
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