VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/30/13 -- Verisante Technology, Inc. (TSX VENTURE: VRS)(OTCQX: VRSEF) (the "Company" or "Verisante"), a leader in cancer detection technology, announced today that the Company has released its financial results for the second quarter ended June 30, 2013 .
Highlights of the quarter include:
-- Continued revenues from the sale of Aura recognized;-- Placement of Aura with key opinion leaders in Germany at the High Line Clinics in Breman and Dusseldorf; and-- Completion of Core study for lung cancer and start of studies on colon and nasopharyngeal cancers.
"We are very pleased to report continued revenues from the sale of our Aura units building on the sales from Q1," said Thomas Braun, President & CEO. "We continue to receive positive feedback from the onsite placements and have found a growing interest for Aura in the research, as well as dermatological fields."
Verisante is also streamlining its production and manufacturing facilities and personnel to ensure the Company continues with the most cost effective and efficient path of commercialization.
While Aura continues to be used on patients by key opinion leaders in Canada and Europe, the Company is also pursuing efforts to obtain additional regulatory approvals in Brazil, Mexico and the United States.
In addition to supporting the sales and marketing of Aura, Q2 also saw the completion of the lung study clinical trials conducted at the BC Cancer Agency, the beginning of a colon cancer study at Vancouver General Hospital and also a study on nasopharyngeal cancer in China. There has been positive progress on commercialization of the first Core device that uses the same platform technology as Aura, but with an endoscopic probe.
Revenues are from the sale of Aura devices to the Company's exclusive distributors in Canada and Europe. The Company recognizes revenue when units are shipped to the distributor. For the three months ended June 30, 2013, the Company recognized revenue of $178,000 compared to $0 reported for the same period in 2012.
Total expenses for the quarter ended June 30, 2013 were $1,197,337 as compared to $668,465 for the same period in 2012, representing an increase of $528,872. The increase in expenses from 2013 to 2012 is mainly attributed to substantial increases in salaries, professional fees, rent and general office expenses as the Company leased additional office manufacturing facilities and hired new personnel.
Salaries and Professional Fees increased by $100,225 as the Company continues to require additional personnel as operations increase. Audit and accounting fees decreased slightly for the quarter, attributed mainly to the completion of conversion to IFRS.
In connection with the Company's increased operations and leasing of additional engineering and manufacturing space, rent increased by $18,903 in the three month period ending June 30, 2013 over 2012.
The Company's full Q2 Financials and MD&A can be found as filed at www.sedar.com and also on the Company's website at www.verisante.com.
About Verisante Technology, Inc.
Verisante is a medical device company committed to commercializing innovative systems for the early detection of cancer. The Verisante Aura for skin cancer detection and the Verisante Core series for lung, colon and cervical cancer detection utilize a proprietary cancer detection platform while the operating software and probe technology are unique to each device. The cancer detection platform was developed by the BC Cancer Agency and tested and refined at the Skin Care Centre at Vancouver General Hospital. This exclusive platform technology allows Verisante to develop and offer a range of compact, non-invasive cancer detection devices that offer physicians immediate results for many of the most common cancers. Aura has been approved for sale in Canada, Europe and Australia. Core has not yet been approved for sale.
Verisante Aura was awarded Popular Science Magazine's "Best of What's New Award" for 2011, awarded a 2013 Prism Award for Innovation in Photonics and an Edison Award for Excellence in Innovation in 2013. Verisante Core was named one of the top 10 cancer breakthroughs of 2011 by the Canadian Cancer Society.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This release contains forward-looking statements, including, but not limited to, statements regarding the future commercialization of medical devices, the market demand for these products and the proprietary protections the Company will obtain with regard to the technology, all of which statements are subject to market risks, and the possibility that the Company will not be able to obtain patent protection or obtain sufficient customer demand. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.
Verisante Technology, Inc.
President & CEO