Medifocus, Inc. Announces Increase in Revenue and Positive Cash Flow from Operation in Fiscal Year Ended March 31, 2019 and Global Market Expansion with Prolieve(R) Procedures Performed in Singapore
Columbia, Maryland and Toronto, Ontario--(Newsfile Corp. - August 29, 2019) - Medifocus, Inc. (OTCQB: MDFZF) (TSXV: MFS) ("Medifocus" or the "Company"), a biotechnology company with a portfolio of medical products encompassing thermotherapy systems for the treatment of Benign Prostatic Hyperplasia (BPH) and Breast Cancer, reported a 4% increase in revenue and a 15% decrease in operating expenses for the fiscal year ended March 31, 2019, compared to the same period in 2018.
Prolieve® sales were $2,766,740 for the year ended March 31, 2019, compared to $2,666,800 for the previous fiscal year, while the operating expenses for the recent fiscal year were reduced by 15% to $1,358,208, compared to $1,593,789 for the previous year. During the fiscal year ended March 31, 2019, the Company also recorded a $133,041 positive cash flow from operating activities, compared to $21,544 for the year ended March 31, 2018.
Dr. William Jow, President and Chief Executive Officer of Medifocus, commented, "Since I became CEO less than three years ago, we have substantially reduced operating losses by improving operational effectiveness. Despite costly sales and marketing campaigns launched by our competitors, we have managed to convince the urologists that Prolieve is proven safe and effective confirmed by our recently completed and approved FDA 5-year Follow-up Study. We are very pleased to see a small but meaningful uptick in revenue from Prolieve® operation in the last fiscal year and to continue achieving positive cash flow from operating activities."
Dr. Jow continued, "With Prolieve® procedures recently performed in Singapore after Hong Kong, we anticipate a boost in our future Prolieve® sales. Thanks to collaborations with our Asian partners, we continue to look forward to seeing more Asian and Global markets open up for Prolieve® in the near future."
"We will immediately rebrand Prolieve® as the only ThermoDilatation™ (TUTD™) that can treat and prevent the progression of BPH with stabilization of Prostatic-specific Antigen (PSA) and prostate volume as evidenced by our FDA Post Approval Study." He added, "Furthermore, we can now expand other utilizations of Prolieve®, especially by offering a proven-safe treatment option for men who elect to undergo Active Surveillance for early prostate cancer, which has become a huge marketplace with great potential in recent years."
About the Prolieve® Thermodilatation™ System
The Prolieve® Thermodilatation™ System offers potential relief to the millions of men who suffer from Benign Prostatic Hyperplasia (BPH), a condition that becomes common as men age. Approximately of men over 50 have significant enlargement of the prostate gland, and this rises to about 90% among those over 70 years old. As the prostate enlarges, it constricts the urethra, thereby restricting the passage of urine. Persistent restriction and further progression of BPH, if left untreated, often results in worsening of lower urinary tract symptoms (LUTS). Further complications of this process may result in urinary retention, bladder stones and infection, as well as compromised bladder and kidney function.
The Prolieve® System is a novel focused heat therapy which utilizes a unique combination of focused heat energy directed at the prostate in combination with a patented, water cooled and pressurized dilatation balloon to achieve immediate and long-term relief of BPH symptoms with very minimal treatment related side effects after a brief in-office procedure performed under local anesthesia. The unique advantage of this combined "heat plus compression" therapy is twofold: first, the heat denatures local tissue proteins of the (balloon) dilated urethra, resulting in an expanded and stiffened urethral lumen functioning as a biological stent. Second, the compression reduces local blood flow thus increasing the thermal efficiency of the microwave energy to achieve apoptosis and tissue ablation in the targeted prostate gland. As the transurethral microwave energy is applied to the entire prostate, a computerized feedback system involving the rectal temperature probe renders the rectal temperature not to exceed 41-42 ◦C, thus ensuring safety of the rectal wall and neurovascular bundles essential to preservation of erectile function.
About Medifocus, Inc.:
Medifocus, Inc. (OTCQB: MDFZF) (TSXV: MFS) is a Biotechnology Company with a portfolio of medical technologies that utilize patented Focal Thermal Technology to treat conditions ranging from Prostate Diseases to Breast Cancer. Its Prolieve® Thermodilatation™ System offers symptomatic relief to men with Benign Prostatic Hyperplasia (BPH) through a simple, fast, in-office treatment. Prolieve® is both FDA and Medicare approved for treating symptomatic BPH with over 100,000 cases performed in the U.S. alone, and with proven long-term safety, efficacy and durability. Its APA 1000 Breast Cancer Treatment System was licensed from Massachusetts Institute of Technology and developed by the Medifocus team. The Targeted Focal Thermotherapy has been demonstrated in Phase 2 clinical trials to offer significantly better tumor shrinkage in patients treated with the combined Chemothermal therapy compared those treated with Chemotherapy alone. APA 1000 was also shown to be effective in reducing margin positivity among patients treated with such thermotherapy prior to lumpectomy.
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