BioLight Reports First Quarter 2015 Financial Results
TEL-AVIV, Israel, June 1, 2015 /PRNewswire/ --
BioLight Life Sciences Investments (OTCQX: BLGTY, TASE: BOLT) ("BioLight" or the "Company"), a firm that invests in, manages and commercializes biomedical innovations in ophthalmology and cancer diagnostics, today reported operational and financial results for the first quarter ended March 31, 2015. Operational Highlights:
Reported clinical study findings that identified positive statistical correlations between the TeaRx™ test's diagnostic parameters and widely used benchmark tests for dry eye syndrome.
Reported that a blinded, multi-center clinical study of the CellDetect® non-invasive test for detecting bladder cancer in urine successfully achieved its primary endpoint for effectively detecting the recurrence of bladder cancer in subjects with a history of the disease.
Completed an investment in OphRx, a newly-formed ophthalmic company that has in-licensed a drug-delivery platform that has the potential to enable more efficient and safer delivery of eye drops.
Announced first IOPtiMate™ System sales in new territories as well as, subsequent to the end of Q1, the first sale of the IOPtiMate™ system procedures.
Subsequent to the end of Q1, signed a strategic partnership with Rock-One International Holdings Ltd., designed to help BioLight maximize its presence within China, the second largest healthcare market in the world after the U.S. Financial Results:
All dollar amounts are expressed in New Israeli Shekels ("NIS"), with a convenience U.S. dollar translation of NIS amounts provided using the rate of NIS 3.981 to US$1.00, the representative rate of exchange as of March 31, 2015, and results are reported in accordance with International Financial Reporting Standards.
For the three months ended March 31, 2015, BioLight's revenues were NIS 157,000 (US$ 39,000). The net loss for the first quarter of 2015 was approximately NIS 6.6 million (US$ 1.7 million), or NIS 0.01 loss per share, as compared to a net loss of approximately NIS 7.8 million (US$ $2.0 million), or NIS 0.02 loss per share, for Q1-2014.
BioLight ended the first quarter in a strong financial position. As of March 31, 2015, the Company had approximately NIS 23.9 million (US$ 6.0 million) in cash and short-term deposits, which did not include the approximately NIS 26.3 million (US$ 6.6 million) in funds raised through an upsized private placement in May 2015 as part of a new strategic partnership.
"We made progress on multiple fronts in the first quarter toward advancing the clinical and commercial development of both our ophthalmic and cancer diagnostics portfolios," commented BioLight's Chief Executive Officer, Suzana Nahum Zilberberg. "As the execution of our growth strategy continues through the year, we look forward to updating our stakeholders as events unfold."
The Company's financial statements and management's discussion and analysis are available on the Company's website at http://www.bio-light.co.il
and on the OTCQX website at http://www.otcmarkets.com/stock/BLGTY/filings