Guided Therapeutics, Inc. (OTCBB: GTHP) today announced its operating results for the second quarter and first six months of 2010.
“We recently reached a major milestone with the successful completion of key laboratory tests for newest version of LightTouch”
Service revenue for the second quarter of 2010 was $805,000, compared to revenue of $242,000 in the second quarter of 2009. For the six months ended June 30, 2010, revenue was $1.6 million versus $423,000 for the same period last year. The increase in revenue was primarily due to contracts relating to our core cancer detection technology.
The net loss available to common stockholders for the second quarter of 2010 was $559,000 or $0.02 per share, compared to a net loss available to common stockholders of $1.4 million, or $0.09 per share, in the comparable quarter of 2009. For the first six months of 2010, the net loss available to common stockholders was $3.6 million or $0.13 per share, compared to a net loss available to common stockholders of $2.8 million, or $0.18 per share, in the first half of 2009.
"We recently reached a major milestone with the successful completion of key laboratory tests for newest version of LightTouch," said Mark L. Faupel, Ph.D., chief executive officer and president of Guided Therapeutics. "The tests, conducted by an independent third party, are necessary for filing the final FDA premarket approval application and for commercial distribution outside the U.S. If all goes well, we expect to complete the documentation and submit our premarket approval application to FDA prior to the end of the third quarter."
"With the continued financial and technical support of our partner, Konica Minolta, we have assembled the U.S. team to develop the next generation product from our LightTouch platform. The product, for detecting and monitoring Barrett's Esophagus, is a natural extension of our existing technology. Both Konica Minolta and we believe that the market for the product is a large and growing opportunity.
"Additionally during the quarter, we continued to execute on our plan to improve the company's outlook by moving our stock up to the OTC Bulletin Board from the Pink Sheets and strengthened our board with the election of Dr. Jonathan M. Niloff as a director," Dr. Faupel said.
Squid-inspired technology could replace needles for medications and vaccines