Theralase Technologies Inc (CVE:TLT, OTCMKTS:TLTFF) reported a 14% increase in revenue in its latest half year compared to the same period in 2016 but the net loss widened.
The increased loss ($3.23mln versus a loss of $2.45mln in 2016) was mainly down to the increased investment in developing the TLC-3200 medical laser and the equipment related to support phase 1b NMIBC clinical study - the non-muscle invasive bladder cancer (NMIBC).
It was also due to costs related to optimizing and commercializing the TLC-2000 therapeutic laser system.
Theralase's photo dynamic therapy (PDT) division is focused on completing a phase 1b clinical trial for patients afflicted with bladder cancer with anti-cancer drug, TLD-1433.
Its therapeutic laser technology (TLT) division is commercializing the next-generation TLC-2000 therapeutic medical laser system and its associated recurring revenue model in 2018.
For the six months to end June, Theralase's total revenue increased 14% to $1.016 ml, from $893,138 for the same period in 2016.
In Canada, where the group has been building its sales and marketing teams, revenue increased 55% but in the USA, revenues dropped 33% and international revenue dropped 55%.
Across the group, gross research and development expenses totalled around $1.433mln for the six-months, compared with $925,504 in 2016 (a 55% increase).