Medifocus Inc. Announces Election of Directors and Reports First Revenue
Submitted by Medifocus Inc on Thu, 12/06/2012 – 00:00
TORONTO, ONTARIO–(Marketwire – Dec. 6, 2012) –
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Medifocus Inc. (TSX VENTURE:MFS)(OTCQX:MDFZF) (Medifocus or the Company) is pleased to announce the election of Mr. Tak Cheung Yam as a member of the Board of Directors of the Company at the Company’s annual and special meeting held on November 28, 2012. In addition, incumbent directors Messrs. Augustine Y. Cheung, Joseph S.C. Chan, Augustine P.Y. Chow, Ernie Eves and Grant B. Walsh (Chairman) were also re-elected.
Mr. Yam, B.Sc. has been the Chairman, Executive Director and Co-Founder of Fornton Group Limited (HKEX) since October 11, 2011. Mr. Yam has participated in various charitable activities of Yan Oi Tong, one of the six largest charitable organizations in Hong Kong and was appointed as the Chairman of Yan Oi Tong in 2007. Subsequently, he was awarded a Medal of Honor from the HKSAR Government. Mr. Yam advocated the establishment of YOT Chong Sok Un Medical Fund (Cancer Aid) in 2007, which is now the largest cancer fund in Hong Kong.
“I am delighted to welcome TC to our Board and look forward to working with him,” said Mr. Grant Walsh, the Chairman of the Board of Directors of Medifocus. “TC’s extensive experience in financial industry and his dedication to cancer treatment will benefit Medifocus tremendously in its future growth, particularly in the Asia Pacific region.” Mr. Yam commented, “I am attracted to Medifocus by its team’s dedication to the development of advanced microwave technology to treat cancers and other diseases. I look forward to applying my experience and providing my insights as Medifocus continues to capitalize on its proprietary technology platforms.”
For the quarter ended September 30, 2012, Medifocus reported its first ever revenue of $313,281 from sales of its Prolieve® System. Dr. Augustine Y. Cheung, President and CEO of the Company commented: “We are pleased with the revenue achieved in the short transitional period after the Company acquired the Prolieve® business and we expect sales from Prolieve® will accelerate once the transition is completed. We have assembled a seasoned sales and service team and are gaining our customers’ confidence in Prolieve® and the continuous product and service support by Medifocus.”
Medifocus develops and commercializes minimally invasive heat treatment systems used in treatment of cancerous and benign tumors, and enlarged prostate, Benign Prostatic Hyperplasia (“BPH”).
The Company owns two technology platforms with comprehensive US and international patent protection: The “Endo-thermotherapy Platform” and the “Adaptive Phased Array Microwave Focusing Platform”. The Company has developed two advanced therapeutic products: the Adaptive Phased Array (APA)-1000 system for treatment of breast cancer and the Prolieve® system for the treatment of BPH. The APA-1000 uses precisely focused and controlled microwave energy to shrink breast cancer tumors without side-effects on the surrounding tissues to produce better treatment outcomes. The Company has received regulatory approvals to complete the APA 1000’s pivotal Phase-III clinical trials, the final step before marketing approval. The U.S. FDA-approved Prolieve® System (www.prolieve.com) is a medical device based on endo-thermotherapy that both heats the prostate and dilates the prostatic urethra. The Prolieve® System is the only minimally invasive treatment option for the symptoms of enlarged prostate in men indicated by the FDA as an in office treatment alternative to drug therapy. The Prolieve® System is a revenue generating product catering to the $8 billion non-surgical BPH drug market. The Company is currently focusing on marketing Prolieve® for the treatment of BPH and completing the APA 1000 breast cancer system’s Phase III study. For more information, visitwww.medifocusinc.com.
Forward-Looking Statements and Information
This news release contains “forward-looking statements” and “forward-looking information”, which may not be based on historical facts. Forward-looking statements and forward-looking information, include, but are not limited to, information and statements with respect to the benefit to Medifocus’s future growth resulting from the election of Mr. Yam and the expectation that sales from Prolieve® will accelerate. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Such forward-looking statements and forward-looking information involve known and unknown risks, uncertainties and other factors that may cause the actual results events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements or forward-looking information. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements and forward-looking information. Except as required by applicable securities laws, the Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results, events or developments.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the proposed transactions and neither of the foregoing entities has approved or disapproved of the contents of this press release.