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Profound Medical Corp well positioned for growth

Tuesday, March 7, 2017 8:25
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Prostate cancer focused device maker Profound Medical Corp (CVE:PRN) said it was well positioned for growth in 2017 as it posted full year numbers.

The firm was established in 2008 and is developing its TULSA-PRO system, which combines magnetic resonance imaging with therapeutic ultrasound to provide precise ablation of the  prostate organ.

In February last year, it announced a strategic collaboration agreement with Siemens Healthcare to help advance the commercial launch of the system, while in April last year, it received a CE Mark approval for commercial sale.

“2016 was an historic year for Profound in its journey to establish TULSA-PRO system as a new therapeutic standard in prostate cancer,” said Dr Arun Menawat, the chief executive.

“With the invaluable support of our commercial partners, the financial resources required to complete the TACT Pivotal Clinical Trial, and the early success of our pilot commercial launch in Europe, Profound is very well-positioned to continue its strong growth trajectory in 2017.

“We look forward to updating our stakeholders on Profound’s progress in the months ahead.”

The net loss for the year to end December was around $16.32mln, against a net loss of $16.37 mln in the previous year.

Expenditures for R&D (research and development) for the year  were higher by around  $4.85 mln compared to 2015.

The increase was mainly related to the preparation of clinical data from the 30 patient TULSA safety and feasibility trial and due to preparations for an Investigational Device Exemption from the US FDA.

In November, the group announced that it had completed a bought deal offering of 15.82mln sahres at $1.10 per share for gross proceeds of around $17.4 million.

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