Intraop Medical Corporation (OTCBB: IOPM), manufacturer and developer of the Mobetron®, an innovative device used to deliver intraoperative radiation therapy (IORT) during cancer surgery, today issued its first quarter financial results for the period ended December 31, 2005.
Donald A. Goer, Ph.D., President and CEO of Intraop, stated, “Our first quarter has been an important transitional period for us as we completed our financing plan and relocated into our new manufacturing and worldwide headquarters facility. A number of important milestones were achieved, and significant IORT clinical results were published, that are sure to add to the demand for our products.”
Among the recent milestones Dr. Goer noted were:
Sale of a second Mobetron system in Poland.
Sale of a third Mobetron system to Italy.
Development and offering for sale of a new motorized transport system for the Mobetron.
Announcement of new results on the effectiveness of IORT for early stage breast cancer at the Austrian Radiation Oncology Meeting in December.
Completion of $9,000,000 of long term, senior and convertible debt financing.
Filing of a registration statement for 10,000,000 shares of common stock.
Relocation to a new 14,000 square foot manufacturing and headquarters facility.
Hiring of a new Vice President of Sales and Marketing and a new Corporate Controller.
Addition of two new independent Board members.
“I am pleased with the progress we have made,” said Dr. Goer. “I think the second quarter will see significant additional progress as our new production facility begins operation, and as we continue to execute our business plan.”
The Company recorded $1.1 million in sales in the first quarter, with an operating loss of $585 thousand and a net loss of $1.5 million.
