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  • Verisante Reports Successful Q1, Product Launch
Jun 2013
VANCOUVER, British Columbia, Canada, June 6, 2013 — Skin cancer detector maker Verisante Technology Inc. has reported $235,000 in revenue for the first quarter 2013, which ended on March 31, attributing its success to the launch of its noninvasive Aura device.

“We are very pleased to report revenues from the sale of our initial production units less than three years after initially licensing the technology on which Aura is based,” said President and CEO Thomas Braun. “Response from initial customers and key opinion leaders has been extremely positive.”

Aura, a novel Raman spectroscopy device designed to aid in the early detection of all forms of skin cancer, has been installed in several areas across Canada and Europe (See: Skin Cancer Detector Launches in Canada), and has won several awards, including the 2013 Prism Award and the Edison Award (See: Prism Awards Honor Innovations in Photonics and Prism Winner Nabs Edison Award).

Verisante Technology reported revenue of $235,000 for first quarter 2013 compared with $0 for the first quarter of 2012, attributing its revenue to the sale of Aura devices to exclusive distributors in Canada and Europe. Total expenses for the first quarter 2013 were $1,214,276, up $406,612 compared with the first quarter 2012. The increase in expenses was attributed to substantial increases in salaries, professional fees, rent and general office expenses as the company leased additional office space and manufacturing facilities, in addition to hiring new personnel.

The company has historically financed its operations and capital expenditures through equity financings. As of March 31, it had cash and short term deposits of $1,188,061 as compared with $620,763 on Dec. 31, 2012.

Cash used in operations for the first quarter 2013 was $1,104,834, compared with $869,858 for the same period in 2012. The boost is primarily the result of the company’s increased operations and purchase of manufacturing parts.

Net cash provided by financing activities was $1,323,257 for the first quarter 2013, compared with $1,855,959 for the same period in 2012. The cash from financing activities both in 2012 and 2013 is attributable to warrant and stock option exercises. An additional equity financing for $943,000 was completed at the quarter’s end.

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