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Article Excerpt
MAHWAH, N.J. -- DOBI Medical International Inc. (OTCBB:DBMI.OB) today announced financial results for the first quarter of 2005, ended March 31, 2005. In the first quarter of 2005, the company recorded revenue of $62,414, compared to no revenue in the first quarter of 2004. The net loss applicable to common stock for the first quarters ended March 31, 2005 and 2004 was approximately $2.2 million and $1.3 million respectively, or $.05 and $.03 per share, respectively.
Total operating expenses were $2.1 million compared to $1.3 million. The increase relates largely to costs incurred in development of the ComfortScan(TM) system, initiation of clinical testing associated with the Company's FDA PMA application, and expansion of the Company's international distributor network.
Phillip C. Thomas, DOBI Medical's Chief Executive Officer commented, "In addition to the successful completion of the largest financing round in the Company's history, we are making good progress in our product development efforts and continue to strengthen our clinical team while expanding the number of PMA clinical sites in the United States. We also are beginning to see progress as we endeavor to obtain local government approvals in a number of...
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