Refundable scientific investment tax credits ("ITCs") accrued for Q3 2008 amounted to $49,000 versus $54,000 for Q3 2007.
As at September 30, 2008, PreMD had cash, cash equivalents and short-term investments totaling $35,000 ($1,190,000 as at December 31, 2007). Cash used to fund operating activities during Q3 2008 amounted to $409,000 compared with $1,116,000 in Q3 2007. Subsequent to September 30, 2008, on October 7, 2008, the Company issued secured debentures for gross proceeds of $500,000. To date, the Company has financed its activities through product sales, license revenues, the issuance of shares and debentures and the recovery of provincial ITCs. The Company reported a loss of $1,879,000 for the three months ended September 30, 2008, has a shareholders' deficiency of $7,701,000 as at September 30, 2008 and has experienced significant operating losses and cash outflows from operations since inception. The Company has operating and liquidity concerns due to its significant net losses and negative cash flows from operations.
Financial statements are attached to this press release and are available at http://www.sedar.com.
About PreMD Inc.
PreMD Inc. is a leader in predictive medicine, dedicated to developing
rapid, non-invasive tests for the early detection of life-threatening
diseases. PreMD's cardiovascular products include PREVU* POC and PREVU* LT,
both non-invasive skin cholesterol tests. The Company's cancer tests
include ColorectAlert(TM), LungAlert(TM) and a breast cancer test. PreMD's
head office is located in Toronto, Ontario and its research and product
development facility is at McMaster University in Hamilton, Ontario. For
more information about PreMD, please visit
|SOURCE PreMD Inc.|
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