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PreMD Reports Second Quarter Results
Date:8/13/2008

ment related to

manufacturing validation for the new cordless reader, as this

project nears completion;

- an increase of $42,000 in legal fees on intellectual property;

- a decrease of $104,000 in salaries and benefits for research

personnel due to reduction in staff;

- an increase in recovery of research costs of $33,000 related to a

special contract to develop a test for use in the cosmetics

industry; and

General and administration expenses amounted to $503,000 for Q2 2008 compared with $911,000 in Q2 2007, a decrease of $408,000. Significant causes of the variance include:

- a decrease of $230,000 in professional fees for legal, audit and

human resources; the 2007 amount included expenses of a business

development consultant;

- a decrease of $81,000 in salaries and benefits due to reductions in

administrative staff;

- a reduction in annual meeting and annual report costs of $61,000 due

to cost containment activities; and

Interest on convertible debentures (issued on August 30, 2005) amounted to $165,000 in Q2 2008 compared with $164,000 in Q2 2007. These debentures bear interest at an annual rate of 7%, payable quarterly in either cash or stock. The amount accrued for Q2 2008 was subsequently paid in common shares, whereas the amount for Q2 2007 was paid partly in shares ($134,000) and partly in cash. Imputed interest on convertible debentures of $370,000 and $231,000 in Q2 2008 and 2007, respectively, represents the expense related to the accretion of the liability component at an effective interest rate of approximately 15%.

The gain on foreign exchange was $54,000 for Q2 2008, compared with a gain of $671,000 for Q2 2007. The major contributing factor for the change was the impact of foreign exchange rates on the convertible debentures which are repayable in US dollars.

Refundable s
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SOURCE PreMD Inc.
Copyright©2008 PR Newswire.
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