As at June 30, 2008, PreMD had cash, cash equivalents and short-term investments totaling $443,000 ($1,190,000 as at December 31, 2007). Cash used to fund operating activities during Q2 2008 amounted to $926,000 compared with $1,264,000 in Q2 2007. To date, we have financed our activities through product sales, license revenues, the issuance of shares and debentures and the recovery of provincial ITCs. The Company reported a loss of $1,318,000 for the three months ended June 30, 2008, has a shareholders' deficiency of $6,047,000 as at June 30, 2008 and has experienced significant operating losses and cash outflows from operations since its 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.
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 a line of non-invasive skin cholesterol tests. PreMD's other skin cholesterol products include PREVU* LT, a skin cholesterol test designed for use in the life insurance industry. 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 http://www.premdinc.com.
This press release contains forward-looking statements. These
|SOURCE PreMD Inc.|
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