Medifocus Inc. Announces Election of Directors and Financial Results for the Quarter Ended June 30 2016
COLUMBIA, MD, Sept. 14, 2016 /PRNewswire/ - Medifocus, Inc. (OTCQX:MDFZF and TSXV:MFS.V) ("Medifocus" or the "Company"), a biotechnology company with a portfolio of medical products encompassing thermotherapy systems for the treatment of Benign Prostatic Hyperplasia (BPH) and Breast Cancer, is pleased to announce the election of William W. Jow, M.D. as a member of the Board of Directors of the Company at the Company's annual and special meeting held on August 31, 2016. In addition, incumbent directors Messrs. Joseph S.C. Chan, Augustine P.Y. Chow, Raymond Tong and Mr. Grant B. Walsh (Chairman) were also re-elected. Augustine Y. Cheung, Ph.D. did not stand for re-election to the Board.
William W. Jow, M.D. received his M.D. degree from New York University in 1986. Following his surgical and urological residencies at Mount Sinai Medical Center and University of Buffalo, Dr. Jow received the American Urological Association (AUA) Scholar Award to complete a 2-year Fellowship at Weill Cornell Medical College and Center for Biomedical Research at Rockefeller University in New York. He then served as Assistant Professor at Rutgers Robert Wood Johnson Medical School in New Jersey for 2 years. Dr. Jow has been in private practice for over 20 years, and has ample experience in utilizing various minimally-invasive techniques in treating BPH, prostate cancer and prostatitis. He has been Chairman of Urology at Hackensack Meridian Health - Bayshore Hospital in Holmdel, New Jersey, and served on its Medical Executive Committee since 2012. He has published many medical and scientific papers, served as expert reviewer for urology journals and lectured in topics ranging from oncology to preventive medicine. Dr. Jow received many honors and awards including Phi Beta Kappa, Memorial Sloan-Kettering Cancer Center Tri-Institutional (MSKCC, Cornell & Rockefeller) Research Grant, the prestigious American Society of Andrology Hamilton-Thorne Award for his pioneering research in Gene Expression, AUA Best Research Presentation Award, Compassionate Doctor Award, Patients' Choice Award and Healthgrades Five-Star Physician Recognition. He has served as consultants to various sales and product development ventures before serving as Scientific & Business Development Consultant and Medical Director of Medifocus Inc. since 2014.
"I am delighted to welcome Dr. Jow to our Board and look forward to working with him, Medifocus is fortunate to have Dr. Jow on board to guide it through this critical period. Dr. Jow has served Medifocus as Medical Director since 2014 and provided invaluable advisory service to Medifocus. He has been appointed as President since March 2016 and in charge of Prolieve operation. He has demonstrated his leadership and vision in moving the Prolieve business to a more sustainable path for future growth in last six months. His knowledge in urology and the urology market in the U.S. will benefit Medifocus in many ways. As a result, we saw marked improvements in operation efficiency and financial results for the quarter ended June 30, 2016," said Mr. Grant Walsh, Chairman of the Board of Directors.
For the quarter ended June 30, 2016, Prolieve sales were US$1,186,855, an increase of 5% over the same period of 2015; gross margin increased by $176,807, or 60% over last year; while loss from operations for the three months decreased to $172,107 from $636,708 in 2015, representing a 73% reduction. These positive moves reflect the cost savings being realized from the Company's restructuring process initiated in the first quarter of 2016. Compared to the three months ended March 31, 2016, the sales from the three months ended June 30, 2016 increased 4%, gross margin increased 45%, and loss from operation decreased 68%.
About Medifocus, Inc.:
Medifocus, Inc. (TSXV-MFS, OTC-MDFZF) is a biotechnology company with a portfolio of medical technologies that utilize heat activation to treat conditions ranging from prostate diseases and breast cancer. Heat is known to accelerate numerous chemical and biochemical reactions, and Medifocus' portfolio relies on this fact to improve clinical outcome. Its Prolieve® Thermodilatation System offers relief from Benign Prostatic Hyperplasia (BPH) to millions of men with a simple, 45-minute, in-office treatment. Its APA-1000™ Breast Cancer Treatment System is currently in phase 3 clinical trials, and it is designed to treat localized and locally advanced breast cancers through the application of heat alone or in combination with chemotherapy.
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SOURCE Medifocus Inc.
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