Yesterday, Theralase Technologies Inc. (CVE:TLT
), (OTCMKTS:TLTFF) closed down another 2.7% at CAD 0.36 per share, after testing the .38 mark on Friday and Monday. TLT did trade as high as CAD 0.39 on Monday, but ultimately closed at .37. The .38 mark proved to be a challenge at the end of June too.[BANNER]
Prior to the last two sessions, TLT had been climing steadily since July 17, when the company announced it had applied for a US patent for a multi-wavelength laser light source which can safely and effectively activate TLT's Photo Dynamic Compounds in the destruction of cancer at various depths.
TLT isn't profitable, and the company needs significant capital to fund its operations. Back in November, 2013 the company got a CAD 3.15 million (CAD 2.8million net proceeds) capital infusion after completing a private placement of 21 million units at CAD 0.15 per unit. Each unit consists of one common share and a non-transferable warrant with an exercise price of CAD 0.20. By the end of March the company's quarterly financials looked like this:
- Cash CAD 958,042
- Total current assets CAD 1,859,396
- Total current liabilities CAD 604,437
- Sales CAD 361,179
- Loss CAD 344,074
There has been no news since the July 17 press release, and the next quarterly isn't likely to come in before the end of August. It will be interesting to see whether TLT will test the .38 again in the meantime.