Sanuwave Health, an emerging medical technology company focused on regenerative medicine, has reported revenues of $0.14m for the first quarter ended March 31, 2010, compared to $0.26m for the comparable period in 2009.
Sanuwave Health has posted a net loss of $2.99m for the first quarter 2010, or $0.24 per diluted share, compared to $1.82m, or $0.17 per diluted share, for the comparable period in 2009. Operating loss was $2.99m, compared to $1.82m for the comparable period in 2009.
The higher loss is due primarily to a $0.3m increase in research and development expenses related to ongoing clinical efforts, and a $0.4m increase in general and administrative expenses primarily due to the increase in non-cash stock compensation expense for new grants of options, warrants and restricted stock to management and directors of the company in September 2009.
Christopher Cashman, president and CEO of Sanuwave, said: “The main focus of regenerative medicine in the near term will be on practical, targeted applications such as chronic wound care. With a $10bn global advanced wound care market, which includes a $2bn US diabetic foot ulcer market, we eagerly anticipate the results of our Phase III pivotal diabetic foot ulcer study, and ultimately the planned commercialisation of our dermaPACE device in the US in 2011.
“In addition to wound care indications, we are aggressively pursuing the market for bone growth stimulation and chronic tendonitis regeneration. As such, we expect to introduce our orthoPACE device for musculoskeletal treatments to certain European markets during the second quarter of 2010.”