Canadian magnetoencephalography (MEG) developer VSM MedTech of Vancouver, British Columbia, posted an increase in revenues and losses for its 2006 fiscal second quarter (end-June 30).
Revenue for the period was $3.9 million Canadian ($3.5 million U.S.), tripling the $1.3 million ($1.2 million) for the same period in 2005. The net loss for the second quarter of 2006 rose to $5.5 million ($4.9 million) compared with losses of $3.8 million ($3.4 million) for the second quarter of fiscal 2005.
The firm said it is actively seeking additional funding to secure its obligations. The company has proposed a $5 million private placement consisting of common shares and warrants, and a $15 million revolving line of credit that would also be convertible.
By AuntMinnie.com staff writers
August 11, 2006
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