Guided Therapeutics first-quarter service revenue increases to $821,000

Guided Therapeutics, Inc. (Pink Sheets: GTHP) today announced its operating results for the first quarter of 2010.

“We are pleased with the progress we made on a number of fronts in the first quarter of 2010, including simplifying our capital structure and eliminating a lien on our assets, the five presentations to the ASCCP of our clinical results and progress toward completing our FDA premarket approval application”

Service revenue for the first quarter of 2010 was $821,000, compared to revenue of $181,000 in the first quarter of 2009. The increase in revenue was primarily due to contracts relating to our core cancer detection technology.

The net loss available to common stockholders for the first quarter of 2010 was $3.2 million, or $0.15 per share, compared to a net loss available to common stockholders of $1.4 million, or $0.09 per share, in the comparable quarter of 2009.

"We are pleased with the progress we made on a number of fronts in the first quarter of 2010, including simplifying our capital structure and eliminating a lien on our assets, the five presentations to the ASCCP of our clinical results and progress toward completing our FDA premarket approval application," said Mark L. Faupel, Ph.D., chief executive officer and president of Guided Therapeutics. "We have substantially completed the clinical module of the FDA filing and it is undergoing external review. We are nearing completion of the final module for manufacturing and expect to file both with the FDA during the second quarter of 2010. We also extended our licensing agreement with Konica Minolta, which brings additional revenue to the company and provides a pipeline of products."

"Additionally, the board of directors nominated Dr. Jonathan M. Niloff as a director of the company. We believe that Dr. Niloff will be a key addition to the company because of his clinical background as a Harvard University Ob-GYN and his numerous professional contacts will prove invaluable in the adoption of our technology by the clinical community," Dr. Faupel said.