LifeWave Hi-Tech Medical Devices Ltd. (TASE:LIFE) published its financial report for the first quarter of 2007 yesterday. The company posted no revenue, but its accumulated loss increased by an additional NIS 1.46 million.
R&D costs totaled NIS 394,000 for the first quarter, compared with NIS 10,000 for the corresponding quarter of 2006 and NIS 2.3 million for the year as a whole. The company attributed the increase in costs to higher expenses by subcontractors, employee options, and a NIS 150,000 consultancy fee.
The company added a reference to the extreme volatility in its share price in recent months. “On April 18, 2007, at the request of the Israel Securities Authority to the company regarding the rise in the company’s share price and the trading volume in the share, the company announced that it has published in full, as mandated by law, information in its possession, in the company’s prospectus dated November 29, 2006, and in immediate notices to the TASE published from time to time by the company, and its annual and periodic financial report published on March 31, 2007.”
Published by Globes [online], Israel business news - www.globes.co.il - on May 31, 2007
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