For the quarter ending December 31, 2008:
$535,000 of government funding for certain research and development initiatives were received during the quarter, compared to NIL for the same period in the prior year.
Research and development expenses, net of investment tax credits (ITC), increased by $157,000 or 19.9% to $944,000 for the quarter ended December 31, 2008 from $787,000 for the same three month period in 2007.
Loss from operations, before interest, taxes, foreign exchange, amortization, capital assets write-down and the gain on sale of investments decreased by $714,000 or 58.1% to $515,000 compared to $1,229,000 in the same quarter of the prior year.
$1.7 million of revenue is deferred to future periods, related to a partial payment for a technology license.
Cash Burn increased to $716,000 for the quarter from $149,000 in the preceding quarter.
The Company had $4.2 million in cash and cash equivalents as at December 31, 2008 compared to $4.9 million as at September 30, 2008.
