Guided Therapeutics Reports Significant Reductions in Debt and Operating Expenses
- The Company has reached agreements with its key executives and some of its board members to forgive and/or reduce its debt with them, thereby reducing the Company’s debt obligations by over $1.6 million.
- The Company believes that additional reductions in debt have occurred due to an increase in conversions to common stock by creditors holding convertible notes.
- Plans are in place and discussions have been held to reduce debt further by a combination of forgiveness and conversion of debt to equity at fixed prices.
“Reducing our debt to more manageable levels is a first step in improving our balance sheet and making the Company more financeable, and we have made significant progress towards this goal,” said Gene Cartwright, President and CEO of Guided Therapeutics, Inc. “A second step is to reduce our monthly burn rate, and to that end we have reduced those ongoing expenses by over 50% compared to this time a year ago.”
About Guided Therapeutics
Guided Therapeutics, Inc. (PINK SHEETS: GTHP) is the maker of a rapid and painless testing platform based on its patented biophotonic technology that utilizes light for the early detection of disease at the cellular level. The Company’s first product is the LuViva® Advanced Cervical Scan, a non-invasive device used to detect cervical disease instantly and at the point of care. In a multi-center clinical trial with women at risk for cervical disease, the technology was able to detect cervical cancer up to two years earlier than conventional modalities, according to published reports. For more information, visit: www.guidedinc.com.
The Guided Therapeutics LuViva® Advanced Cervical Scan is an investigational device and is limited by federal law to investigational use in the U.S. LuViva, the wave logo and "Early detection, better outcomes" are registered trademarks owned by Guided Therapeutics, Inc.
Forward-Looking Statements Disclaimer: A number of the matters and subject areas discussed in this news release that are not historical or current facts deal with potential future circumstances and developments. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from Guided Therapeutics’ actual future experience involving any of or more of such matters and subject areas. Such risks and uncertainties include those related to the early stage of commercialization of products, the uncertainty of market acceptance of products, the uncertainty of development or effectiveness of distribution channels, the intense competition in the medical device industry, the sufficiency of capital raised in prior financings and the ability to realize their expected benefits, the uncertainty of future capital to develop products or continue as a going concern, the uncertainty of regulatory approval of products, and the dependence on licensed intellectual property, as well as those that are more fully described from time to time under the heading “Risk Factors” in Guided Therapeutics’ reports filed with the SEC, including Guided Therapeutics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and subsequent filings.
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Source: Guided Therapeutics, Inc.