HUNTINGTON BEACH, Calif., Dec. 2, 2010 (GLOBE NEWSWIRE) -- iTech Medical, Inc. (OTCBB:IMSU) (FWB:0IM), a medical information technology company, today announced results for the third quarter ended September 30, 2010. The net loss for the third quarter was $839,392, or $0.03 loss per share, compared to a net loss of $645,849, or $0.03 loss per share for the same period last year. For the first nine months of this year, the Company reported a net loss of $2.0 million, or $0.07 loss per share, compared to a net loss of $2.2 million, or $0.11 loss per share for the same period last year. The Company reported that the increase in spending was primarily due to an increase in regulatory work related to the commercialization of the Muscle Pattern Recognition (MPR) System; for the work required to achieve ISO 13485 certification; and due to the costs incurred to complete the clinical study that was initiated in February 2009.
