TEXARKANA, Texas--(BUSINESS WIRE)--LecTec Corporation (OTCBB: LECT) announced today that it has released its 2011 first quarter financial information. LecTec’s cash and cash equivalents and certificates of deposit as of March 31, 2011 were $8,824,975 as compared to $9,036,400 as of March 31, 2010. Cash and cash equivalents and certificates of deposit do not include our litigation escrow account of $2,451,751 as of March, 2011 because it is still maintained in such account for the benefit of the Company. The decrease in cash and cash equivalents resulted primarily from operating expenses. Excluding litigation and non-cash stock option grant expenses, operating expenses for the 3 months ended March 31, 2011 were $358,602, a decrease of $35,873 compared to the same quarter in 2010. Such lower operating expenses were the result of reduced rent, salary, research and development and accounting expenditures, offset by increases in intellectual property and merger strategy related expenses.
