TEXARKANA, Texas--(BUSINESS WIRE)--LecTec Corporation (OTCBB:LECT) announced today that it has released its 2010 first quarter financial information, has completed a prototype of its hand sanitizer patch and is in the process of certain management changes. LecTec’s cash and cash equivalents decreased $5,586,555 for the three month period ended March 31, 2010, to $10,179,552 from that at December 31, 2009. The decrease in cash and cash equivalents resulted primarily from cash dividend payments of $4,298,350 and from current operating expenses of $394,475 for the first quarter. Royalty income was $19,529 for first quarter, a decrease of $22,578 from first quarter 2009. Such decrease in revenue was primarily due to a decrease in royalty income resulting from the continued trend of lower sales by Novartis of its patch products using LecTec licensed intellectual property.
