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Implant Sciences posts widening loss, but growing regulatory approvals

WILMINGTON, Massachusetts-based bomb detection company Implant Sciences Corporation posted 3.6 per cent bigger second quarter net loss year on year to US$5.7 million, drawn on revenues of $1.5 million, down 36 per cent.

"The increase in the net loss is due to lower sales and gross margin, increased operating expenses and increased interest expenses," said a company statement.

In March, the company completed a $20 million refinancing with an institutional investor group and extended the maturity of our credit agreements with DMRJ Group LLC through March 31, 2015.

Said Implant Sciences CEO Glenn Bolduc: "We achieved TSA qualification for both air cargo and checkpoint screening, STAC certification and approvals in China and Germany, which position the company for sustainable growth."

Mr Bolduc said the company had broadened markets served, increased revenue opportunities and improved financial stability.

"Our QS-B220 Desktop Trace Detector was certified by the Service Technique de l'Aviation Civile (STAC), the French civil aviation authority, for passenger and cargo screening, at airports throughout France, French territories and several EU states," said a company statement."The QS-B220 was accepted into the "Qualified" section of the TSA's Air Cargo Screening Technology List from which the TSA encourages regulated air cargo screening facilities to purchase security solutions.

"We entered into a second Cooperative Research and Development Agreement (CRADA) with the US Department of Homeland Security's Transportation Security Laboratory (TSL) for our QS-B220 explosives trace detector (ETD) which will be used as a gold standard ETD by the TSL." it said.

"Our QS-B220 ETD received regulatory approval from the German Federal Ministry of the Interior for aviation security applications at German airports in March," said the company statement.

"We successfully completed the final registration audits for registration to ISO 9001:2008 and ISO 14001:2004 standards and received the registration certificates on May 13, 2014," it said.