Sophiris Bio, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported license revenue, net of royalties of $4,625,000. Net income before income tax expense was $388,659 against net loss before income tax expense of $4,529,010 a year ago.

Net loss was $111,341 or $0.001 per basic and diluted share against $4,529,010 or $0.03 per basic and diluted share a year ago. Net cash flows used in operating activities was $3,373,189 against $4,289,468 a year ago. Purchase of property and equipment was $2,742 against $9,389 a year ago.

The significant decrease in the company's net loss represents the recording of revenue of $4.6 million associated with a non-refundable milestone payment, net of a sub-licensing royalty fee, in connection with the company's licensing agreement with Kissei during the three months ended March 31, 2013.