For the three months ended March 31, 2012, TearLab’s net revenues were $422,000 as compared to $824,000 for the same period in 2011. The Company’s net loss for the three months ended March 31, 2012 was approximately $9.1 million, or $0.44 per share. This included approximately $6.6 million in non-cash expenses related to the revaluation of warrants arising from the June 2011 private placement financing. The loss for the three months ended March 31, 2011 was $1.7 million, or $0.11 per share.

Cash used for operating activities in the three months ended March 31, 2012 was approximately $1.5 million, which is consistent with the previous quarter.

As of March 31, 2012, the Company had $3.8 million in cash, which did not include the approximately $11.3 million net funds raised by the Company in a public offering in April 2012.

“While not fully reflected in our first quarter financial results due to the lag between contract signing and product shipment, the post-CLIA Waiver roll out of our “3/15″ and “3/24″ marketing programs continues to gain momentum. Under those programs, doctors who agree to purchase at least 1,500 or 2,400 disposable chips per year respectively, for a minimum of three years, receive the TearLab® Osmolarity reader to use at no cost. There were a total of 60 contracts signed in Q1 2012. Due to strong showings at recent events such as the annual meetings of the American Society of Cataract and Refractive Surgery and Vision Source, we have already surpassed that number at the half way mark in Q2 2012,” commented Elias Vamvakas, TearLab’s Chief Executive Officer.

Conference Call and Webcast Information

TearLab will hold a conference call to discuss these results, May 14, at 8:30am Eastern Standard Time at 877-303-1593 wishing to listen to a recording of the call via telephone, a replay will be made available as soon as possible after the conclusion of the live call and will remain posted for a period of seven days. To listen to the recording, simply telephone (Toll free) 855-859-2056 or (Toll) 404-537-3406 and enter reservation #78808889 when prompted.

As CEO Elias Vamvakas told investors on TearLab’s quarterly conference call in late March, in an effort to help expand private insurance coverage of the TearLab Osmolarity test, a Reimbursement Support Center was established by the company.  This group works together with TearLab’s customers and consultants to help garner reimbursement from private insurers that are either denying payment or reimbursing at levels that are not economically viable.

In a move that will help its customers and other stakeholders monitor new private insurer policies and decisions, TearLab has launched a reimbursement update section to its website.   This section can be accessed here.

Tower 1 – the east tower (65 East Liberty St.) – 23 floors have been completed, windows installed and exterior finishing

Tower 2 – the middle tower (75 East Liberty St.) has reached 25th and final floor. Window installation and exterior work has reached 11th floor

Tower 3 – the west tower (85 East Liberty St.) is following closely behind with framing work continuing on the 16th floor

The proceeds of the offering will be used for working capital and general corporate purposes. The offering is expected to close on or about April 16, 2012, subject to the satisfaction of customary closing conditions.

Craig-Hallum Capital Group LLC is acting as the sole book-running manager for the offering.

A shelf registration statement (File No. 333-157269) relating to these securities was previously filed with, and declared effective by, the U.S. Securities and Exchange Commission. A preliminary prospectus supplement related to the offering was filed with the U.S. Securities and Exchange Commission on April 10, 2012. A final prospectus supplement describing the terms of the offering will be filed with the U.S. Securities and Exchange Commission and will form a part of the effective registration statement. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, by contacting Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, by calling 612-334-6300, or by emailing jackmccarthy@craig-hallum.com. An electronic copy of the final prospectus supplement and accompanying prospectus relating to the offering will be available on the website of the U.S. Securities and Exchange Commission at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of TearLab, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Last week, the team at the Toronto Star’s NewInHomes.com ventured out to the Entertainment District to visit Murray Goldman, a life long real estate developer who has more than 100 projects to his name. We were lucky enough to pick his brain on Toronto, his history in development, as well as his new project with The Monarch Group, Picasso on Richmond.

NewInHomes (NIH): How did you get your start in the real estate industry?

Murray Goldman (MG): It started when I was in my early 20s. I was a real estate agent helping others make money, so I decided that it was time for me to make money, and I started to look at development. From there, I’ve been involved with over 110 projects. Recently, I was awarded “Man of the Year” by the development industry in honour of my work. I also read about a group call the “Humanists,” who believe that you should leave the world a better place than you found it. That inspired me help Toronto become a better place to live.

NIH: What excites you about development in Toronto?

MG: Toronto is a world-class city. I read all about everyone predicting the end of the real estate cycle — I just don’t see it. Toronto cityscape was a development by planner Jane Jacobs. Her thesis was that in order for a community to be safe, you need to have people living in an area on a 24-hour basis. You need traffic, pedestrians and such. Wall Street is always empty at night, which is why there are so many muggings.

In Toronto, we don’t have those concerns. Toronto has been developed as a work/live area. We have been able to bring in condos, offices, and retail all into the core, which has led to a 24-hour lifestyle. I love what Toronto has become, and that’s why I love building here.

NIH: What are some of your favourite projects?

MG: One of our favourite projects is Castle Hill Townhouses that we developed in 1990. It sits at the foot of Casa Loma and is an award-winning project. We really love how it turned out, and it is an example of how I like to help beautify Toronto.

NIH: Talk About Picasso: what do you like about it?

MG: We like that it’s unique.  We wanted to do something different from the common projects that you see in the area. With this, we, Monarch, and Teeple Architects made sure that we had a building that would really stand out.  This will truly be an iconic building.

NIH: Where did the alliance with The Monarch Group come from?

MG: I’m a developer. My passion is to help bring strong projects to Toronto that will help continue its legacy. I’m not a construction person though, and that’s where Monarch comes in. We share the same goals and they can help me see my vision through.

NIH: What’s next for you and the Goldman Group?

MG: We have a lot on the go. Obviously, we have a lot of work to do at Picasso, but we also have some big plans at Scarborough Town Centre. We are planning on launching a new project in that area that will include a new park and green space. We are excited about it!

We at the Toronto Star’s NewInHomes.com are huge fans of Picasso. We love when developers push the limits on projects and really make it their goal to exceed normal building standards. To check out one of the coolest projects in Toronto, visit the Picasso sales centre at the corner of Queen Street West and John Street, or visit Picasso’s official website for more information.

We would like to thank Mr. Goldman for his time, and we look forward to his next Toronto project!

For additional information about The Goldman Group please visit http://www.goldmangroup.com/

“We would like to thank our shareholders for their continued confidence and support,” commented Elias Vamvakas, TearLab’s Chief Executive Officer.   “These warrant exercises have satisfied our immediate funding needs in a non-dilutive way. While we would still like to have additional financial resources to pursue some of our slated marketing and sales programs, and to complete the development of our second test, we plan on being strategic in the way that we achieve that. As always, we remain committed to building shareholder value while, at the same time, minimizing shareholder dilution.”