Biomerica Experiences Fiscal 2021 2nd Quarter Financial Outcomes and Offers Company Update

  • Biomerica expects completion of enrollment of its Irritable Bowel Syndrome Diagnostic-Guided Therapy clinical trial by conclude of April, 2021
     
  • Food and drug administration actively examining Company’s EUA submission for its to start with of its sort “at-home” Blood Assortment package utilized with the Biomerica COVID-19 IgG ELISA Lab Examination technique
     
  • Simple to use 15-moment COVID-19 Antigen Swift Check, which now has CE Mark, receives first big orders

IRVINE, Calif., Jan. 15, 2021 (World NEWSWIRE) — Biomerica, Inc. (Nasdaq: BMRA), a global company of sophisticated medical products, right now introduced economical success for its 2nd quarter of fiscal year 2021, which finished November 30, 2020.

The Firm documented next quarter around the globe revenue of $1.373 million as compared to $1.596 million for the very same interval in the prior year. The lower in product sales through the quarter was generally thanks decrease sales in Asia. Nonetheless, income in Asia have considerably greater in the 1st fifty percent of the third fiscal quarter. Web decline was $1.485 million for the next fiscal quarter compared to a web loss of $.485 million for the same period of time in the earlier fiscal yr. The boost in internet loss was primarily due to larger study and progress expense, mostly connected to the enhancement of quite a few COVID-19 assessments, and larger standard and administrative fees, primarily thanks to will increase in legal fees, reserves and staff/consulting fees. Income and hard cash equivalents ended up $5.684 million, and existing assets ended up $11.947 million, at the end of the next fiscal quarter.

The Firm announced that the U.S. Foodstuff and Drug Administration (“FDA”) is now actively examining the Company’s Crisis Use Authorization (“EUA”) software for its COVID-19 IgG ELISA Take a look at along with the Company’s expert use and at-house Total Blood Selection Card process. If EUA clearance is granted, it would be the initially for an in-house blood sample selection procedure mixed with an ELISA take a look at kit. This collection system features the simplicity of a finger-prick blood sample which can be very easily collected in multiple configurations these types of as residences, colleges, place of work, neighborhood treatment and healthcare options, and have these samples despatched again to a lab to be operate on the Company’s remarkably accurate ELISA examination. In clinical scientific tests, the finger-prick blood gathered samples shown 100% specificity for detecting IgG antibodies to the spike protein of SARS-CoV-2 and % cross-reactivity with lots of prevalent disorders. The Company’s COVID-19 IgG ELISA examination takes advantage of modified trimeric spike protein from the SARS-CoV-2 virus, which is known to be the concentrate on of neutralizing antibodies that avoid the virus from moving into cells.1

The Business also a short while ago announced that it has received a CE mark for its new antigen speedy test. The Organization has by now acquired its initially significant European orders and plans to ship the initially section of these orders in the coming weeks. The Company will now begin advertising this solution broadly in Europe and other regions outdoors of the U.S. Biomerica’s new COVID-19 Antigen Fast Exam is highly portable, cost-effective and gives effects in close to 15 minutes with no equipment expected to perform or read through the exam. This check can be executed by medical professionals, nurses, college nurses, healthcare assistants, and skilled professional medical professionals. In unbiased screening at clinics in a few distinctive nations outside of the U.S., the Biomerica COVID-19 Swift Antigen Take a look at shown an total efficiency of 94.7% positive settlement (sensitivity) and 99.7% adverse arrangement (specificity) as when compared to lab-dependent molecular PCR exams. A simple nasal swab is utilised to accumulate specimens from persons suspected of acquiring an active an infection. Patient samples should really be examined straight away and need to not be diluted or employed with viral transport media or frozen specimens.

Also, as formerly declared, the Enterprise is nearing completion of patient enrollment in the endpoint medical trial for its InFoods® Irritable Bowel Syndrome (“IBS”) diagnostic-guided remedy (“DGT”). This double-blinded, randomized, managed scientific trial is validating the Biomerica InFoods® IBS exam to handle the debilitating pain and suffering of individuals identified with IBS. Employing an antibody guided blood check, the InFoods® IBS products identifies affected person-particular meals that might ease IBS signs when eliminated from the patient’s diet plan. Mayo Clinic, Beth Israel Deaconess Clinical Heart, Inc., a Harvard Healthcare University Educating Healthcare facility, Houston Methodist, University of Texas Health Science Middle at Houston, and the University of Michigan are taking part in this study. Biomerica expects to finish affected person enrollment at these facilities by the end of April, 2021, and to have summary assessment success from the clinical demo by the end of July, 2021.

“We have labored to differentiate our COVID-19 products from the competitiveness by concentrating on proprietary procedures of sample assortment. For instance, by using our easy finger-prick blood collection product we can enable a uncomplicated assortment of a blood sample practically anyplace (at residence, at the office, or practically any other locale). At the similar time, we are now launching our stage of care 15-moment antigen check. Most importantly, we are extremely thrilled about nearing completion of affected individual enrollment in our endpoint medical trial for its InFoods® IBS diagnostic-guided remedy. Although we are very pleased to be aiding with the present-day world wide pandemic, it is significant to take note that our principal lengthy-expression aim proceeds to be on validation and commercialization of products based on our patented InFoods® know-how system. We proceed to believe our InFoods goods could revolutionize the way folks are identified and treated for a wide range of gastrointestinal illnesses, while providing Biomerica sizable revenue opportunities,” mentioned Zackary Irani, CEO of Biomerica.

About Biomerica (NASDAQ: BMRA)
Biomerica, Inc. ( www.biomerica.com ) is a global biomedical technology enterprise that develops, patents, manufactures and markets state-of-the-art diagnostic and therapeutic products and solutions applied at the stage of treatment (in house and in physicians’ offices) and in healthcare facility/clinical laboratories for detection and/or cure of health care circumstances and ailments. The Company’s goods are designed to increase the wellbeing and nicely-becoming of persons, although lessening total healthcare charges. Biomerica’s mostly concentration is on gastrointestinal and inflammatory diseases where by the Organization has a number of diagnostic and therapeutic goods in advancement.

About InFoods®
The Biomerica InFoods® IBS item is made to let doctors to detect client-particular foodstuff (e.g., eggs, broccoli, wheat, potatoes, corn, and many others.), that when eliminated from the diet plan, may perhaps alleviate or make improvements to an individual’s IBS signs like, but not constrained to, constipation, diarrhea, bloating, agony and indigestion. This patented, diagnostic-guided therapy is made to allow for for a patient-specific, guided nutritional routine to boost IBS results. The point-of-care item is currently being produced to allow medical professionals to conduct the check in-office utilizing a finger stick blood sample even though a medical lab model of the solution is predicted to be the initial for which the Organization will seek out regulatory approval. A billable CPT code that can be applied by each medical labs and physicians’ places of work is by now offered for InFoods® diagnostic products. Due to the fact the InFoods® solution is a diagnostic-guided remedy, and not a drug, it has no drug sort facet consequences. An approximated 45 million people today in America at the moment undergo from IBS generating it a main trigger for affected individual health practitioner visits.

The Non-public Securities Litigation Reform Act of 1995 delivers a “safe harbor” for ahead-wanting statements. Specified info provided in this press launch (as well as data included in oral statements or other published statements produced or to be created by Biomerica) includes statements that are ahead-hunting, these as statements relating to the efficacy of the Company’s COVID-19 tests, Food and drug administration clearance, EUA clearance, the rapidity of screening benefits, uniqueness of a products, accuracy of items, pricing of the Company’s exam kits, need for intercontinental orders, availability of the Company’s COVID-19 examination kits, and patent protection on the exam know-how. Such forward-hunting information and facts consists of crucial dangers and uncertainties that could appreciably have an impact on predicted success in the long term, which includes, devoid of limitation: outcomes of experiments screening the efficacy of the Company’s COVID-19 assessments regulatory approvals needed prior to commercialization of the Company’s COVID-19 checks availability of the Company’s COVID-19 examination kits capability, resource and other constraints on our suppliers dependence on our 3rd social gathering manufacturers dependence on intercontinental transport carriers governmental import/export regulations demand for our numerous COVID-19 exams competition from other related items and from competitors that have noticeably additional monetary and other assets obtainable to them governmental virus command laws that make it complicated or unattainable for the organization to retain latest functions regulations and the Company’s capacity to receive patent defense on any areas of its swift check technological innovation. Accordingly, these types of final results may vary materially from these expressed in any forward-looking statements manufactured by or on behalf of Biomerica. Furthermore, probable hazards and uncertainties incorporate, among the other individuals, fluctuations in the Company’s working outcomes due to its business enterprise product and expansion designs, downturns in global and or national economies, the Company’s capability to increase added capital, the competitive setting in which the Enterprise will be competing, and the Company’s dependence on strategic associations. The Company is beneath no obligation to update any ahead-looking statements immediately after the day of this launch.

1. medRxiv preprint doi: https://doi.org/10.1101/2020.03.30.20047365. Accessed 15Jun20

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