Biomerica Stories Fiscal 2021 Next Quarter Monetary Results and Presents Company Update

  • Biomerica expects completion of enrollment of its Irritable Bowel Syndrome Diagnostic-Guided Therapy scientific trial by conclude of April, 2021
     
  • Fda actively examining Company’s EUA submission for its initially of its type “at-home” Blood Assortment kit utilised with the Biomerica COVID-19 IgG ELISA Lab Test system
     
  • Basic to use 15-minute COVID-19 Antigen Fast Check, which now has CE Mark, gets initial large orders

IRVINE, Calif., Jan. 15, 2021 (Globe NEWSWIRE) — Biomerica, Inc. (Nasdaq: BMRA), a worldwide provider of state-of-the-art health-related products, now announced fiscal effects for its second quarter of fiscal year 2021, which finished November 30, 2020.

The Company described 2nd quarter throughout the world earnings of $1.373 million as as opposed to $1.596 million for the very same period in the previous 12 months. The lower in revenue throughout the quarter was principally due decrease revenue in Asia. Having said that, sales in Asia have significantly increased in the first fifty percent of the third fiscal quarter. Net loss was $1.485 million for the next fiscal quarter in comparison to a internet loss of $.485 million for the identical time period in the preceding fiscal 12 months. The raise in net decline was primarily because of to increased investigation and growth expenditure, mostly connected to the advancement of several COVID-19 assessments, and greater general and administrative charges, largely thanks to boosts in lawful charges, reserves and staff/consulting fees. Hard cash and hard cash equivalents have been $5.684 million, and present assets have been $11.947 million, at the stop of the 2nd fiscal quarter.

The Business announced that the U.S. Foods and Drug Administration (“FDA”) is now actively reviewing the Company’s Emergency Use Authorization (“EUA”) software for its COVID-19 IgG ELISA Check alongside with the Company’s qualified use and at-property Complete Blood Assortment Card system. If EUA clearance is granted, it would be the initial for an in-household blood sample selection method mixed with an ELISA check package. This selection technique gives the simplicity of a finger-prick blood sample which can be very easily gathered in various configurations these kinds of as residences, schools, workplace, community care and healthcare configurations, and have these samples despatched again to a lab to be run on the Company’s extremely precise ELISA check. In clinical experiments, the finger-prick blood collected samples shown 100% specificity for detecting IgG antibodies to the spike protein of SARS-CoV-2 and % cross-reactivity with several frequent ailments. The Company’s COVID-19 IgG ELISA take a look at takes advantage of modified trimeric spike protein from the SARS-CoV-2 virus, which is acknowledged to be the focus on of neutralizing antibodies that protect against the virus from entering cells.1

The Company also a short while ago introduced that it has received a CE mark for its new antigen swift check. The Business has already acquired its to start with significant European orders and options to ship the first part of these orders in the coming months. The Corporation will now commence marketing and advertising this products broadly in Europe and other areas outside the house of the U.S. Biomerica’s new COVID-19 Antigen Speedy Exam is remarkably portable, cost-effective and delivers success in about 15 minutes with no devices required to carry out or browse the check. This exam can be carried out by physicians, nurses, school nurses, healthcare assistants, and experienced medical professionals. In independent tests at clinics in three unique international locations outdoors of the U.S., the Biomerica COVID-19 Rapid Antigen Test shown an overall general performance of 94.7% good settlement (sensitivity) and 99.7% adverse settlement (specificity) as when compared to lab-dependent molecular PCR checks. A straightforward nasal swab is utilized to acquire specimens from folks suspected of having an lively infection. Patient samples must be examined right away and should not be diluted or used with viral transport media or frozen specimens.

Also, as previously announced, the Business is nearing completion of client enrollment in the endpoint clinical demo for its InFoods® Irritable Bowel Syndrome (“IBS”) diagnostic-guided remedy (“DGT”). This double-blinded, randomized, controlled clinical demo is validating the Biomerica InFoods® IBS examination to take care of the debilitating agony and suffering of clients diagnosed with IBS. Utilizing an antibody guided blood test, the InFoods® IBS products identifies patient-certain food items that could ease IBS indicators when removed from the patient’s diet program. Mayo Clinic, Beth Israel Deaconess Health care Heart, Inc., a Harvard Medical College Training Clinic, Houston Methodist, College of Texas Well being Science Heart at Houston, and the University of Michigan are participating in this study. Biomerica expects to complete client enrollment at these facilities by the conclude of April, 2021, and to have summary assessment benefits from the medical demo by the conclude of July, 2021.

“We have labored to differentiate our COVID-19 items from the competitiveness by concentrating on proprietary strategies of sample assortment. For illustration, by applying our easy finger-prick blood assortment product we can allow a uncomplicated collection of a blood sample pretty much everywhere (at dwelling, at the business office, or pretty much any other place). At the similar time, we are now launching our issue of treatment 15-minute antigen examination. Most importantly, we are incredibly energized about nearing completion of affected individual enrollment in our endpoint medical trial for its InFoods® IBS diagnostic-guided remedy. Although we are happy to be helping with the present-day world wide pandemic, it is significant to notice that our most important long-term concentrate continues to be on validation and commercialization of goods based mostly on our patented InFoods® technological know-how system. We carry on to feel our InFoods merchandise could revolutionize the way persons are identified and addressed for a variety of gastrointestinal disorders, though giving Biomerica sizable profits prospects,” said Zackary Irani, CEO of Biomerica.

About Biomerica (NASDAQ: BMRA)
Biomerica, Inc. ( www.biomerica.com ) is a global biomedical technological innovation enterprise that develops, patents, manufactures and marketplaces highly developed diagnostic and therapeutic products and solutions employed at the position of treatment (in home and in physicians’ places of work) and in hospital/clinical laboratories for detection and/or therapy of health-related circumstances and illnesses. The Company’s goods are created to enhance the well being and well-currently being of people today, though reducing overall health care expenses. Biomerica’s mostly concentration is on gastrointestinal and inflammatory health conditions the place the Corporation has numerous diagnostic and therapeutic products in progress.

About InFoods®
The Biomerica InFoods® IBS solution is created to let doctors to detect individual-unique meals (e.g., eggs, broccoli, wheat, potatoes, corn, and so forth.), that when taken out from the eating plan, may well alleviate or enhance an individual’s IBS signs and symptoms such as, but not minimal to, constipation, diarrhea, bloating, discomfort and indigestion. This patented, diagnostic-guided treatment is designed to enable for a client-unique, guided dietary regimen to enhance IBS results. The issue-of-care product or service is becoming developed to let medical professionals to conduct the test in-business employing a finger stick blood sample even though a medical lab model of the product is predicted to be the initial for which the Corporation will seek out regulatory approval. A billable CPT code that can be made use of by each scientific labs and physicians’ workplaces is now obtainable for InFoods® diagnostic items. Due to the fact the InFoods® products is a diagnostic-guided remedy, and not a drug, it has no drug variety facet effects. An approximated 45 million people today in The usa presently endure from IBS generating it a top bring about for affected individual doctor visits.

The Non-public Securities Litigation Reform Act of 1995 provides a “safe harbor” for ahead-hunting statements. Certain info included in this press launch (as very well as details involved in oral statements or other composed statements manufactured or to be produced by Biomerica) includes statements that are forward-looking, this kind of as statements relating to the efficacy of the Company’s COVID-19 exams, Fda clearance, EUA clearance, the rapidity of tests benefits, uniqueness of a item, precision of items, pricing of the Company’s check kits, demand for worldwide orders, availability of the Company’s COVID-19 test kits, and patent safety on the check know-how. This kind of forward-seeking details requires important threats and uncertainties that could appreciably have an affect on predicted outcomes in the foreseeable future, including, devoid of limitation: results of scientific tests testing the efficacy of the Company’s COVID-19 exams regulatory approvals important prior to commercialization of the Company’s COVID-19 exams availability of the Company’s COVID-19 take a look at kits ability, source and other constraints on our suppliers dependence on our 3rd get together brands dependence on worldwide shipping carriers governmental import/export polices demand for our various COVID-19 checks levels of competition from other similar products and from rivals that have substantially more economic and other means obtainable to them governmental virus manage laws that make it complicated or difficult for the business to sustain present operations restrictions and the Company’s capacity to attain patent security on any factors of its speedy take a look at technological innovation. Accordingly, such outcomes may well vary materially from these expressed in any ahead-hunting statements made by or on behalf of Biomerica. Moreover, opportunity hazards and uncertainties include, among the some others, fluctuations in the Company’s functioning final results due to its business model and expansion designs, downturns in intercontinental and or nationwide economies, the Company’s capability to increase extra cash, the competitive natural environment in which the Corporation will be competing, and the Company’s dependence on strategic associations. The Business is below no obligation to update any ahead-searching 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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