Biomerica Experiences Fiscal 2021 Next Quarter Financial Effects and Gives Organization Update

  • Biomerica expects completion of enrollment of its Irritable Bowel Syndrome Diagnostic-Guided Therapy scientific demo by stop of April, 2021
     
  • Food and drug administration actively reviewing Company’s EUA submission for its to start with of its variety “at-home” Blood Assortment kit used with the Biomerica COVID-19 IgG ELISA Lab Exam procedure
     
  • Basic to use 15-moment COVID-19 Antigen Immediate Test, which now has CE Mark, receives first large orders

IRVINE, Calif., Jan. 15, 2021 (World NEWSWIRE) — Biomerica, Inc. (Nasdaq: BMRA), a world-wide supplier of advanced medical items, these days declared economic results for its next quarter of fiscal yr 2021, which ended November 30, 2020.

The Enterprise described 2nd quarter around the world income of $1.373 million as in contrast to $1.596 million for the exact time period in the preceding year. The minimize in gross sales throughout the quarter was primarily thanks reduce income in Asia. Having said that, profits in Asia have significantly enhanced in the very first fifty percent of the 3rd fiscal quarter. Net decline was $1.485 million for the second fiscal quarter as opposed to a net loss of $.485 million for the exact same interval in the former fiscal yr. The raise in net reduction was mostly because of to better investigation and development expenditure, mainly similar to the growth of numerous COVID-19 checks, and better basic and administrative expenditures, generally due to improves in lawful service fees, reserves and staff/consulting charges. Cash and cash equivalents have been $5.684 million, and latest assets had been $11.947 million, at the close of the second fiscal quarter.

The Enterprise introduced that the U.S. Food and Drug Administration (“FDA”) is now actively examining the Company’s Crisis Use Authorization (“EUA”) application for its COVID-19 IgG ELISA Test together with the Company’s expert use and at-home Whole Blood Selection Card program. If EUA clearance is granted, it would be the very first for an in-household blood sample collection procedure combined with an ELISA check kit. This assortment procedure offers the simplicity of a finger-prick blood sample which can be effortlessly collected in numerous configurations these as properties, faculties, workplace, community treatment and healthcare configurations, and have these samples sent again to a lab to be operate on the Company’s very exact ELISA test. In clinical experiments, the finger-prick blood gathered samples demonstrated 100% specificity for detecting IgG antibodies to the spike protein of SARS-CoV-2 and % cross-reactivity with many prevalent diseases. The Company’s COVID-19 IgG ELISA take a look at works by using modified trimeric spike protein from the SARS-CoV-2 virus, which is acknowledged to be the goal of neutralizing antibodies that stop the virus from getting into cells.1

The Corporation also a short while ago announced that it has gained a CE mark for its new antigen rapid take a look at. The Company has already acquired its first substantial European orders and options to ship the very first part of these orders in the coming months. The Organization will now start advertising this products broadly in Europe and other locations outside of the U.S. Biomerica’s new COVID-19 Antigen Fast Check is remarkably moveable, cost-effective and delivers results in close to 15 minutes with no equipment needed to complete or read through the test. This test can be done by physicians, nurses, faculty nurses, medical assistants, and experienced healthcare specialists. In independent tests at clinics in 3 unique international locations outside of the U.S., the Biomerica COVID-19 Rapid Antigen Check demonstrated an over-all general performance of 94.7% good settlement (sensitivity) and 99.7% destructive agreement (specificity) as in comparison to lab-based mostly molecular PCR checks. A very simple nasal swab is utilised to acquire specimens from people today suspected of having an active an infection. Affected person samples ought to be tested straight away and really should not be diluted or utilized with viral transport media or frozen specimens.

Also, as earlier announced, the Firm is nearing completion of patient enrollment in the endpoint clinical trial for its InFoods® Irritable Bowel Syndrome (“IBS”) diagnostic-guided remedy (“DGT”). This double-blinded, randomized, controlled clinical demo is validating the Biomerica InFoods® IBS check to control the debilitating pain and struggling of patients identified with IBS. Making use of an antibody guided blood test, the InFoods® IBS product or service identifies patient-precise foods that may possibly reduce IBS indications when removed from the patient’s diet plan. Mayo Clinic, Beth Israel Deaconess Health-related Centre, Inc., a Harvard Health-related School Instructing Clinic, Houston Methodist, University of Texas Health Science Centre at Houston, and the University of Michigan are collaborating in this study. Biomerica expects to full affected individual enrollment at these centers by the conclusion of April, 2021, and to have summary evaluation final results from the medical trial by the end of July, 2021.

“We have worked to differentiate our COVID-19 items from the competition by focusing on proprietary methods of sample collection. For example, by making use of our basic finger-prick blood assortment system we can enable a very simple collection of a blood sample practically any place (at home, at the workplace, or almost any other spot). At the similar time, we are now launching our place of treatment 15-minute antigen check. Most importantly, we are really energized about nearing completion of client enrollment in our endpoint scientific demo for its InFoods® IBS diagnostic-guided treatment. While we are happy to be supporting with the present-day international pandemic, it is significant to observe that our principal extensive-phrase aim continues to be on validation and commercialization of items based on our patented InFoods® technological know-how system. We go on to consider our InFoods goods could revolutionize the way individuals are identified and taken care of for a wide variety of gastrointestinal diseases, while providing Biomerica sizable revenue options,” stated Zackary Irani, CEO of Biomerica.

About Biomerica (NASDAQ: BMRA)
Biomerica, Inc. ( www.biomerica.com ) is a worldwide biomedical technologies company that develops, patents, manufactures and markets innovative diagnostic and therapeutic items applied at the stage of care (in property and in physicians’ offices) and in medical center/medical laboratories for detection and/or therapy of clinical situations and health conditions. The Company’s goods are designed to increase the wellbeing and properly-currently being of people, even though lowering overall health care costs. Biomerica’s mostly concentration is on gastrointestinal and inflammatory ailments where by the Corporation has several diagnostic and therapeutic products in improvement.

About InFoods®
The Biomerica InFoods® IBS solution is created to make it possible for medical professionals to establish patient-precise foods (e.g., eggs, broccoli, wheat, potatoes, corn, and many others.), that when eliminated from the diet plan, may possibly alleviate or make improvements to an individual’s IBS symptoms like, but not minimal to, constipation, diarrhea, bloating, soreness and indigestion. This patented, diagnostic-guided remedy is intended to allow for for a affected individual-precise, guided nutritional program to strengthen IBS results. The stage-of-care solution is remaining designed to permit doctors to conduct the check in-business office using a finger adhere blood sample when a medical lab model of the product is predicted to be the initial for which the Corporation will request regulatory acceptance. A billable CPT code that can be utilised by each medical labs and physicians’ workplaces is now available for InFoods® diagnostic solutions. Because the InFoods® solution is a diagnostic-guided remedy, and not a drug, it has no drug kind side effects. An believed 45 million folks in The us presently go through from IBS generating it a top induce for individual medical professional visits.

The Non-public Securities Litigation Reform Act of 1995 supplies a “safe harbor” for forward-seeking statements. Particular information and facts bundled in this press launch (as perfectly as information and facts bundled in oral statements or other published statements built or to be manufactured by Biomerica) incorporates statements that are ahead-hunting, these kinds of as statements relating to the efficacy of the Company’s COVID-19 checks, Food and drug administration clearance, EUA clearance, the rapidity of screening final results, uniqueness of a product or service, precision of solutions, pricing of the Company’s test kits, demand for intercontinental orders, availability of the Company’s COVID-19 test kits, and patent security on the exam technology. These types of forward-hunting data requires crucial challenges and uncertainties that could substantially affect predicted final results in the long term, including, with no limitation: benefits of reports testing the efficacy of the Company’s COVID-19 assessments regulatory approvals necessary prior to commercialization of the Company’s COVID-19 exams availability of the Company’s COVID-19 examination kits ability, resource and other constraints on our suppliers dependence on our third occasion makers dependence on international transport carriers governmental import/export rules demand from customers for our many COVID-19 exams competitiveness from other very similar merchandise and from opponents that have noticeably additional fiscal and other methods accessible to them governmental virus management rules that make it difficult or not possible for the firm to keep present functions polices and the Company’s ability to acquire patent safety on any factors of its swift examination technology. Accordingly, this kind of outcomes may differ materially from these expressed in any ahead-wanting statements designed by or on behalf of Biomerica. In addition, potential hazards and uncertainties incorporate, between others, fluctuations in the Company’s operating benefits thanks to its business enterprise model and expansion programs, downturns in international and or countrywide economies, the Company’s ability to elevate more funds, the aggressive setting in which the Organization will be competing, and the Company’s dependence on strategic interactions. The Organization is under no obligation to update any ahead-looking statements just after the day of this launch.

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

Corporate Make contact with:
Organization Spokeperson
949-645-2111

Della C. Mae

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