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RESHAPE LIFESCIENCES (RSLS) : 2.70
52w: 2.21 – 52,5
Shares Outstanding : 2.94M
Float : 2.54M
Book Value Per Share (mrq) 7.05
Cash and Cash Equivalents as of March 31, 2023, were $9.1 million and the company remains debt free on its balance sheet
“In 2023, we have continued to leverage operational efficiencies, optimize our lead generation programs, and invest in our growth drivers. Our achievement of a 42.9% reduction in operating expenses, excluding one-time charges, during the first quarter, as compared to the same period last year, is a direct result of the execution of our growth pillars. We will continue to drive revenue by expanding our product offering to treat obesity and metabolic disease across the entire care continuum and strengthen our position to exceed our goals,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “We remain focused, not only on growth, but also our future profitability and delivering predictable shareholder value. Our balance sheet was bolstered by two capital raises this year, totaling $12.7 million in gross proceeds. These funds will allow us the continued ability to generate awareness of our evidence-based and differentiated product portfolio that spans the entire care continuum.”
MATTHEW NACHTRAB REPORTS 27.7% STAKE IN RESHAPE LIFESCIENCES AS
NACHTRAB-PURCHASED CO'S COMMON STOCK BASED ON BELIEF THAT SUCH SECURITIES, AT CURRENT MARKET PRICES, REPRESENTED AN ATTRACTIVE INVESTMENT OPPORTUNITY
NACHTRAB - WROTE A LETTER TO THE CEO OF CO WITH RECOMMENDATIONS FOR THE MANAGEMENT TEAM’S STRATEGY GOING FORWARD
I am excited for your new tenure as CEO of ReShape Lifesciences and I believe your team can rebuild and create a $100m plus market cap company with some austerity measures, leveraging assets currently owned, and capitalizing on the medicated weight loss secular trend to generate lead flow and massive revenue growth. I am willing to discuss this and advise in any way I can help.
Time for a strong rebound:
Feb 03, 2023 13.1400 22.4000 11.5600 17.0400 17.0400 11,599,000
Jan 03, 2023 9.6600 20.6300 9.4500 15.6600 15.6600 12,363,900
RESHAPE LIFESCIENCES (RSLS) : 2.70
52w: 2.21 – 52,5
Shares Outstanding : 2.94M
Float : 2.54M
Book Value Per Share (mrq) 7.05
Cash and Cash Equivalents as of March 31, 2023, were $9.1 million and the company remains debt free on its balance sheet
“In 2023, we have continued to leverage operational efficiencies, optimize our lead generation programs, and invest in our growth drivers. Our achievement of a 42.9% reduction in operating expenses, excluding one-time charges, during the first quarter, as compared to the same period last year, is a direct result of the execution of our growth pillars. We will continue to drive revenue by expanding our product offering to treat obesity and metabolic disease across the entire care continuum and strengthen our position to exceed our goals,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “We remain focused, not only on growth, but also our future profitability and delivering predictable shareholder value. Our balance sheet was bolstered by two capital raises this year, totaling $12.7 million in gross proceeds. These funds will allow us the continued ability to generate awareness of our evidence-based and differentiated product portfolio that spans the entire care continuum.”
MATTHEW NACHTRAB REPORTS 27.7% STAKE IN RESHAPE LIFESCIENCES AS
NACHTRAB-PURCHASED CO'S COMMON STOCK BASED ON BELIEF THAT SUCH SECURITIES, AT CURRENT MARKET PRICES, REPRESENTED AN ATTRACTIVE INVESTMENT OPPORTUNITY
NACHTRAB - WROTE A LETTER TO THE CEO OF CO WITH RECOMMENDATIONS FOR THE MANAGEMENT TEAM’S STRATEGY GOING FORWARD
I am excited for your new tenure as CEO of ReShape Lifesciences and I believe your team can rebuild and create a $100m plus market cap company with some austerity measures, leveraging assets currently owned, and capitalizing on the medicated weight loss secular trend to generate lead flow and massive revenue growth. I am willing to discuss this and advise in any way I can help.
Time for a strong rebound:
Feb 03, 2023 13.1400 22.4000 11.5600 17.0400 17.0400 11,599,000
Jan 03, 2023 9.6600 20.6300 9.4500 15.6600 15.6600 12,363,900
AZERION GROUP : 1.52
NL00150006Z9
52w: 1.28 – 9.20
Revenue went from 308 (2021) to 423 (2022)
Latest news:
https://www.azerion.com/azerion-claims-second-spot-as-frances-premier-exclusive-advertising-network/
https://www.azerion.com/azerions-q1-2023-wrap-up/
Azerion Group BV, formerly known as European FinTech IPO Co 1 BV, is a software publishing company based in the Netherlands. The Company is principally engaged in delivering digital entertainment and media platform for media buyers and sellers. The Company operates through Platform and Premium Games segments. Platform segment includes casual games distribution, advertising and e-commerce, which are integrated through its technology. Platform is also integrated with its Premium Games segment. Premium Games include nine game titles of card games and metaverse. Azerion Holding B.V. is the Company’s main operational holding subsidiary. The Company owns several subsidiaries in Germany and France, among others.
AZERION GROUP : 1.52
NL00150006Z9
52w: 1.28 – 9.20
Revenue went from 308 (2021) to 423 (2022)
Latest news:
https://www.azerion.com/azerion-claims-second-spot-as-frances-premier-exclusive-advertising-network/
https://www.azerion.com/azerions-q1-2023-wrap-up/
Azerion Group BV, formerly known as European FinTech IPO Co 1 BV, is a software publishing company based in the Netherlands. The Company is principally engaged in delivering digital entertainment and media platform for media buyers and sellers. The Company operates through Platform and Premium Games segments. Platform segment includes casual games distribution, advertising and e-commerce, which are integrated through its technology. Platform is also integrated with its Premium Games segment. Premium Games include nine game titles of card games and metaverse. Azerion Holding B.V. is the Company’s main operational holding subsidiary. The Company owns several subsidiaries in Germany and France, among others.
1 dollar today??
NVFY: 0,7388 + 53.92%
Nova LifeStyle, Inc., through its subsidiaries, designs, manufactures, markets, and sells residential and commercial furniture for middle and upper middle-income consumers worldwide. The company offers upholstered, wood, and metal-based furniture pieces for the living, dining, and bedrooms, as well as home offices. Its products include sofas, chairs, dining and coffee tables, beds, entertainment consoles, cabinets, and cupboards. The company also provides physiotherapeutic jade mats for use in therapy clinic, hospitality, and real estate projects. It distributes its products under the Diamond Sofa brand directly, as well as through internet sales and online marketing campaigns, and participation in exhibitions and trade shows primarily to furniture distributors and retailers. The company was formerly known as Stevens Resources, Inc. Nova LifeStyle, Inc. was founded in 2003 and is headquartered in Commerce, California.
https://novalifestyle.com/
Feb 01, 2023 0.9300 1.3700 0.6700 0.7500 0.7500 1,080,000
Jul 31, 2022 0.7400 1.3400 0.7000 0.7500 0.7500 6,661,300
Mar 01, 2021 3.0100 7.4900 2.0400 3.2400 3.2400 45,086,500
1 dollar today??
NVFY: 0,7388 + 53.92%
Nova LifeStyle, Inc., through its subsidiaries, designs, manufactures, markets, and sells residential and commercial furniture for middle and upper middle-income consumers worldwide. The company offers upholstered, wood, and metal-based furniture pieces for the living, dining, and bedrooms, as well as home offices. Its products include sofas, chairs, dining and coffee tables, beds, entertainment consoles, cabinets, and cupboards. The company also provides physiotherapeutic jade mats for use in therapy clinic, hospitality, and real estate projects. It distributes its products under the Diamond Sofa brand directly, as well as through internet sales and online marketing campaigns, and participation in exhibitions and trade shows primarily to furniture distributors and retailers. The company was formerly known as Stevens Resources, Inc. Nova LifeStyle, Inc. was founded in 2003 and is headquartered in Commerce, California.
https://novalifestyle.com/
Feb 01, 2023 0.9300 1.3700 0.6700 0.7500 0.7500 1,080,000
Jul 31, 2022 0.7400 1.3400 0.7000 0.7500 0.7500 6,661,300
Mar 01, 2021 3.0100 7.4900 2.0400 3.2400 3.2400 45,086,500
NOVA LIFESTYLE INC (NVFY) 0,5616 +17,00%
Nova LifeStyle, Inc., through its subsidiaries, designs, manufactures, markets, and sells residential and commercial furniture for middle and upper middle-income consumers worldwide. The company offers upholstered, wood, and metal-based furniture pieces for the living, dining, and bedrooms, as well as home offices. Its products include sofas, chairs, dining and coffee tables, beds, entertainment consoles, cabinets, and cupboards. The company also provides physiotherapeutic jade mats for use in therapy clinic, hospitality, and real estate projects. It distributes its products under the Diamond Sofa brand directly, as well as through internet sales and online marketing campaigns, and participation in exhibitions and trade shows primarily to furniture distributors and retailers. The company was formerly known as Stevens Resources, Inc. Nova LifeStyle, Inc. was founded in 2003 and is headquartered in Commerce, California.
https://novalifestyle.com/
Shares Outstanding 6.95M
Float 4.17M
Book Value Per Share (mrq) 0.75
May 01, 2023 0.5400 0.6100 0.4800 0.4800 0.4800 76,700
Apr 01, 2023 0.6100 0.7200 0.5500 0.5500 0.5500 145,500
Mar 01, 2023 0.6700 0.7600 0.5100 0.6000 0.6000 134,600
Feb 01, 2023 0.9300 1.3700 0.6700 0.7500 0.7500 1,080,000
Jan 01, 2023 0.4600 0.9000 0.4400 0.8500 0.8500 472,700
Dec 01, 2022 0.5300 0.5900 0.3900 0.4300 0.4300 423,200
Oct 31, 2022 0.6100 0.6800 0.4700 0.5100 0.5100 303,100
Sep 30, 2022 0.7200 0.8100 0.5900 0.6000 0.6000 286,200
Aug 31, 2022 0.7600 0.8100 0.6800 0.7400 0.7400 474,900
Jul 31, 2022 0.7400 1.3400 0.7000 0.7500 0.7500 6,661,300
Jun 30, 2022 0.7600 0.8100 0.6800 0.7400 0.7400 252,900
May 31, 2022 0.7800 1.0300 0.6300 0.7200 0.7200 1,298,900
Apr 30, 2022 1.0700 1.1800 0.6300 0.7800 0.7800 625,200
Mar 31, 2022 1.5000 1.7900 1.0300 1.0600 1.0600 834,400
Mar 01, 2022 1.2900 1.5600 1.1400 1.5000 1.5000 1,246,800
Feb 01, 2022 1.5500 1.7900 1.2500 1.3200 1.3200 1,674,100
Jan 01, 2022 1.8600 1.9900 1.4700 1.6000 1.6000 1,167,400
Dec 01, 2021 1.9800 2.0800 1.7700 1.8700 1.8700 1,115,600
Oct 31, 2021 2.2800 2.4800 1.8700 1.9500 1.9500 1,774,900
Sep 30, 2021 2.2800 2.7100 2.1000 2.2700 2.2700 4,279,100
Aug 31, 2021 2.3300 2.4600 2.0800 2.2700 2.2700 3,544,800
Jul 31, 2021 2.2800 2.6000 1.9000 2.3700 2.3700 5,851,200
Jun 30, 2021 3.1400 6.6600 2.1000 2.2800 2.2800 56,231,500
May 31, 2021 3.0000 3.4100 2.7700 3.1400 3.1400 899,200
Apr 30, 2021 2.8100 3.5900 2.5200 2.9900 2.9900 1,329,900
Mar 31, 2021 3.3500 3.4400 2.6100 2.7300 2.7300 734,000
Mar 01, 2021 3.0100 7.4900 2.0400 3.2400 3.2400 45,086,500
NOVA LIFESTYLE INC (NVFY) 0,5616 +17,00%
Nova LifeStyle, Inc., through its subsidiaries, designs, manufactures, markets, and sells residential and commercial furniture for middle and upper middle-income consumers worldwide. The company offers upholstered, wood, and metal-based furniture pieces for the living, dining, and bedrooms, as well as home offices. Its products include sofas, chairs, dining and coffee tables, beds, entertainment consoles, cabinets, and cupboards. The company also provides physiotherapeutic jade mats for use in therapy clinic, hospitality, and real estate projects. It distributes its products under the Diamond Sofa brand directly, as well as through internet sales and online marketing campaigns, and participation in exhibitions and trade shows primarily to furniture distributors and retailers. The company was formerly known as Stevens Resources, Inc. Nova LifeStyle, Inc. was founded in 2003 and is headquartered in Commerce, California.
https://novalifestyle.com/
Shares Outstanding 6.95M
Float 4.17M
Book Value Per Share (mrq) 0.75
May 01, 2023 0.5400 0.6100 0.4800 0.4800 0.4800 76,700
Apr 01, 2023 0.6100 0.7200 0.5500 0.5500 0.5500 145,500
Mar 01, 2023 0.6700 0.7600 0.5100 0.6000 0.6000 134,600
Feb 01, 2023 0.9300 1.3700 0.6700 0.7500 0.7500 1,080,000
Jan 01, 2023 0.4600 0.9000 0.4400 0.8500 0.8500 472,700
Dec 01, 2022 0.5300 0.5900 0.3900 0.4300 0.4300 423,200
Oct 31, 2022 0.6100 0.6800 0.4700 0.5100 0.5100 303,100
Sep 30, 2022 0.7200 0.8100 0.5900 0.6000 0.6000 286,200
Aug 31, 2022 0.7600 0.8100 0.6800 0.7400 0.7400 474,900
Jul 31, 2022 0.7400 1.3400 0.7000 0.7500 0.7500 6,661,300
Jun 30, 2022 0.7600 0.8100 0.6800 0.7400 0.7400 252,900
May 31, 2022 0.7800 1.0300 0.6300 0.7200 0.7200 1,298,900
Apr 30, 2022 1.0700 1.1800 0.6300 0.7800 0.7800 625,200
Mar 31, 2022 1.5000 1.7900 1.0300 1.0600 1.0600 834,400
Mar 01, 2022 1.2900 1.5600 1.1400 1.5000 1.5000 1,246,800
Feb 01, 2022 1.5500 1.7900 1.2500 1.3200 1.3200 1,674,100
Jan 01, 2022 1.8600 1.9900 1.4700 1.6000 1.6000 1,167,400
Dec 01, 2021 1.9800 2.0800 1.7700 1.8700 1.8700 1,115,600
Oct 31, 2021 2.2800 2.4800 1.8700 1.9500 1.9500 1,774,900
Sep 30, 2021 2.2800 2.7100 2.1000 2.2700 2.2700 4,279,100
Aug 31, 2021 2.3300 2.4600 2.0800 2.2700 2.2700 3,544,800
Jul 31, 2021 2.2800 2.6000 1.9000 2.3700 2.3700 5,851,200
Jun 30, 2021 3.1400 6.6600 2.1000 2.2800 2.2800 56,231,500
May 31, 2021 3.0000 3.4100 2.7700 3.1400 3.1400 899,200
Apr 30, 2021 2.8100 3.5900 2.5200 2.9900 2.9900 1,329,900
Mar 31, 2021 3.3500 3.4400 2.6100 2.7300 2.7300 734,000
Mar 01, 2021 3.0100 7.4900 2.0400 3.2400 3.2400 45,086,500
ReShape Lifesciences Inc. (RSLS) : 2.4600+0.0800 (+3.36%)
52 Week Range 2.2100 - 52.5000
Shares Outstanding : 2.94M
Float : 2.54M
Book Value Per Share (mrq) 7.05
Achieved Continued Improvement in Operational Effectiveness With First Quarter 2023 Operating Expenses Down 42.9% Compared to the First Quarter of 2022
Executing a Plan For Growth and Profitability With a Balance Sheet Bolstered By Approximately $12.7 Million Raised in 2023
SAN CLEMENTE, Calif., May 15, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences Inc. (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health-solutions company, today reported financial results for the first quarter ended March 31, 2023 and provided a corporate strategic update.
First Quarter 2023 and Subsequent Highlights
In May, presented preclinical data on its proprietary Diabetes Bloc-Stim Neuromodulation™ (DBSN™) device in a poster at the Keystone Symposia on Type 2 Diabetes (T2D) in Palm Springs, CA, further validating the potential of this technology to treat T2D and reduce patients’ dependence on medication.
In April, completed a $2.5 million registered direct offering with a single institutional investor, extending the company's cash runway into 2024, creating a sustainable path to profitability.
In April, received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent application 16/792,094, entitled, “Systems and Methods for Determining Failure of Intragastric Devices,” related to the company’s Obalon® Balloon System, expected to provide protection into at least January 2031, excluding any potential Patent Term Extension (PTE).
In March, formed a Scientific Advisory Board (SAB) comprised of internationally recognized experts and surgeons in the obesity and metabolic disease fields. The newly created SAB will provide management with strategic input and external scientific review of the company’s development activities and product pipeline.
In February, raised $10.2 million in an upsized underwritten public offering.
“In 2023, we have continued to leverage operational efficiencies, optimize our lead generation programs, and invest in our growth drivers. Our achievement of a 42.9% reduction in operating expenses, excluding one-time charges, during the first quarter, as compared to the same period last year, is a direct result of the execution of our growth pillars. We will continue to drive revenue by expanding our product offering to treat obesity and metabolic disease across the entire care continuum and strengthen our position to exceed our goals,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “We remain focused, not only on growth, but also our future profitability and delivering predictable shareholder value. Our balance sheet was bolstered by two capital raises this year, totaling $12.7 million in gross proceeds. These funds will allow us the continued ability to generate awareness of our evidence-based and differentiated product portfolio that spans the entire care continuum.”
“Additionally, I am particularly enthusiastic about working with our recently formed, global SAB, whose members will provide invaluable insights on our market, our key strategic initiatives including our now fully launched ReShape Calibration Tubes and our Lap-Band® 2.0 System, which we expect to submit to the U.S. Food and Drug Administration (FDA) in the next few weeks for PMA Supplement approval. We expect feedback from the FDA by year end. If approved, we expect adoption of the Lap-Band® 2.0 to be widespread among existing and new Lap-Band surgeons, alike.
At the same time, we continue to engage healthcare professionals, employers and individuals to expand awareness and use of ReShape’s personalized HIPAA-compliant, weight management program, ReShapeCare™, with resources including personalized health coaching that helps individuals achieve durable long-term weight loss goals, improvements in obesity related comorbidities and quality of life. Of note, we remain committed to working with large, self-insured employers to provide ReShapeCare™ to their employees in order to positively impact overall employee health and, thus, reduce employers’ health care costs.”
Mr. Hickey concluded, “Today, medical weight loss is gaining historic levels of awareness and ReShape’s Lap-Band system is well positioned as a long-term weight loss solution that is non-pharmacological, minimally invasive, adjustable and broadly reimbursed. I am more enthusiastic about the future of ReShape than ever before, as we continued to execute on our growth pillars to solidify our position as the premier physician-led weight loss and metabolic health-solutions company.”
Tom Stankovich, Chief Financial Officer of ReShape Lifesciences®, added, “The significant 42.9% reduction in operating expenses achieved in the first quarter of 2023, compared to the same period in 2022, before one-time charges, were consistent across all expense categories and is evidence of our strategic focus on achieving greater operating efficiencies. These reductions, combined with our expectation for increased revenue resulting from our targeted digital media campaign focused on geographies near bariatric surgery centers that sell the Lap-Band® system, and the recently launched and re-designed ReShape Calibration Tubes, are expected to positively impact revenue for the remainder of 2023 and move ReShape closer to cash flow breakeven.”
First Quarter Ended March 31, 2023, Financial and Operating Results
Revenue totaled $2.3 million for the three months ended March 31, 2023, which represents a contraction of 6.3%, or $0.2 million compared to the same period in 2022. The primary reason for the decrease is a decrease in sales throughout Europe. During the three months ended March 31, 2023, the company placed more focus on domestic sales, resulting in lower international sales. The company’s expectation is that revenue will continue to increase through the remainder of 2023, as the company is focusing on a targeted digital media campaign near bariatric surgical centers that sell the Lap-Band® system and have fully launched the three new sizes of calibration tubes.
Gross Profit for both the three months ended March 31, 2023, and 2022, was $1.2 million. Gross profit as a percentage of total revenue for the three months ended March 31, 2023, was 53.5% compared to 49.9% for the same period in 2022. The increase in gross profit percentage is due to the company becoming more efficient and looking for cost reductions within the company’s manufacturing processes.
Sales and Marketing Expenses for the three months ended March 31, 2023, decreased by $2.5 million, or 53.5%, to $2.2 million, compared to $4.7 million for the same period in 2022. The decrease is primarily due to a decrease of $2.4 million in advertising and marketing expenses, as the company has reevaluated its marketing approach and has moved to a targeted digital marketing campaign, resulting in a reduction of costs. The company also had a reduction in payroll expenditure, including commissions of $0.2 million, due to changes in sales personnel and lower sales. There was also a reduction in stock-based compensation expenses of $0.1 million. This was offset by an increase in consulting and professional services of $0.2 million, as the company is working on developing the ReShapeCare™ platform.
General and Administrative Expenses for the three months ended March 31, 2023, increase by $0.3 million, or 8.4%, to $4.2 million, compared to $3.9 million for the same period in 2022. The increase is due to one-time adjustments for professional services of $1.7 million primarily related to the February public offering. This was offset by a decrease of $0.4 million in stock-based compensation expense and $0.4 million in payroll related expenditure due to changes in personnel. Additionally, we had a decrease in amortization cost of $0.4 million as we impaired our finite lived intangible assets during the fourth quarter of 2022. We also had a decrease in rent of $0.1 million as the lease in Carlsbad, California terminated during June 2022. We had many miscellaneous reductions in general and administrative expenses, as we are continuously working on efficiencies and cost reduction efforts.
Research and Development Expenses for the three months ended March 31, 2023, decreased by $0.3 million, or 39.2%, to $0.5 million, compared to $0.8 million for the same period in 2022. The decrease is primarily due to a reduction of $0.2 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses.
Cash and Cash Equivalents as of March 31, 2023, were $9.1 million and the company remains debt free on its balance sheet, which the company believes is sufficient to fund current operations into 2024.
A full discussion of our financials is available in our Annual Report on Form 10-Q, filed with the Securities and Exchange Commission.
ReShape Lifesciences Inc. (RSLS) : 2.4600+0.0800 (+3.36%)
52 Week Range 2.2100 - 52.5000
Shares Outstanding : 2.94M
Float : 2.54M
Book Value Per Share (mrq) 7.05
Achieved Continued Improvement in Operational Effectiveness With First Quarter 2023 Operating Expenses Down 42.9% Compared to the First Quarter of 2022
Executing a Plan For Growth and Profitability With a Balance Sheet Bolstered By Approximately $12.7 Million Raised in 2023
SAN CLEMENTE, Calif., May 15, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences Inc. (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health-solutions company, today reported financial results for the first quarter ended March 31, 2023 and provided a corporate strategic update.
First Quarter 2023 and Subsequent Highlights
In May, presented preclinical data on its proprietary Diabetes Bloc-Stim Neuromodulation™ (DBSN™) device in a poster at the Keystone Symposia on Type 2 Diabetes (T2D) in Palm Springs, CA, further validating the potential of this technology to treat T2D and reduce patients’ dependence on medication.
In April, completed a $2.5 million registered direct offering with a single institutional investor, extending the company's cash runway into 2024, creating a sustainable path to profitability.
In April, received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent application 16/792,094, entitled, “Systems and Methods for Determining Failure of Intragastric Devices,” related to the company’s Obalon® Balloon System, expected to provide protection into at least January 2031, excluding any potential Patent Term Extension (PTE).
In March, formed a Scientific Advisory Board (SAB) comprised of internationally recognized experts and surgeons in the obesity and metabolic disease fields. The newly created SAB will provide management with strategic input and external scientific review of the company’s development activities and product pipeline.
In February, raised $10.2 million in an upsized underwritten public offering.
“In 2023, we have continued to leverage operational efficiencies, optimize our lead generation programs, and invest in our growth drivers. Our achievement of a 42.9% reduction in operating expenses, excluding one-time charges, during the first quarter, as compared to the same period last year, is a direct result of the execution of our growth pillars. We will continue to drive revenue by expanding our product offering to treat obesity and metabolic disease across the entire care continuum and strengthen our position to exceed our goals,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “We remain focused, not only on growth, but also our future profitability and delivering predictable shareholder value. Our balance sheet was bolstered by two capital raises this year, totaling $12.7 million in gross proceeds. These funds will allow us the continued ability to generate awareness of our evidence-based and differentiated product portfolio that spans the entire care continuum.”
“Additionally, I am particularly enthusiastic about working with our recently formed, global SAB, whose members will provide invaluable insights on our market, our key strategic initiatives including our now fully launched ReShape Calibration Tubes and our Lap-Band® 2.0 System, which we expect to submit to the U.S. Food and Drug Administration (FDA) in the next few weeks for PMA Supplement approval. We expect feedback from the FDA by year end. If approved, we expect adoption of the Lap-Band® 2.0 to be widespread among existing and new Lap-Band surgeons, alike.
At the same time, we continue to engage healthcare professionals, employers and individuals to expand awareness and use of ReShape’s personalized HIPAA-compliant, weight management program, ReShapeCare™, with resources including personalized health coaching that helps individuals achieve durable long-term weight loss goals, improvements in obesity related comorbidities and quality of life. Of note, we remain committed to working with large, self-insured employers to provide ReShapeCare™ to their employees in order to positively impact overall employee health and, thus, reduce employers’ health care costs.”
Mr. Hickey concluded, “Today, medical weight loss is gaining historic levels of awareness and ReShape’s Lap-Band system is well positioned as a long-term weight loss solution that is non-pharmacological, minimally invasive, adjustable and broadly reimbursed. I am more enthusiastic about the future of ReShape than ever before, as we continued to execute on our growth pillars to solidify our position as the premier physician-led weight loss and metabolic health-solutions company.”
Tom Stankovich, Chief Financial Officer of ReShape Lifesciences®, added, “The significant 42.9% reduction in operating expenses achieved in the first quarter of 2023, compared to the same period in 2022, before one-time charges, were consistent across all expense categories and is evidence of our strategic focus on achieving greater operating efficiencies. These reductions, combined with our expectation for increased revenue resulting from our targeted digital media campaign focused on geographies near bariatric surgery centers that sell the Lap-Band® system, and the recently launched and re-designed ReShape Calibration Tubes, are expected to positively impact revenue for the remainder of 2023 and move ReShape closer to cash flow breakeven.”
First Quarter Ended March 31, 2023, Financial and Operating Results
Revenue totaled $2.3 million for the three months ended March 31, 2023, which represents a contraction of 6.3%, or $0.2 million compared to the same period in 2022. The primary reason for the decrease is a decrease in sales throughout Europe. During the three months ended March 31, 2023, the company placed more focus on domestic sales, resulting in lower international sales. The company’s expectation is that revenue will continue to increase through the remainder of 2023, as the company is focusing on a targeted digital media campaign near bariatric surgical centers that sell the Lap-Band® system and have fully launched the three new sizes of calibration tubes.
Gross Profit for both the three months ended March 31, 2023, and 2022, was $1.2 million. Gross profit as a percentage of total revenue for the three months ended March 31, 2023, was 53.5% compared to 49.9% for the same period in 2022. The increase in gross profit percentage is due to the company becoming more efficient and looking for cost reductions within the company’s manufacturing processes.
Sales and Marketing Expenses for the three months ended March 31, 2023, decreased by $2.5 million, or 53.5%, to $2.2 million, compared to $4.7 million for the same period in 2022. The decrease is primarily due to a decrease of $2.4 million in advertising and marketing expenses, as the company has reevaluated its marketing approach and has moved to a targeted digital marketing campaign, resulting in a reduction of costs. The company also had a reduction in payroll expenditure, including commissions of $0.2 million, due to changes in sales personnel and lower sales. There was also a reduction in stock-based compensation expenses of $0.1 million. This was offset by an increase in consulting and professional services of $0.2 million, as the company is working on developing the ReShapeCare™ platform.
General and Administrative Expenses for the three months ended March 31, 2023, increase by $0.3 million, or 8.4%, to $4.2 million, compared to $3.9 million for the same period in 2022. The increase is due to one-time adjustments for professional services of $1.7 million primarily related to the February public offering. This was offset by a decrease of $0.4 million in stock-based compensation expense and $0.4 million in payroll related expenditure due to changes in personnel. Additionally, we had a decrease in amortization cost of $0.4 million as we impaired our finite lived intangible assets during the fourth quarter of 2022. We also had a decrease in rent of $0.1 million as the lease in Carlsbad, California terminated during June 2022. We had many miscellaneous reductions in general and administrative expenses, as we are continuously working on efficiencies and cost reduction efforts.
Research and Development Expenses for the three months ended March 31, 2023, decreased by $0.3 million, or 39.2%, to $0.5 million, compared to $0.8 million for the same period in 2022. The decrease is primarily due to a reduction of $0.2 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses.
Cash and Cash Equivalents as of March 31, 2023, were $9.1 million and the company remains debt free on its balance sheet, which the company believes is sufficient to fund current operations into 2024.
A full discussion of our financials is available in our Annual Report on Form 10-Q, filed with the Securities and Exchange Commission.
OpGen, Inc. (OPGN) : 0.7000-0.0600 (-7.89%)
After hours: 0.7500 +0.05 (+7.14%)
52 Week Range 0.5500 - 16.4000
Total revenue for the first quarter of 2023 was approximately $0.91 million, an increase of approximately 94% compared to the first quarter of 2022
Expanded U.S. growth opportunities with the Unyvero UTI De Novo FDA submission and Unyvero distribution partnership with Fisher Healthcare
Met all remaining key milestones of the FIND collaboration for Unyvero A30
Management conference call scheduled for May 15, 2023, at 4:30 p.m. EST
ROCKVILLE, Md., May 15, 2023 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease, reported its first quarter 2023 financial and operating results. Management will host an investor call to discuss quarterly results and provide a business update.
Oliver Schacht, President & CEO of OpGen, commented, “The beginning of this year has been a news rich period. It's clear the momentum during the first quarter has carried over to the second quarter. We look forward to our near-term strategic goals and continue to focus on executing on our operational and commercial plans.”
Mr. Schacht continued, “We continue to see revenue growth opportunities for our Unyvero products and Ares Genetics’ services globally and especially here in the U.S. We recently announced our distribution partnership for Unyvero products with Fisher Healthcare, and we believe will create traction and momentum for our Unyvero sales in the U.S. under this distribution partnership in the coming quarters and beyond.”
First Quarter 2023 Financial Results of OpGen, Inc.
Total revenue for the first quarter of 2023 was approximately $0.91 million, an increase of approximately 94% over the company’s revenue of $0.47 million in the first quarter of 2022. Compared to the fourth quarter 2022 revenue of $0.72 million, OpGen achieved a 26% revenue increase in the first quarter of 2023.
Total operating expenses decreased in the first quarter of 2023 to $6.0 million compared to $6.3 million for the same quarter in 2022.
Cash and cash equivalents were approximately $7.0 million as of March 31, 2023, compared with $7.4 million as of December 31, 2022.
During the year to date period, the Company reached the following key milestones:
OpGen subsidiary, Curetis, met all remaining key milestones in its R&D collaboration project with the Foundation for Innovative New Diagnostics (FIND).
Signed a short-term expansion of Curetis’ R&D collaboration with FIND. The work already completed under the collaboration was expanded by three work packages, which increased total project volume to up to approximately $913 thousand in revenue.
Submitted a De Novo classification request to the FDA for the marketing authorization of Unyvero Urinary Tract Infection (UTI) panel. The Company received confirmation from the FDA that the submission is complete, and that they have initiated substantive review. If cleared, the Unyvero UTI would become the first ever rapid multiplex sample-to-answer IVD test for urinary tract infections available in the U.S.
Entered a non-exclusive distribution agreement with Fisher Healthcare, a part of Thermo Fisher Scientific. This agreement is for the distribution of the Unyvero A50 platform and in vitro diagnostic tests for pneumonia and urinary tract infections.
Entered into a strategic advisory agreement to support Unyvero A30 corporate business development in China and engage in frequent, ongoing dialog with our Chinese partners.
OpGen subsidiary, Ares Genetics, announced that they were granted a key patent in China. The patent covers the identification and diagnostic use of genomic variants for the diagnosis of antibiotic resistant bacteria infections.
Closed $7.5 million and $3.5 million public offerings with net proceeds to be used, among other things, for the support of commercialization of the Acuitas AMR Gene Panel, products on the Unyvero platform, development of the ARES database, and to support direct sales and marketing as well as repayment of certain indebtedness to the EIB.
The Company reiterates and updates its guidance for 2023 as follows:
net cash consumption of around $4.5 to $5 million per quarter from its current operations;
continue pursuing significant revenue growth opportunities, especially with Unyvero product sales and ARESiss services, both in the U.S. and internationally;
actively pursue the commercial opportunities in our funnel;
expect global revenues from our products, services and collaborations for 2023 to be in the range of approximately $4 to $5 million;
engage in interactive review with the FDA towards a clearance decision on the De Novo classification request for the Unyvero UTI panel;
recognize approximately $180 thousand in the second quarter for the additional work packages from the FIND collaboration;
expect continued revenue generation and growth under the collaboration between Curetis and BioVersys during 2023 and 2024 as the BioVersys clinical trial progresses;
prioritize non-dilutive financing with several multi-million dollar proposals already submitted or currently being prepared for submission, recognizing that the Company needs a strong balance sheet to support and provide co-funding for projects under any such agreements.
Conference Call Information
OpGen’s management will host a conference call today, May 15, 2023 at 4:30 p.m. EST, to review the first quarter 2023 financial results and business activities, as well as answer analyst questions.
Conference Call Details
U.S. Dial-in Number:
1-877-704-4453
International Dial-in Number:
1-201-389-0920
Conference ID:
13738364
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1611539&tp_key=76976884dc
Following the conclusion of the conference call, a replay will be available through May 29th, 2023. The live, listen-only webcast of the conference call may also be accessed by visiting the Investors section of the Company’s website at www.opgen.com. A replay of the webcast will be available following the conclusion of the call and will be archived on the Company’s website under Financials & Filings. Replay access information is below:
Replay Details
U.S. Dial-in Number:
1-844-512-2921
International Dial-in Number:
1-412-317-6671
Replay PIN:
13738364
About OpGen, Inc.
OpGen, Inc. (Rockville, Md., U.S.A.) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. Along with our subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are developing and commercializing molecular microbiology solutions helping to guide clinicians with more rapid and actionable information about life threatening infections to improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs. OpGen’s current product portfolio includes Unyvero, Acuitas AMR Gene Panel, and the ARES Technology Platform including ARESdb, NGS technology and AI-powered bioinformatics solutions for antibiotic response prediction including ARESiss, ARESid, ARESasp, and AREScloud, as well as the Curetis CE-IVD-marked PCR-based SARS-CoV-2 test kit.
For more information, please visit www.opgen.com
OpGen, Inc. (OPGN) : 0.7000-0.0600 (-7.89%)
After hours: 0.7500 +0.05 (+7.14%)
52 Week Range 0.5500 - 16.4000
Total revenue for the first quarter of 2023 was approximately $0.91 million, an increase of approximately 94% compared to the first quarter of 2022
Expanded U.S. growth opportunities with the Unyvero UTI De Novo FDA submission and Unyvero distribution partnership with Fisher Healthcare
Met all remaining key milestones of the FIND collaboration for Unyvero A30
Management conference call scheduled for May 15, 2023, at 4:30 p.m. EST
ROCKVILLE, Md., May 15, 2023 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease, reported its first quarter 2023 financial and operating results. Management will host an investor call to discuss quarterly results and provide a business update.
Oliver Schacht, President & CEO of OpGen, commented, “The beginning of this year has been a news rich period. It's clear the momentum during the first quarter has carried over to the second quarter. We look forward to our near-term strategic goals and continue to focus on executing on our operational and commercial plans.”
Mr. Schacht continued, “We continue to see revenue growth opportunities for our Unyvero products and Ares Genetics’ services globally and especially here in the U.S. We recently announced our distribution partnership for Unyvero products with Fisher Healthcare, and we believe will create traction and momentum for our Unyvero sales in the U.S. under this distribution partnership in the coming quarters and beyond.”
First Quarter 2023 Financial Results of OpGen, Inc.
Total revenue for the first quarter of 2023 was approximately $0.91 million, an increase of approximately 94% over the company’s revenue of $0.47 million in the first quarter of 2022. Compared to the fourth quarter 2022 revenue of $0.72 million, OpGen achieved a 26% revenue increase in the first quarter of 2023.
Total operating expenses decreased in the first quarter of 2023 to $6.0 million compared to $6.3 million for the same quarter in 2022.
Cash and cash equivalents were approximately $7.0 million as of March 31, 2023, compared with $7.4 million as of December 31, 2022.
During the year to date period, the Company reached the following key milestones:
OpGen subsidiary, Curetis, met all remaining key milestones in its R&D collaboration project with the Foundation for Innovative New Diagnostics (FIND).
Signed a short-term expansion of Curetis’ R&D collaboration with FIND. The work already completed under the collaboration was expanded by three work packages, which increased total project volume to up to approximately $913 thousand in revenue.
Submitted a De Novo classification request to the FDA for the marketing authorization of Unyvero Urinary Tract Infection (UTI) panel. The Company received confirmation from the FDA that the submission is complete, and that they have initiated substantive review. If cleared, the Unyvero UTI would become the first ever rapid multiplex sample-to-answer IVD test for urinary tract infections available in the U.S.
Entered a non-exclusive distribution agreement with Fisher Healthcare, a part of Thermo Fisher Scientific. This agreement is for the distribution of the Unyvero A50 platform and in vitro diagnostic tests for pneumonia and urinary tract infections.
Entered into a strategic advisory agreement to support Unyvero A30 corporate business development in China and engage in frequent, ongoing dialog with our Chinese partners.
OpGen subsidiary, Ares Genetics, announced that they were granted a key patent in China. The patent covers the identification and diagnostic use of genomic variants for the diagnosis of antibiotic resistant bacteria infections.
Closed $7.5 million and $3.5 million public offerings with net proceeds to be used, among other things, for the support of commercialization of the Acuitas AMR Gene Panel, products on the Unyvero platform, development of the ARES database, and to support direct sales and marketing as well as repayment of certain indebtedness to the EIB.
The Company reiterates and updates its guidance for 2023 as follows:
net cash consumption of around $4.5 to $5 million per quarter from its current operations;
continue pursuing significant revenue growth opportunities, especially with Unyvero product sales and ARESiss services, both in the U.S. and internationally;
actively pursue the commercial opportunities in our funnel;
expect global revenues from our products, services and collaborations for 2023 to be in the range of approximately $4 to $5 million;
engage in interactive review with the FDA towards a clearance decision on the De Novo classification request for the Unyvero UTI panel;
recognize approximately $180 thousand in the second quarter for the additional work packages from the FIND collaboration;
expect continued revenue generation and growth under the collaboration between Curetis and BioVersys during 2023 and 2024 as the BioVersys clinical trial progresses;
prioritize non-dilutive financing with several multi-million dollar proposals already submitted or currently being prepared for submission, recognizing that the Company needs a strong balance sheet to support and provide co-funding for projects under any such agreements.
Conference Call Information
OpGen’s management will host a conference call today, May 15, 2023 at 4:30 p.m. EST, to review the first quarter 2023 financial results and business activities, as well as answer analyst questions.
Conference Call Details
U.S. Dial-in Number:
1-877-704-4453
International Dial-in Number:
1-201-389-0920
Conference ID:
13738364
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1611539&tp_key=76976884dc
Following the conclusion of the conference call, a replay will be available through May 29th, 2023. The live, listen-only webcast of the conference call may also be accessed by visiting the Investors section of the Company’s website at www.opgen.com. A replay of the webcast will be available following the conclusion of the call and will be archived on the Company’s website under Financials & Filings. Replay access information is below:
Replay Details
U.S. Dial-in Number:
1-844-512-2921
International Dial-in Number:
1-412-317-6671
Replay PIN:
13738364
About OpGen, Inc.
OpGen, Inc. (Rockville, Md., U.S.A.) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. Along with our subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are developing and commercializing molecular microbiology solutions helping to guide clinicians with more rapid and actionable information about life threatening infections to improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs. OpGen’s current product portfolio includes Unyvero, Acuitas AMR Gene Panel, and the ARES Technology Platform including ARESdb, NGS technology and AI-powered bioinformatics solutions for antibiotic response prediction including ARESiss, ARESid, ARESasp, and AREScloud, as well as the Curetis CE-IVD-marked PCR-based SARS-CoV-2 test kit.
For more information, please visit www.opgen.com
Aprea Therapeutics, Inc. (APRE) : 3.6601-0.2699 (-6.87%)
52 w: 3.65 - 25.8000
Market Cap : 11,933,371
Weighted-average common shares outstanding, basic and diluted
3,260,484
Cash and cash equivalents
30,995,714
Total current assets
32,018,517
Total liabilities
4,227,388
https://www.aprea.com/our-pipeline/
DOYLESTOWN, Pa., May 15, 2023 (GLOBE NEWSWIRE) -- Aprea Therapeutics, Inc. (Nasdaq: APRE) (“Aprea”, or the “Company”), a clinical stage biopharmaceutical company focused on developing novel synthetic lethality-based cancer therapeutics targeting DNA damage response (DDR) pathways, today reported financial results for the three months ended March 31, 2023 and provided a business update.
“We are excited about the strong start for 2023 as we focus on the execution of the pipeline development plan and continue enrollment in our Phase 1/2a dose escalation study of our ATR inhibitor, ATRN-119, in patients with biomarkers related to DDR mutations,” said Oren Gilad, Ph.D., President and Chief Executive Officer of Aprea. “Our cash position remains strong with a runway to carry us into the third quarter of 2024 and cross meaningful clinical milestones in our two lead inhibitor programs, ATR and WEE1. In February, we closed an underwritten public offering pursuant to which the Company received approximately $4.9 million in net proceeds. In April, we participated in the American Association of Cancer Research Conference where we had the opportunity to share preclinical results pointing to the potential, groundbreaking benefits of combination therapy with ATRN-119 and ATRN-1051. Our IND-enabling studies continue to progress for our ATRN-1051 inhibitor program and anticipate filing an IND by the end of 2023.”
Key Business and Financial Updates
ATR inhibitor program: ATRN-119 – Enrollment continues in the Phase 1/2a trial of Aprea’s lead clinical candidate, ATRN-119, a potential best-in-class ATR inhibitor for treatment of advanced solid tumors harboring defined mutations in DDR pathways. ATRN-119 is an orally bioavailable, potent and selective macrocyclic small molecule inhibitor of ATR. ATR is one of several key regulators impacting response to defective DNA replication and DNA damage, which occurs more commonly in cancer cells than in normal cells. Primary endpoints of the Phase 1 dose escalation part of the study include safety, tolerability, pharmacokinetics and a recommended Phase 2 dose. The Company expects to report initial safety, tolerability, and pharmacokinetic data from the ongoing Phase 1 trial of ATRN-119 in the first quarter of 2024.
WEE1 inhibitor program: ATRN-1051 – ATRN-1051 is an orally-bioavailable, highly potent and selective small molecule inhibitor of WEE1, a key regulator of multiple phases of the cell cycle. The Company believes preclinical findings support potentially favorable drug selectivity and exposure. Investigational New Drug (IND) enabling studies with ATRN-1051 are under way, and the Company anticipates filing an IND by the end of 2023.
Presented Preclinical data on pipeline programs at the American Association for Cancer Research (AACR) 2023 Annual Meeting, held April 14-19, 2023, in Orlando, Florida. In April 2023, the Company presented a poster, titled “ATRN-119 and ATRN-W1051: Novel and potentially well tolerated ATR and WEE1 inhibitors for targeted cancer treatment,” highlighting its lead program, ATRN-119, and preclinical WEE1 inhibitor, ATRN-1051. In in vivo models, ATRN-119 demonstrated anti-tumor efficacy, both as a monotherapy and in combination with PARP inhibitors. In xenograft models, ATRN-1051 demonstrated high potency, potentially favorable pharmacokinetic properties, and anti-tumor efficacy.
Secured non-dilutive funding via a research grant from the National Cancer Institute (NCI) supporting development of DDR inhibitors. In February 2023, the Company announced that it received an award notification from the NCI for the development of a first-in-class combination of DNA damage response inhibitors for the treatment of high-grade serous ovarian cancer (HGSOC). HGSOC is a devastating disease responsible for the deaths of about 125,000 women worldwide each year and has low survival rates.
Closed an underwritten public offering in February 2023 pursuant to which the Company received approximately $4.9 million in net proceeds, after deducting underwriting discounts and offering expenses. Net proceeds from the public offering support the continuing development of ATRN-119 and ATRN-1051 as well as general corporate overhead.
Appointed Gabriela Gruia, M.D., to the Board of Directors, strengthening the Company’s leadership. Dr. Gruia brings over 25 years of clinical, regulatory and life science leadership experience to Aprea, having worked for Novartis, Pfizer, Pharmacia, Aventis and Rhone Poulenc. Dr. Gruia received her M.D. from Bucharest Medical School in Romania and a Masters in Breast Pathology and Mammography from Rene Huguenin/Curie Institute Cancer Center in Paris, France.
Select Financial Results for the First Quarter ended March 31, 2023
As of March 31, 2023, the Company reported cash and cash equivalents of $31.0 million.
For the quarter ended March 31, 2023, the Company reported an operating loss of $4.6 million, compared to an operating loss of $8.1 million for the same period in 2022.
Research and Development (R&D) expenses were $1.3 million for the quarter ended March 31, 2023, compared to $4.1 million for the same period in 2022. The decrease in R&D expense was related to lower clinical trial expense primarily due to the close out of legacy Aprea clinical trials, lower personnel costs for the former facility in Sweden, and lower non-cash stock-based compensation expense.
General and Administrative (G&A) expenses were $3.4 million for the quarter ended March 31, 2023, compared to $4.0 million for the same period in 2022. The decrease in G&A expenses was due to a lower non-cash stock-based compensation and insurance premium expenses, partially offset by higher personnel costs in the quarter ended March 31, 2023 related to severance expenses for former executives.
The Company reported a net loss of $4.4 million ($1.34 per basic share) on approximately 3.3 million weighted-average common shares outstanding for the quarter ended March 31, 2023, compared to a net loss of $7.9 million ($7.25 per basic share) on approximately 1.1 million weighted average common shares outstanding for the same period in 2022.
About Aprea Therapeutics, Inc.
Aprea Therapeutics, Inc. is a clinical stage biopharmaceutical company headquartered in Doylestown, Pennsylvania, focused on developing novel synthetic lethality-based cancer therapeutics that target DNA damage response pathways. The Company’s lead program is ATRN-119, a clinical-stage small molecule ATR inhibitor being developed for solid tumor indications. Our WEE1 inhibitor is being advanced to IND submission. For more information, please visit the company website at www.aprea.com.
The Company may use, and intends to use, its investor relations website at https://ir.aprea.com/ as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.
Forward Looking Statement
Certain information contained in this press release includes “forward-looking statements”, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, related to our study analyses, clinical trials, regulatory submissions, and projected cash position. We may, in some cases use terms such as “future,” “predicts,” “believes,” “potential,” “continue,” “anticipates,” “estimates,” “expects,” “plans,” “intends,” “targeting,” “confidence,” “may,” “could,” “might,” “likely,” “will,” “should” or other words that convey uncertainty of the future events or outcomes to identify these forward-looking statements. Our forward-looking statements are based on current beliefs and expectations of our management team and on information currently available to management that involve risks, potential changes in circumstances, assumptions, and uncertainties. All statements contained in this press release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations. Any or all of the forward-looking statements may turn out to be wrong or be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. These forward-looking statements are subject to risks and uncertainties including, without limitation, risks related to the success, timing and cost of our ongoing clinical trials and anticipated clinical trials for our current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials, futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim or preliminary results (including, without limitation, any preclinical results or data), which are not necessarily indicative of the final results of our ongoing clinical trials, and the other risks, uncertainties, and other factors described under “Risk Factors,” “Management's Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the U.S. Securities and Exchange Commission. For all these reasons, actual results and developments could be materially different from those expressed in or implied by our forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to update such forward-looking statements for any reason, except as required by law.
Source: Aprea Therapeutics, Inc.
Investors and Media:
aprea@argotpartners.com
212-600-1902
Aprea Therapeutics, Inc. (APRE) : 3.6601-0.2699 (-6.87%)
52 w: 3.65 - 25.8000
Market Cap : 11,933,371
Weighted-average common shares outstanding, basic and diluted
3,260,484
Cash and cash equivalents
30,995,714
Total current assets
32,018,517
Total liabilities
4,227,388
https://www.aprea.com/our-pipeline/
DOYLESTOWN, Pa., May 15, 2023 (GLOBE NEWSWIRE) -- Aprea Therapeutics, Inc. (Nasdaq: APRE) (“Aprea”, or the “Company”), a clinical stage biopharmaceutical company focused on developing novel synthetic lethality-based cancer therapeutics targeting DNA damage response (DDR) pathways, today reported financial results for the three months ended March 31, 2023 and provided a business update.
“We are excited about the strong start for 2023 as we focus on the execution of the pipeline development plan and continue enrollment in our Phase 1/2a dose escalation study of our ATR inhibitor, ATRN-119, in patients with biomarkers related to DDR mutations,” said Oren Gilad, Ph.D., President and Chief Executive Officer of Aprea. “Our cash position remains strong with a runway to carry us into the third quarter of 2024 and cross meaningful clinical milestones in our two lead inhibitor programs, ATR and WEE1. In February, we closed an underwritten public offering pursuant to which the Company received approximately $4.9 million in net proceeds. In April, we participated in the American Association of Cancer Research Conference where we had the opportunity to share preclinical results pointing to the potential, groundbreaking benefits of combination therapy with ATRN-119 and ATRN-1051. Our IND-enabling studies continue to progress for our ATRN-1051 inhibitor program and anticipate filing an IND by the end of 2023.”
Key Business and Financial Updates
ATR inhibitor program: ATRN-119 – Enrollment continues in the Phase 1/2a trial of Aprea’s lead clinical candidate, ATRN-119, a potential best-in-class ATR inhibitor for treatment of advanced solid tumors harboring defined mutations in DDR pathways. ATRN-119 is an orally bioavailable, potent and selective macrocyclic small molecule inhibitor of ATR. ATR is one of several key regulators impacting response to defective DNA replication and DNA damage, which occurs more commonly in cancer cells than in normal cells. Primary endpoints of the Phase 1 dose escalation part of the study include safety, tolerability, pharmacokinetics and a recommended Phase 2 dose. The Company expects to report initial safety, tolerability, and pharmacokinetic data from the ongoing Phase 1 trial of ATRN-119 in the first quarter of 2024.
WEE1 inhibitor program: ATRN-1051 – ATRN-1051 is an orally-bioavailable, highly potent and selective small molecule inhibitor of WEE1, a key regulator of multiple phases of the cell cycle. The Company believes preclinical findings support potentially favorable drug selectivity and exposure. Investigational New Drug (IND) enabling studies with ATRN-1051 are under way, and the Company anticipates filing an IND by the end of 2023.
Presented Preclinical data on pipeline programs at the American Association for Cancer Research (AACR) 2023 Annual Meeting, held April 14-19, 2023, in Orlando, Florida. In April 2023, the Company presented a poster, titled “ATRN-119 and ATRN-W1051: Novel and potentially well tolerated ATR and WEE1 inhibitors for targeted cancer treatment,” highlighting its lead program, ATRN-119, and preclinical WEE1 inhibitor, ATRN-1051. In in vivo models, ATRN-119 demonstrated anti-tumor efficacy, both as a monotherapy and in combination with PARP inhibitors. In xenograft models, ATRN-1051 demonstrated high potency, potentially favorable pharmacokinetic properties, and anti-tumor efficacy.
Secured non-dilutive funding via a research grant from the National Cancer Institute (NCI) supporting development of DDR inhibitors. In February 2023, the Company announced that it received an award notification from the NCI for the development of a first-in-class combination of DNA damage response inhibitors for the treatment of high-grade serous ovarian cancer (HGSOC). HGSOC is a devastating disease responsible for the deaths of about 125,000 women worldwide each year and has low survival rates.
Closed an underwritten public offering in February 2023 pursuant to which the Company received approximately $4.9 million in net proceeds, after deducting underwriting discounts and offering expenses. Net proceeds from the public offering support the continuing development of ATRN-119 and ATRN-1051 as well as general corporate overhead.
Appointed Gabriela Gruia, M.D., to the Board of Directors, strengthening the Company’s leadership. Dr. Gruia brings over 25 years of clinical, regulatory and life science leadership experience to Aprea, having worked for Novartis, Pfizer, Pharmacia, Aventis and Rhone Poulenc. Dr. Gruia received her M.D. from Bucharest Medical School in Romania and a Masters in Breast Pathology and Mammography from Rene Huguenin/Curie Institute Cancer Center in Paris, France.
Select Financial Results for the First Quarter ended March 31, 2023
As of March 31, 2023, the Company reported cash and cash equivalents of $31.0 million.
For the quarter ended March 31, 2023, the Company reported an operating loss of $4.6 million, compared to an operating loss of $8.1 million for the same period in 2022.
Research and Development (R&D) expenses were $1.3 million for the quarter ended March 31, 2023, compared to $4.1 million for the same period in 2022. The decrease in R&D expense was related to lower clinical trial expense primarily due to the close out of legacy Aprea clinical trials, lower personnel costs for the former facility in Sweden, and lower non-cash stock-based compensation expense.
General and Administrative (G&A) expenses were $3.4 million for the quarter ended March 31, 2023, compared to $4.0 million for the same period in 2022. The decrease in G&A expenses was due to a lower non-cash stock-based compensation and insurance premium expenses, partially offset by higher personnel costs in the quarter ended March 31, 2023 related to severance expenses for former executives.
The Company reported a net loss of $4.4 million ($1.34 per basic share) on approximately 3.3 million weighted-average common shares outstanding for the quarter ended March 31, 2023, compared to a net loss of $7.9 million ($7.25 per basic share) on approximately 1.1 million weighted average common shares outstanding for the same period in 2022.
About Aprea Therapeutics, Inc.
Aprea Therapeutics, Inc. is a clinical stage biopharmaceutical company headquartered in Doylestown, Pennsylvania, focused on developing novel synthetic lethality-based cancer therapeutics that target DNA damage response pathways. The Company’s lead program is ATRN-119, a clinical-stage small molecule ATR inhibitor being developed for solid tumor indications. Our WEE1 inhibitor is being advanced to IND submission. For more information, please visit the company website at www.aprea.com.
The Company may use, and intends to use, its investor relations website at https://ir.aprea.com/ as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.
Forward Looking Statement
Certain information contained in this press release includes “forward-looking statements”, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, related to our study analyses, clinical trials, regulatory submissions, and projected cash position. We may, in some cases use terms such as “future,” “predicts,” “believes,” “potential,” “continue,” “anticipates,” “estimates,” “expects,” “plans,” “intends,” “targeting,” “confidence,” “may,” “could,” “might,” “likely,” “will,” “should” or other words that convey uncertainty of the future events or outcomes to identify these forward-looking statements. Our forward-looking statements are based on current beliefs and expectations of our management team and on information currently available to management that involve risks, potential changes in circumstances, assumptions, and uncertainties. All statements contained in this press release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations. Any or all of the forward-looking statements may turn out to be wrong or be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. These forward-looking statements are subject to risks and uncertainties including, without limitation, risks related to the success, timing and cost of our ongoing clinical trials and anticipated clinical trials for our current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials, futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim or preliminary results (including, without limitation, any preclinical results or data), which are not necessarily indicative of the final results of our ongoing clinical trials, and the other risks, uncertainties, and other factors described under “Risk Factors,” “Management's Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the U.S. Securities and Exchange Commission. For all these reasons, actual results and developments could be materially different from those expressed in or implied by our forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to update such forward-looking statements for any reason, except as required by law.
Source: Aprea Therapeutics, Inc.
Investors and Media:
aprea@argotpartners.com
212-600-1902
Taoping Inc. (TAOP) : 0.6169 – 0.82%
Shares Outstanding : 15,600,789
Book Value Per Share (mrq) 1.09
SHENZHEN, China, May 1, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), today announced that it won an RMB 11.1 million (approximately US$1.6 million) contract from Beijing Huida Dianjian Technology Co., Ltd. ("Huida"). Under the agreement, Taoping will supply its innovative Smart Rest Stations, autonomous street sweepers, and other related products and services. Initial deliveries are expected to commence over the next few weeks, with the full order being completed over the coming quarters.This latest contract win opens a new regional market for Taoping and further demonstrates the revenue potential for the Company's innovative Smart Rest Station products and services. The contract is structured along the same lines as earlier agreements for Taoping's next-generation Smart Rest Station, integrated with its fully autonomous street sweepers, as well as supporting servers, logistics, installation, and commissioning services. Huida is a Beijing-based high-tech company engaged in computer system and industrial automation development and applications.
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping") announced the Company has entered into a long-term strategic cooperation agreement ("Agreement") with Wuxuan County, Guangxi Province, with a potential market opportunity of US$80 million valuation for off-grid wastewater treatment solution alone. Under the Agreement, Taoping expects to provide customized intelligent, Cloud-based product solutions, including its exciting new Blue Box off-grid wastewater treatment solution, IoT Smart Rest Station, fully autonomous street sweeper and smart large screen displays. Wuxuan County is an important tourism city with an estimated 458,600 residents. By gaining access to Taoping's modular solutions, Wuxuan County's residents will be able to benefit from improved efficiency, convenience, and cost-effectiveness in various aspects of their daily lives. This follows news of Taoping's April agreement to provide similar services to China's Zhaoyuan City, which has more than 500,000 estimated residents.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. To learn more, please visit http://en.taop.com/
May 08, 2023 0.6400 0.6401 0.6007 0.6169 0.6169 44,562
May 01, 2023 0.7200 0.7800 0.6000 0.6200 0.6200 998,000
Feb 01, 2023 0.7400 0.8800 0.6800 0.6800 0.6800 695,200
Aug 01, 2022 0.8800 1.7500 0.6800 0.7500 0.7500 17,162,800
Jul 01, 2022 1.0800 1.1500 0.8000 0.8600 0.8600 827,200
Jun 01, 2022 1.3600 1.5900 0.9900 1.0700 1.0700 940,500
Mar 01, 2022 1.8100 1.9400 1.1400 1.4300 1.4300 2,733,900
Jan 01, 2022 1.8300 1.9700 1.3700 1.5600 1.5600 1,610,300
Dec 01, 2021 3.0400 3.1000 1.8200 1.8900 1.8900 2,302,200
Nov 01, 2021 3.0300 3.5800 2.8600 3.0000 3.0000 2,677,300
Sep 01, 2021 3.2100 3.4000 2.4900 2.6600 2.6600 5,487,400
Aug 01, 2021 3.4200 4.1200 2.9600 3.2200 3.2200 14,978,000
Jul 01, 2021 4.8500 4.8500 3.0700 3.4600 3.4600 37,034,900
Jun 01, 2021 5.4000 5.5600 4.3500 4.8600 4.8600 4,390,900
May 01, 2021 6.6300 6.9300 4.6000 5.3600 5.3600 6,984,000
Apr 01, 2021 9.6200 9.7900 5.3200 6.8600 6.8600 29,082,900
Mar 01, 2021 9.3400 16.8600 8.5000 9.4100 9.4100 33,996,600
Taoping Inc. (TAOP) : 0.6169 – 0.82%
Shares Outstanding : 15,600,789
Book Value Per Share (mrq) 1.09
SHENZHEN, China, May 1, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), today announced that it won an RMB 11.1 million (approximately US$1.6 million) contract from Beijing Huida Dianjian Technology Co., Ltd. ("Huida"). Under the agreement, Taoping will supply its innovative Smart Rest Stations, autonomous street sweepers, and other related products and services. Initial deliveries are expected to commence over the next few weeks, with the full order being completed over the coming quarters.This latest contract win opens a new regional market for Taoping and further demonstrates the revenue potential for the Company's innovative Smart Rest Station products and services. The contract is structured along the same lines as earlier agreements for Taoping's next-generation Smart Rest Station, integrated with its fully autonomous street sweepers, as well as supporting servers, logistics, installation, and commissioning services. Huida is a Beijing-based high-tech company engaged in computer system and industrial automation development and applications.
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping") announced the Company has entered into a long-term strategic cooperation agreement ("Agreement") with Wuxuan County, Guangxi Province, with a potential market opportunity of US$80 million valuation for off-grid wastewater treatment solution alone. Under the Agreement, Taoping expects to provide customized intelligent, Cloud-based product solutions, including its exciting new Blue Box off-grid wastewater treatment solution, IoT Smart Rest Station, fully autonomous street sweeper and smart large screen displays. Wuxuan County is an important tourism city with an estimated 458,600 residents. By gaining access to Taoping's modular solutions, Wuxuan County's residents will be able to benefit from improved efficiency, convenience, and cost-effectiveness in various aspects of their daily lives. This follows news of Taoping's April agreement to provide similar services to China's Zhaoyuan City, which has more than 500,000 estimated residents.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. To learn more, please visit http://en.taop.com/
May 08, 2023 0.6400 0.6401 0.6007 0.6169 0.6169 44,562
May 01, 2023 0.7200 0.7800 0.6000 0.6200 0.6200 998,000
Feb 01, 2023 0.7400 0.8800 0.6800 0.6800 0.6800 695,200
Aug 01, 2022 0.8800 1.7500 0.6800 0.7500 0.7500 17,162,800
Jul 01, 2022 1.0800 1.1500 0.8000 0.8600 0.8600 827,200
Jun 01, 2022 1.3600 1.5900 0.9900 1.0700 1.0700 940,500
Mar 01, 2022 1.8100 1.9400 1.1400 1.4300 1.4300 2,733,900
Jan 01, 2022 1.8300 1.9700 1.3700 1.5600 1.5600 1,610,300
Dec 01, 2021 3.0400 3.1000 1.8200 1.8900 1.8900 2,302,200
Nov 01, 2021 3.0300 3.5800 2.8600 3.0000 3.0000 2,677,300
Sep 01, 2021 3.2100 3.4000 2.4900 2.6600 2.6600 5,487,400
Aug 01, 2021 3.4200 4.1200 2.9600 3.2200 3.2200 14,978,000
Jul 01, 2021 4.8500 4.8500 3.0700 3.4600 3.4600 37,034,900
Jun 01, 2021 5.4000 5.5600 4.3500 4.8600 4.8600 4,390,900
May 01, 2021 6.6300 6.9300 4.6000 5.3600 5.3600 6,984,000
Apr 01, 2021 9.6200 9.7900 5.3200 6.8600 6.8600 29,082,900
Mar 01, 2021 9.3400 16.8600 8.5000 9.4100 9.4100 33,996,600
OPGEN (OPGN) : 0.75 – 1.77%
52w: 0.55 – 16.4
OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease, reported that its German subsidiary Curetis GmbH has met the remaining key milestones under the initial research and development (“R&D”) collaboration agreement with FIND. Following the delivery of a comprehensive milestone report at the end of first quarter of 2023, FIND confirmed that all requirements have been met successfully. Under the recently announced expansion of the collaboration, the originally planned Next Generation Sequencing (“NGS”) strain analysis will be complemented with isolates from other sub-Saharan African countries. Completion of the deliverables triggered a milestone payment of approximately $0.3 million.
The R&D collaboration to date has successfully addressed the development and initial wet-lab testing of a sample-in to result-out Unyvero A30 panel with 33 targets, including fully integrated sample preparation. Multiple Unyvero A30 instrument adaptations were made to optimize for use in the challenging environments of low- and middle- income countries (LMICs). Instrument prototypes have been designed, built and tested for operation in high-dust, extended temperature range and power-out scenarios.
Andreas Boos, Chief Technology Officer at Curetis GmbH commented: “We are excited to have successfully delivered the final milestones from the first phase of our collaboration agreement and look forward to working on the next set of deliverables under the expanded scope of our R&D partnership with FIND.”
Johannes Bacher, Chief Operating Officer of OpGen added: “We believe the successful first phase of our development collaboration puts us in an ideal position towards development of a robust solution optimized for use in LMICs, a goal we would like to pursue during a potential next phase of this collaboration under a new agreement with FIND.”
Dr. Cecilia Ferreyra, Director, FIND AMR Programme remarked that, “We have evaluated the final milestone data from Curetis on the Unyvero A30 and have confirmed that the adapted prototype test meets the quality and accuracy requirements for use in low- and middle-income countries. We look forward to potential continued collaboration to expand testing for blood stream infections in LMIC hospitals so that people can be linked to the care they need as soon as possible.”
About OpGen, Inc.
OpGen, Inc. (Rockville, Md., U.S.A.) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. Along with our subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are developing and commercializing molecular microbiology solutions helping to guide clinicians with more rapid and actionable information about life threatening infections to improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs. OpGen’s current product portfolio includes Unyvero, Acuitas AMR Gene Panel, and the ARES Technology Platform including ARESdb, NGS technology and AI-powered bioinformatics solutions for antibiotic response prediction including ARESiss, ARESid, ARESasp, and AREScloud, as well as the Curetis CE-IVD-marked PCR-based SARS-CoV-2 test kit.
For more information, please visit www.opgen.com.
OPGEN (OPGN) : 0.75 – 1.77%
52w: 0.55 – 16.4
OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease, reported that its German subsidiary Curetis GmbH has met the remaining key milestones under the initial research and development (“R&D”) collaboration agreement with FIND. Following the delivery of a comprehensive milestone report at the end of first quarter of 2023, FIND confirmed that all requirements have been met successfully. Under the recently announced expansion of the collaboration, the originally planned Next Generation Sequencing (“NGS”) strain analysis will be complemented with isolates from other sub-Saharan African countries. Completion of the deliverables triggered a milestone payment of approximately $0.3 million.
The R&D collaboration to date has successfully addressed the development and initial wet-lab testing of a sample-in to result-out Unyvero A30 panel with 33 targets, including fully integrated sample preparation. Multiple Unyvero A30 instrument adaptations were made to optimize for use in the challenging environments of low- and middle- income countries (LMICs). Instrument prototypes have been designed, built and tested for operation in high-dust, extended temperature range and power-out scenarios.
Andreas Boos, Chief Technology Officer at Curetis GmbH commented: “We are excited to have successfully delivered the final milestones from the first phase of our collaboration agreement and look forward to working on the next set of deliverables under the expanded scope of our R&D partnership with FIND.”
Johannes Bacher, Chief Operating Officer of OpGen added: “We believe the successful first phase of our development collaboration puts us in an ideal position towards development of a robust solution optimized for use in LMICs, a goal we would like to pursue during a potential next phase of this collaboration under a new agreement with FIND.”
Dr. Cecilia Ferreyra, Director, FIND AMR Programme remarked that, “We have evaluated the final milestone data from Curetis on the Unyvero A30 and have confirmed that the adapted prototype test meets the quality and accuracy requirements for use in low- and middle-income countries. We look forward to potential continued collaboration to expand testing for blood stream infections in LMIC hospitals so that people can be linked to the care they need as soon as possible.”
About OpGen, Inc.
OpGen, Inc. (Rockville, Md., U.S.A.) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. Along with our subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are developing and commercializing molecular microbiology solutions helping to guide clinicians with more rapid and actionable information about life threatening infections to improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs. OpGen’s current product portfolio includes Unyvero, Acuitas AMR Gene Panel, and the ARES Technology Platform including ARESdb, NGS technology and AI-powered bioinformatics solutions for antibiotic response prediction including ARESiss, ARESid, ARESasp, and AREScloud, as well as the Curetis CE-IVD-marked PCR-based SARS-CoV-2 test kit.
For more information, please visit www.opgen.com.
TUPPERWARE BRANDS CORP. (TUP) : 0,7922 -27,32%
today: 0.7922 - 1.01
52w h: 12,8600
May 8 (Reuters) - Tupperware Brands Corp, which has warned of a possible bankruptcy, said on Monday it signed on investment bank Moelis & Co LLC to help explore strategic alternatives, and added it has also found additional prior period misstatements in its financial reporting.
Shares of the company, known for its bright-colored plastic airtight containers, fell more than 6% to $1.02 in premarket trading.
Orlando, Florida-based Tupperware in April raised doubts about its ability to continue as a going concern, as it struggled to contain a slump in sales amid a surge in usage of free restaurant to-go boxes and rising competition from cheaper food storage containers.
On Monday, it said in a filing it expects a "material decline" in revenues for the first quarter - estimated in the range of $280 million to $290 million for the quarter ended April 1. It reported net sales of $348.1 million a year earlier.
While it was not immediately clear if the year-ago revenue was comparable, the company said it was continuing its restatement of previously issued financial statements for the year ended Dec. 31, 2022.
Tupperware, which is struggling to reinvent itself and struggling with higher costs, said it has appointed Brian Fox, managing director at turnaround firm Alvarez & Marsal North America LLC as its chief restructuring officer.
The company has also been slow to pivot to e-commerce sales, at a time when retailers and brands across the board have capitalized on shoppers' preference to purchase items from the comfort of their homes.
The Wall Street Journal last month reported the company had brought on advisers from Moelis & Co, Kirkland & Ellis LLP and Alvarez & Marsal.
(Reporting by Granth Vanaik and Deborah Sophia in Bengaluru; Editing by Nivedita Bhattacharjee)
TUPPERWARE BRANDS CORP. (TUP) : 0,7922 -27,32%
today: 0.7922 - 1.01
52w h: 12,8600
May 8 (Reuters) - Tupperware Brands Corp, which has warned of a possible bankruptcy, said on Monday it signed on investment bank Moelis & Co LLC to help explore strategic alternatives, and added it has also found additional prior period misstatements in its financial reporting.
Shares of the company, known for its bright-colored plastic airtight containers, fell more than 6% to $1.02 in premarket trading.
Orlando, Florida-based Tupperware in April raised doubts about its ability to continue as a going concern, as it struggled to contain a slump in sales amid a surge in usage of free restaurant to-go boxes and rising competition from cheaper food storage containers.
On Monday, it said in a filing it expects a "material decline" in revenues for the first quarter - estimated in the range of $280 million to $290 million for the quarter ended April 1. It reported net sales of $348.1 million a year earlier.
While it was not immediately clear if the year-ago revenue was comparable, the company said it was continuing its restatement of previously issued financial statements for the year ended Dec. 31, 2022.
Tupperware, which is struggling to reinvent itself and struggling with higher costs, said it has appointed Brian Fox, managing director at turnaround firm Alvarez & Marsal North America LLC as its chief restructuring officer.
The company has also been slow to pivot to e-commerce sales, at a time when retailers and brands across the board have capitalized on shoppers' preference to purchase items from the comfort of their homes.
The Wall Street Journal last month reported the company had brought on advisers from Moelis & Co, Kirkland & Ellis LLP and Alvarez & Marsal.
(Reporting by Granth Vanaik and Deborah Sophia in Bengaluru; Editing by Nivedita Bhattacharjee)
ASTROTECH CORP (ASTC) 11,2579 +8,77%
52 Week Range 9.28 - 17.10
AUSTIN, Texas, May 08, 2023 (GLOBE NEWSWIRE) -- Astrotech Corporation (NASDAQ: ASTC) announced today that its 1st Detect subsidiary has received a 17 unit order for its TRACER 1000™ explosives trace detector (ETD). The systems will be deployed in Europe with deliveries scheduled to be fulfilled over the remainder of this calendar year. We expect this sale will expand 1st Detect’s footprint to 22 sites across 14 countries in Europe and Asia.
“We’re excited to extend our reach into more checkpoints throughout the world. Based on our near-zero false alarm rate, we believe that the TRACER 1000 improves checkpoint efficiency and passenger throughput by reducing the need for time-consuming and invasive secondary screenings that costs airports millions in lost merchandise and food sales,” said Thomas B. Pickens III, Chairman and Chief Executive Officer of 1st Detect.
The Astrotech Mass Spectrometer Technology™ (AMS Technology) powers the breakthrough TRACER 1000, the first certified ETD to use mass spectrometry. The TRACER 1000 is a rugged, fast, small, and easy to use mass spectrometer with near-zero false alarms. The TRACER 1000 is the only mass spectrometry-based ETD to have received European Civil Aviation Conference (ECAC) certification for both checkpoint and cargo security.
About Astrotech Corporation
Astrotech (Nasdaq: ASTC) is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly-owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB develops and sells chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to screen for volatile organic compounds that could indicate bodily infections and critical conditions. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.
ASTROTECH CORP (ASTC) 11,2579 +8,77%
52 Week Range 9.28 - 17.10
AUSTIN, Texas, May 08, 2023 (GLOBE NEWSWIRE) -- Astrotech Corporation (NASDAQ: ASTC) announced today that its 1st Detect subsidiary has received a 17 unit order for its TRACER 1000™ explosives trace detector (ETD). The systems will be deployed in Europe with deliveries scheduled to be fulfilled over the remainder of this calendar year. We expect this sale will expand 1st Detect’s footprint to 22 sites across 14 countries in Europe and Asia.
“We’re excited to extend our reach into more checkpoints throughout the world. Based on our near-zero false alarm rate, we believe that the TRACER 1000 improves checkpoint efficiency and passenger throughput by reducing the need for time-consuming and invasive secondary screenings that costs airports millions in lost merchandise and food sales,” said Thomas B. Pickens III, Chairman and Chief Executive Officer of 1st Detect.
The Astrotech Mass Spectrometer Technology™ (AMS Technology) powers the breakthrough TRACER 1000, the first certified ETD to use mass spectrometry. The TRACER 1000 is a rugged, fast, small, and easy to use mass spectrometer with near-zero false alarms. The TRACER 1000 is the only mass spectrometry-based ETD to have received European Civil Aviation Conference (ECAC) certification for both checkpoint and cargo security.
About Astrotech Corporation
Astrotech (Nasdaq: ASTC) is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly-owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB develops and sells chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to screen for volatile organic compounds that could indicate bodily infections and critical conditions. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.
CRSM: 0.0021
52w: 0.0016 - 0.0064
CarSmartt, Inc.
https://smarttholdings.com/
https://www.otcmarkets.com/stock/CRSM/disclosure
Our share structure has remained the same since 2 years.
As of 08/30/2021, the number of shares outstanding of our Common Stock was:
595,304,566
04/28/2023
Outstanding Shares
595,304,566
175,117,101
11/02/2022
= less than $350.000 in the free float.
CURRENT ASSETS:
Investments 78,650
Deposit - Acquistion 1,765,707
Computer software 72,000
Loan receivable 192,360
Total Assets $ 2,112,323
no dilution so room for a big rebound
Jul 26, 2021 0.0550
https://blackbrickconstruction.com/
In June, we acquired Black Brick Construction, which specializes in ground up construction. The company has over $100K in positive cash flow and three new projects with potential for more growth.
https://smarttholdings.com/#
Smartt Inc. has purchased shares of Coinbase, netflix, fubotv, palantir and tqqq
CarSmartt entered in to an agreement with Archer Robotics, LLC., to establish a project and implementation plan to provide an autonomous vehicle platform for CarSmartt, focused on Parcels delivery with driverless cars.
Exciting things to look forward to:
– News on New Strategic Acquisitions
– News on NFTs and Cryptocurrency.
"We are excited to reveal with our Shareholders the new direction of the company, and we are ready to bring exponential shareholder value. Our commitment is to our shareholders, and we are confident that we won't let you down as we embark on this new exciting chapter."
CRSM: 0.0021
52w: 0.0016 - 0.0064
CarSmartt, Inc.
https://smarttholdings.com/
https://www.otcmarkets.com/stock/CRSM/disclosure
Our share structure has remained the same since 2 years.
As of 08/30/2021, the number of shares outstanding of our Common Stock was:
595,304,566
04/28/2023
Outstanding Shares
595,304,566
175,117,101
11/02/2022
= less than $350.000 in the free float.
CURRENT ASSETS:
Investments 78,650
Deposit - Acquistion 1,765,707
Computer software 72,000
Loan receivable 192,360
Total Assets $ 2,112,323
no dilution so room for a big rebound
Jul 26, 2021 0.0550
https://blackbrickconstruction.com/
In June, we acquired Black Brick Construction, which specializes in ground up construction. The company has over $100K in positive cash flow and three new projects with potential for more growth.
https://smarttholdings.com/#
Smartt Inc. has purchased shares of Coinbase, netflix, fubotv, palantir and tqqq
CarSmartt entered in to an agreement with Archer Robotics, LLC., to establish a project and implementation plan to provide an autonomous vehicle platform for CarSmartt, focused on Parcels delivery with driverless cars.
Exciting things to look forward to:
– News on New Strategic Acquisitions
– News on NFTs and Cryptocurrency.
"We are excited to reveal with our Shareholders the new direction of the company, and we are ready to bring exponential shareholder value. Our commitment is to our shareholders, and we are confident that we won't let you down as we embark on this new exciting chapter."
I think Jiangsu better buys the company for $5 - $6, It will be cheaper.
TREVENA (TRVN) : 0.6449+0.0149 (+2.37%)
Pre-Market: 0.998 +0.3531 (+54.7527%)
The number of shares of the registrant’s Common Stock outstanding as of April 27, 2023 was 8,975,072
We finished the year with $38.3 million in cash and marketable securities.
= $4.27 / share
Trevena’s partner, Jiangsu Nhwa, receives approval from Chinese National Medical Products Administration (NMPA)
Approval achieves $3 million milestone to Trevena from Jiangsu Nhwa
Additional $15 million to Trevena expected on first commercial sale in China, based on ex-US Royalty-Based Financing with R-Bridge Healthcare Fund, an affiliate of CBC Group
CHESTERBROOK, Pa., May 08, 2023 (GLOBE NEWSWIRE) -- Trevena, Inc. (Nasdaq: TRVN), a biopharmaceutical company focused on the development and commercialization of novel medicines for patients with central nervous system (CNS) disorders, today announced that its partner in China, Jiangsu Nhwa, received formal approval from the National Medical Products Administration for OLINVYK. It has been approved for use in adults for the management of acute pain severe enough to require an intravenous opioid analgesic and for whom alternative treatments are inadequate.
“We are very pleased to see our partners, Jiangsu Nhwa, achieve this important milestone which will allow Chinese patients to benefit from OLINVYK,” said Carrie Bourdow, President and CEO of Trevena. “We have worked closely with our partners during their submission process, and look to our continued collaboration as they move forward with launch and full commercialization of OLINVYK in China.”
The Chinese regulatory agency (NMPA) accepted the NDA in January 2022. The approval is based on results of two bridging trials conducted in China and also leveraged US clinical data. Results from the bridging studies demonstrated that the safety, tolerability and pharmacokinetic profile of OLINVYK in Chinese patients is consistent with what has been seen in other OLINVYK clinical trials. Jiangsu Nhwa has an exclusive license agreement for the development and commercialization of OLINVYK in China.
Trevena is due to receive a $3 million milestone payment from Jiangsu Nhwa with the approval. The Company is also eligible to receive $15 million upon first commercial sale of OLINVYK in China, in connection with its non-dilutive royalty-based financing with an affiliate of R-Bridge Healthcare Fund (the R-Bridge Financing). As part of the R-Bridge Financing, Trevena previously received a $15 million upfront payment and may receive an additional $10 million upon achievement of either a commercial or financing milestone.
I think Jiangsu better buys the company for $5 - $6, It will be cheaper.
TREVENA (TRVN) : 0.6449+0.0149 (+2.37%)
Pre-Market: 0.998 +0.3531 (+54.7527%)
The number of shares of the registrant’s Common Stock outstanding as of April 27, 2023 was 8,975,072
We finished the year with $38.3 million in cash and marketable securities.
= $4.27 / share
Trevena’s partner, Jiangsu Nhwa, receives approval from Chinese National Medical Products Administration (NMPA)
Approval achieves $3 million milestone to Trevena from Jiangsu Nhwa
Additional $15 million to Trevena expected on first commercial sale in China, based on ex-US Royalty-Based Financing with R-Bridge Healthcare Fund, an affiliate of CBC Group
CHESTERBROOK, Pa., May 08, 2023 (GLOBE NEWSWIRE) -- Trevena, Inc. (Nasdaq: TRVN), a biopharmaceutical company focused on the development and commercialization of novel medicines for patients with central nervous system (CNS) disorders, today announced that its partner in China, Jiangsu Nhwa, received formal approval from the National Medical Products Administration for OLINVYK. It has been approved for use in adults for the management of acute pain severe enough to require an intravenous opioid analgesic and for whom alternative treatments are inadequate.
“We are very pleased to see our partners, Jiangsu Nhwa, achieve this important milestone which will allow Chinese patients to benefit from OLINVYK,” said Carrie Bourdow, President and CEO of Trevena. “We have worked closely with our partners during their submission process, and look to our continued collaboration as they move forward with launch and full commercialization of OLINVYK in China.”
The Chinese regulatory agency (NMPA) accepted the NDA in January 2022. The approval is based on results of two bridging trials conducted in China and also leveraged US clinical data. Results from the bridging studies demonstrated that the safety, tolerability and pharmacokinetic profile of OLINVYK in Chinese patients is consistent with what has been seen in other OLINVYK clinical trials. Jiangsu Nhwa has an exclusive license agreement for the development and commercialization of OLINVYK in China.
Trevena is due to receive a $3 million milestone payment from Jiangsu Nhwa with the approval. The Company is also eligible to receive $15 million upon first commercial sale of OLINVYK in China, in connection with its non-dilutive royalty-based financing with an affiliate of R-Bridge Healthcare Fund (the R-Bridge Financing). As part of the R-Bridge Financing, Trevena previously received a $15 million upfront payment and may receive an additional $10 million upon achievement of either a commercial or financing milestone.
CRSM: 0.0021
52w: 0.0016 - 0.0064
CarSmartt, Inc.
https://smarttholdings.com/
https://www.otcmarkets.com/stock/CRSM/disclosure
Our share structure has remained the same since 2 years.
As of 08/30/2021, the number of shares outstanding of our Common Stock was:
595,304,566
04/28/2023
Outstanding Shares
595,304,566
175,117,101
11/02/2022
= less than $350.000 in the free float.
CURRENT ASSETS:
Investments 78,650
Deposit - Acquistion 1,765,707
Computer software 72,000
Loan receivable 192,360
Total Assets $ 2,112,323
no dilution so room for a big rebound
Jul 26, 2021 0.0550
https://blackbrickconstruction.com/
In June, we acquired Black Brick Construction, which specializes in ground up construction. The company has over $100K in positive cash flow and three new projects with potential for more growth.
https://smarttholdings.com/#
Smartt Inc. has purchased shares of Coinbase, netflix, fubotv, palantir and tqqq
CarSmartt entered in to an agreement with Archer Robotics, LLC., to establish a project and implementation plan to provide an autonomous vehicle platform for CarSmartt, focused on Parcels delivery with driverless cars.
Exciting things to look forward to:
– News on New Strategic Acquisitions
– News on NFTs and Cryptocurrency.
"We are excited to reveal with our Shareholders the new direction of the company, and we are ready to bring exponential shareholder value. Our commitment is to our shareholders, and we are confident that we won't let you down as we embark on this new exciting chapter."
CRSM: 0.0021
52w: 0.0016 - 0.0064
CarSmartt, Inc.
https://smarttholdings.com/
https://www.otcmarkets.com/stock/CRSM/disclosure
Our share structure has remained the same since 2 years.
As of 08/30/2021, the number of shares outstanding of our Common Stock was:
595,304,566
04/28/2023
Outstanding Shares
595,304,566
175,117,101
11/02/2022
= less than $350.000 in the free float.
CURRENT ASSETS:
Investments 78,650
Deposit - Acquistion 1,765,707
Computer software 72,000
Loan receivable 192,360
Total Assets $ 2,112,323
no dilution so room for a big rebound
Jul 26, 2021 0.0550
https://blackbrickconstruction.com/
In June, we acquired Black Brick Construction, which specializes in ground up construction. The company has over $100K in positive cash flow and three new projects with potential for more growth.
https://smarttholdings.com/#
Smartt Inc. has purchased shares of Coinbase, netflix, fubotv, palantir and tqqq
CarSmartt entered in to an agreement with Archer Robotics, LLC., to establish a project and implementation plan to provide an autonomous vehicle platform for CarSmartt, focused on Parcels delivery with driverless cars.
Exciting things to look forward to:
– News on New Strategic Acquisitions
– News on NFTs and Cryptocurrency.
"We are excited to reveal with our Shareholders the new direction of the company, and we are ready to bring exponential shareholder value. Our commitment is to our shareholders, and we are confident that we won't let you down as we embark on this new exciting chapter."
CRSM: 0.0021
52w: 0.0016 - 0.0064
CarSmartt, Inc.
https://smarttholdings.com/
https://www.otcmarkets.com/stock/CRSM/disclosure
Our share structure has remained the same since 2 years.
As of 08/30/2021, the number of shares outstanding of our Common Stock was:
595,304,566
04/28/2023
Outstanding Shares
595,304,566
175,117,101
11/02/2022
= less than $350.000 in the free float.
CURRENT ASSETS:
Investments 78,650
Deposit - Acquistion 1,765,707
Computer software 72,000
Loan receivable 192,360
Total Assets $ 2,112,323
no dilution so room for a big rebound
Jul 26, 2021 0.0550
https://blackbrickconstruction.com/
In June, we acquired Black Brick Construction, which specializes in ground up construction. The company has over $100K in positive cash flow and three new projects with potential for more growth.
https://smarttholdings.com/#
Smartt Inc. has purchased shares of Coinbase, netflix, fubotv, palantir and tqqq
CarSmartt entered in to an agreement with Archer Robotics, LLC., to establish a project and implementation plan to provide an autonomous vehicle platform for CarSmartt, focused on Parcels delivery with driverless cars.
Exciting things to look forward to:
– News on New Strategic Acquisitions
– News on NFTs and Cryptocurrency.
"We are excited to reveal with our Shareholders the new direction of the company, and we are ready to bring exponential shareholder value. Our commitment is to our shareholders, and we are confident that we won't let you down as we embark on this new exciting chapter."
CRSM: 0.0021
52w: 0.0016 - 0.0064
CarSmartt, Inc.
https://smarttholdings.com/
https://www.otcmarkets.com/stock/CRSM/disclosure
Our share structure has remained the same since 2 years.
As of 08/30/2021, the number of shares outstanding of our Common Stock was:
595,304,566
04/28/2023
Outstanding Shares
595,304,566
175,117,101
11/02/2022
= less than $350.000 in the free float.
CURRENT ASSETS:
Investments 78,650
Deposit - Acquistion 1,765,707
Computer software 72,000
Loan receivable 192,360
Total Assets $ 2,112,323
no dilution so room for a big rebound
Jul 26, 2021 0.0550
https://blackbrickconstruction.com/
In June, we acquired Black Brick Construction, which specializes in ground up construction. The company has over $100K in positive cash flow and three new projects with potential for more growth.
https://smarttholdings.com/#
Smartt Inc. has purchased shares of Coinbase, netflix, fubotv, palantir and tqqq
CarSmartt entered in to an agreement with Archer Robotics, LLC., to establish a project and implementation plan to provide an autonomous vehicle platform for CarSmartt, focused on Parcels delivery with driverless cars.
Exciting things to look forward to:
– News on New Strategic Acquisitions
– News on NFTs and Cryptocurrency.
"We are excited to reveal with our Shareholders the new direction of the company, and we are ready to bring exponential shareholder value. Our commitment is to our shareholders, and we are confident that we won't let you down as we embark on this new exciting chapter."
SCILEX HOLDING (SCLX) : 4.58 - 23.79%
May 02, 2023 6.0200 6.0300 4.5600 4.5900 4.5900 702,492
May 01, 2023 7.2600 7.5000 6.0000 6.0100 6.0100 507,000
Apr 28, 2023 7.4000 7.7670 7.2000 7.2400 7.2400 468,900
Apr 27, 2023 7.4500 7.9500 7.1600 7.7400 7.7400 295,300
Apr 26, 2023 7.0100 7.8800 6.8500 7.5400 7.5400 645,800
Apr 25, 2023 6.8500 7.4090 6.7200 6.7900 6.7900 597,400
Apr 24, 2023 9.3200 9.3600 6.6650 7.2600 7.2600 1,357,800
Apr 21, 2023 12.2900 12.5400 10.2500 10.2700 10.2700 513,900
Apr 20, 2023 14.0000 14.0000 12.2200 12.2300 12.2300 845,500
Apr 19, 2023 14.1700 14.6400 13.7750 14.2200 14.2200 319,900
Scilex Holding Company (Nasdaq: SCLX, “Scilex”), a subsidiary of Sorrento Therapeutics, Inc. (OTC Market: SRNEQ) (“Sorrento”), announced that there are more than 44 million shares of its common stock that have not yet been reported by brokers, banks and other nominees (collectively, “brokerage firms”) to Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party that collects and tabulates stockholder votes for the upcoming annual meeting of Scilex’s stockholders, to be held on April 6, 2023 (the “Annual Meeting”). On March 9, 2023, Broadridge distributed the proxy materials for the Annual Meeting (the “Proxy Materials”) to all Scilex stockholders of record as of March 6, 2023, the record date for the Annual Meeting.
The widespread and substantial non-reporting and under-reporting of eligible stockholder votes poses a serious risk of legal challenge as Delaware law and Scilex’s bylaws provide that each stockholder is entitled to one vote for each share of Scilex capital stock held by such stockholder on all matters on which stockholders generally are entitled to vote. Under Federal law, specifically Rule 14b-1 of the Securities Exchange Act of 1934 (as amended), brokerage firms are required to forward the Annual Meeting proxy materials received from Scilex (any additional proxy soliciting materials that Scilex may distribute to such firms from time to time) to such brokerage firms’ customers who are the beneficial owners of Scilex capital stock no later than five business days after receipt of such materials. Rules of the Financial Industry Regulatory Authority (“FINRA”) also require brokerage firms to distribute proxy materials to such brokerage firms’ customers. These rules are designed to ensure that stockholders are informed of their right to vote at the Annual Meeting.
Given that more than 44 million shares of Scilex common stock have not yet been reported by brokerage firms to Broadridge, Scilex believes that certain brokerage firms have not complied with, and thus violated, their legal obligation to deliver the Proxy Materials to their customers and inform such customers of their right to vote at the Annual Meeting. As a result, such brokerage firms may be subject to sanctions and investigation by US government regulatory agencies as well as legal action by Scilex stockholders. To protect the voting rights of Scilex stockholders , Scilex is reporting to, and coordinating with, regulatory agencies, including FINRA, to investigate the widespread and substantial non-reporting and under-reporting of eligible stockholders’ votes and may bring appropriate legal action in due course.
Scilex, together with Sorrento, previously provided a series of “Frequently Asked Questions” documents under the “Investors” section of Sorrento’s website at www.sorrentotherapeutics.com regarding Sorrento’s distribution of the Dividend Stock to its stockholders and is today providing a further update to the FAQs to clarify the voting rights of Scilex stockholders at the Annual Meeting on April 6, 2023 and to request that all Scilex stockholders contact their respective brokerage firms to demand delivery of the Proxy Materials for the Annual Meeting (and any additional proxy soliciting materials Scilex distributes to such firms from time to time) and instructions on how to vote their shares of Scilex common stock at the Annual Meeting. The update to the FAQs is included in this press release and can also be found at Scilex’s website www.scilexholding.com and Sorrento’s website www.sorrentotherapeutics.com.
SCILEX HOLDING (SCLX) : 4.58 - 23.79%
May 02, 2023 6.0200 6.0300 4.5600 4.5900 4.5900 702,492
May 01, 2023 7.2600 7.5000 6.0000 6.0100 6.0100 507,000
Apr 28, 2023 7.4000 7.7670 7.2000 7.2400 7.2400 468,900
Apr 27, 2023 7.4500 7.9500 7.1600 7.7400 7.7400 295,300
Apr 26, 2023 7.0100 7.8800 6.8500 7.5400 7.5400 645,800
Apr 25, 2023 6.8500 7.4090 6.7200 6.7900 6.7900 597,400
Apr 24, 2023 9.3200 9.3600 6.6650 7.2600 7.2600 1,357,800
Apr 21, 2023 12.2900 12.5400 10.2500 10.2700 10.2700 513,900
Apr 20, 2023 14.0000 14.0000 12.2200 12.2300 12.2300 845,500
Apr 19, 2023 14.1700 14.6400 13.7750 14.2200 14.2200 319,900
Scilex Holding Company (Nasdaq: SCLX, “Scilex”), a subsidiary of Sorrento Therapeutics, Inc. (OTC Market: SRNEQ) (“Sorrento”), announced that there are more than 44 million shares of its common stock that have not yet been reported by brokers, banks and other nominees (collectively, “brokerage firms”) to Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party that collects and tabulates stockholder votes for the upcoming annual meeting of Scilex’s stockholders, to be held on April 6, 2023 (the “Annual Meeting”). On March 9, 2023, Broadridge distributed the proxy materials for the Annual Meeting (the “Proxy Materials”) to all Scilex stockholders of record as of March 6, 2023, the record date for the Annual Meeting.
The widespread and substantial non-reporting and under-reporting of eligible stockholder votes poses a serious risk of legal challenge as Delaware law and Scilex’s bylaws provide that each stockholder is entitled to one vote for each share of Scilex capital stock held by such stockholder on all matters on which stockholders generally are entitled to vote. Under Federal law, specifically Rule 14b-1 of the Securities Exchange Act of 1934 (as amended), brokerage firms are required to forward the Annual Meeting proxy materials received from Scilex (any additional proxy soliciting materials that Scilex may distribute to such firms from time to time) to such brokerage firms’ customers who are the beneficial owners of Scilex capital stock no later than five business days after receipt of such materials. Rules of the Financial Industry Regulatory Authority (“FINRA”) also require brokerage firms to distribute proxy materials to such brokerage firms’ customers. These rules are designed to ensure that stockholders are informed of their right to vote at the Annual Meeting.
Given that more than 44 million shares of Scilex common stock have not yet been reported by brokerage firms to Broadridge, Scilex believes that certain brokerage firms have not complied with, and thus violated, their legal obligation to deliver the Proxy Materials to their customers and inform such customers of their right to vote at the Annual Meeting. As a result, such brokerage firms may be subject to sanctions and investigation by US government regulatory agencies as well as legal action by Scilex stockholders. To protect the voting rights of Scilex stockholders , Scilex is reporting to, and coordinating with, regulatory agencies, including FINRA, to investigate the widespread and substantial non-reporting and under-reporting of eligible stockholders’ votes and may bring appropriate legal action in due course.
Scilex, together with Sorrento, previously provided a series of “Frequently Asked Questions” documents under the “Investors” section of Sorrento’s website at www.sorrentotherapeutics.com regarding Sorrento’s distribution of the Dividend Stock to its stockholders and is today providing a further update to the FAQs to clarify the voting rights of Scilex stockholders at the Annual Meeting on April 6, 2023 and to request that all Scilex stockholders contact their respective brokerage firms to demand delivery of the Proxy Materials for the Annual Meeting (and any additional proxy soliciting materials Scilex distributes to such firms from time to time) and instructions on how to vote their shares of Scilex common stock at the Annual Meeting. The update to the FAQs is included in this press release and can also be found at Scilex’s website www.scilexholding.com and Sorrento’s website www.sorrentotherapeutics.com.
TAOP : 0,688-3,10%
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), today announced that it won an RMB 11.1 million (approximately US$1.6 million) contract from Beijing Huida Dianjian Technology Co., Ltd. ("Huida"). Under the agreement, Taoping will supply its innovative Smart Rest Stations, autonomous street sweepers, and other related products and services. Initial deliveries are expected to commence over the next few weeks, with the full order being completed over the coming quarters.
(PRNewsfoto/Taoping Inc.)
(PRNewsfoto/Taoping Inc.)
This latest contract win opens a new regional market for Taoping and further demonstrates the revenue potential for the Company's innovative Smart Rest Station products and services. The contract is structured along the same lines as earlier agreements for Taoping's next-generation Smart Rest Station, integrated with its fully autonomous street sweepers, as well as supporting servers, logistics, installation, and commissioning services. Huida is a Beijing-based high-tech company engaged in computer system and industrial automation development and applications.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "We are excited to announce this new contract with Huida, which underscores the momentum we are building with customers as the value of our integrated Smart Rest Station solutions becomes more widely recognized. There is clearly a great need for more effective, cleaner, cost effective and modern solution. By leveraging our extensive technology expertise and national network relationships, we are able to offer customers a superior solution. For example, Taoping's fully autonomous street sweeper was designed with advanced route learning capabilities, advanced anti-collision technology, and strong battery life. When integrated with our modular Smart Rest Station, we are able to significantly enhance the efficiency of urban infrastructure and environmental protection efforts in China's most important cities."
Mr. Lin continued, " Taoping has reached another significant achievement with this new contract, which will help the company to increase its market share. As we continue to execute our growth strategy, we expect to obtain more contracts and further broaden Taoping's revenue base in in the rapidly growing smart city sector. By offering a comprehensive range of innovative and scalable products and services, Taoping is well-positioned to fulfill a growing share of the increasing opportunities for smart city technologies and infrastructure improvements in China."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. To learn more, please visit www.taop.com.
May 01, 2023 0.7200 0.7800 0.6400 0.7100 0.7100 711,700
Apr 01, 2023 0.6800 0.8500 0.6000 0.7300 0.7300 438,100
Mar 01, 2023 0.6700 0.7800 0.5600 0.6300 0.6300 651,500
Feb 01, 2023 0.7400 0.8800 0.6800 0.6800 0.6800 695,200
Jan 01, 2023 0.6400 0.7800 0.6400 0.7400 0.7400 653,700
Dec 01, 2022 0.6700 0.8900 0.6400 0.6500 0.6500 985,600
Nov 01, 2022 0.6100 0.7100 0.6000 0.6800 0.6800 1,715,000
Oct 01, 2022 0.6300 0.8300 0.5700 0.6200 0.6200 988,800
Sep 01, 2022 0.7100 0.8600 0.5500 0.6200 0.6200 1,566,500
Aug 01, 2022 0.8800 1.7500 0.6800 0.7500 0.7500 17,162,800
Jul 01, 2022 1.0800 1.1500 0.8000 0.8600 0.8600 827,200
Jun 01, 2022 1.3600 1.5900 0.9900 1.0700 1.0700 940,500
May 01, 2022 1.2500 1.6400 1.1600 1.3500 1.3500 805,900
Apr 01, 2022 1.4100 1.5200 1.2500 1.3600 1.3600 573,700
Mar 01, 2022 1.8100 1.9400 1.1400 1.4300 1.4300 2,733,900
Feb 01, 2022 1.5900 2.1300 1.5200 1.8300 1.8300 623,100
Jan 01, 2022 1.8300 1.9700 1.3700 1.5600 1.5600 1,610,300
Dec 01, 2021 3.0400 3.1000 1.8200 1.8900 1.8900 2,302,200
Nov 01, 2021 3.0300 3.5800 2.8600 3.0000 3.0000 2,677,300
Oct 01, 2021 2.6600 3.2600 2.4100 3.0200 3.0200 2,629,800
Sep 01, 2021 3.2100 3.4000 2.4900 2.6600 2.6600 5,487,400
Aug 01, 2021 3.4200 4.1200 2.9600 3.2200 3.2200 14,978,000
Jul 01, 2021 4.8500 4.8500 3.0700 3.4600 3.4600 37,034,900
Jun 01, 2021 5.4000 5.5600 4.3500 4.8600 4.8600 4,390,900
May 01, 2021 6.6300 6.9300 4.6000 5.3600 5.3600 6,984,000
Apr 01, 2021 9.6200 9.7900 5.3200 6.8600 6.8600 29,082,900
Mar 01, 2021 9.3400 16.8600 8.5000 9.4100 9.4100 33,996,600
TAOP : 0,688-3,10%
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), today announced that it won an RMB 11.1 million (approximately US$1.6 million) contract from Beijing Huida Dianjian Technology Co., Ltd. ("Huida"). Under the agreement, Taoping will supply its innovative Smart Rest Stations, autonomous street sweepers, and other related products and services. Initial deliveries are expected to commence over the next few weeks, with the full order being completed over the coming quarters.
(PRNewsfoto/Taoping Inc.)
(PRNewsfoto/Taoping Inc.)
This latest contract win opens a new regional market for Taoping and further demonstrates the revenue potential for the Company's innovative Smart Rest Station products and services. The contract is structured along the same lines as earlier agreements for Taoping's next-generation Smart Rest Station, integrated with its fully autonomous street sweepers, as well as supporting servers, logistics, installation, and commissioning services. Huida is a Beijing-based high-tech company engaged in computer system and industrial automation development and applications.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "We are excited to announce this new contract with Huida, which underscores the momentum we are building with customers as the value of our integrated Smart Rest Station solutions becomes more widely recognized. There is clearly a great need for more effective, cleaner, cost effective and modern solution. By leveraging our extensive technology expertise and national network relationships, we are able to offer customers a superior solution. For example, Taoping's fully autonomous street sweeper was designed with advanced route learning capabilities, advanced anti-collision technology, and strong battery life. When integrated with our modular Smart Rest Station, we are able to significantly enhance the efficiency of urban infrastructure and environmental protection efforts in China's most important cities."
Mr. Lin continued, " Taoping has reached another significant achievement with this new contract, which will help the company to increase its market share. As we continue to execute our growth strategy, we expect to obtain more contracts and further broaden Taoping's revenue base in in the rapidly growing smart city sector. By offering a comprehensive range of innovative and scalable products and services, Taoping is well-positioned to fulfill a growing share of the increasing opportunities for smart city technologies and infrastructure improvements in China."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. To learn more, please visit www.taop.com.
May 01, 2023 0.7200 0.7800 0.6400 0.7100 0.7100 711,700
Apr 01, 2023 0.6800 0.8500 0.6000 0.7300 0.7300 438,100
Mar 01, 2023 0.6700 0.7800 0.5600 0.6300 0.6300 651,500
Feb 01, 2023 0.7400 0.8800 0.6800 0.6800 0.6800 695,200
Jan 01, 2023 0.6400 0.7800 0.6400 0.7400 0.7400 653,700
Dec 01, 2022 0.6700 0.8900 0.6400 0.6500 0.6500 985,600
Nov 01, 2022 0.6100 0.7100 0.6000 0.6800 0.6800 1,715,000
Oct 01, 2022 0.6300 0.8300 0.5700 0.6200 0.6200 988,800
Sep 01, 2022 0.7100 0.8600 0.5500 0.6200 0.6200 1,566,500
Aug 01, 2022 0.8800 1.7500 0.6800 0.7500 0.7500 17,162,800
Jul 01, 2022 1.0800 1.1500 0.8000 0.8600 0.8600 827,200
Jun 01, 2022 1.3600 1.5900 0.9900 1.0700 1.0700 940,500
May 01, 2022 1.2500 1.6400 1.1600 1.3500 1.3500 805,900
Apr 01, 2022 1.4100 1.5200 1.2500 1.3600 1.3600 573,700
Mar 01, 2022 1.8100 1.9400 1.1400 1.4300 1.4300 2,733,900
Feb 01, 2022 1.5900 2.1300 1.5200 1.8300 1.8300 623,100
Jan 01, 2022 1.8300 1.9700 1.3700 1.5600 1.5600 1,610,300
Dec 01, 2021 3.0400 3.1000 1.8200 1.8900 1.8900 2,302,200
Nov 01, 2021 3.0300 3.5800 2.8600 3.0000 3.0000 2,677,300
Oct 01, 2021 2.6600 3.2600 2.4100 3.0200 3.0200 2,629,800
Sep 01, 2021 3.2100 3.4000 2.4900 2.6600 2.6600 5,487,400
Aug 01, 2021 3.4200 4.1200 2.9600 3.2200 3.2200 14,978,000
Jul 01, 2021 4.8500 4.8500 3.0700 3.4600 3.4600 37,034,900
Jun 01, 2021 5.4000 5.5600 4.3500 4.8600 4.8600 4,390,900
May 01, 2021 6.6300 6.9300 4.6000 5.3600 5.3600 6,984,000
Apr 01, 2021 9.6200 9.7900 5.3200 6.8600 6.8600 29,082,900
Mar 01, 2021 9.3400 16.8600 8.5000 9.4100 9.4100 33,996,600
SLDC Signs Letter of Intent, Starts Process of Acquisition of Fixed Wireless Access Provider
Solidus Communications, Inc.
Tue, May 2, 2023 at 3:21 PM GMT+2·3 min read
SLDC : 0.0043
52 Week Range 0.0021 - 0.0450
145.187.881 shares
= marketcap: $624.000
Total assets 1,094,437
Solidus announces start of due diligence of the acquisition of a major rural Florida fixed wireless access provider
ORMOND BEACH, FL, May 02, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Solidus Communications, Inc. (“Solidus” or the “Company”) (OTCPK: SLDC) signs Letter of Intent, starts process of Acquisition of Fixed Wireless Access Provider.
Dear Shareholders,
Solidus Communications’ trading/ticker symbol has transitioned to “SLDC”. Please ensure that your feeds and saved searches are updated to continue receiving our updates.
Solidus is pleased to announce that a Letter of Intent has been drafted, signed by Solidus and countersigned by the owners of a regional wireless internet service provider in Central Florida.
The acquisition, once completed, will add an additional 1 million dollars of revenue per year, approximately 1 million dollars in assets, and includes over 1 thousand customers who provide a residual monthly revenue of approximately 93,000 dollars per month.
Among the assets included in the sale are several corporate owned tower locations which will expand our reach in the area, connecting several disparate networks – expanding existing coverage areas.
Solidus is currently performing due diligence on the assets, financials, and customer accounts of the fixed wireless provider.
“The Fixed Wireless Access (FWA) segment is primed for an explosion. The available technology has improved, affording fiber-like speeds in the unlikeliest places. Technologies, such as Tarana’s CBRS 3Ghz units provide Solidus Communications with inroads into rural Florida and beyond. The application of the equipment to Rural America’s connectivity problems bridges the digital divide that currently marginalizes Rural America,” stated CEO William Sanchez.
Other acquisitions are being contemplated and will be made public as they coalesce.
“On our path to up list, quality acquisition targets, like this Fixed Wireless Access provider, will improve shareholder value, ensuring market acceptance of our business model. We are in good company, as evidenced by the number of large carriers making fixed wireless access an important component of their business model,” stated CEO William Sanchez.
Let the stronger hands prevail.
Thank You,
William J Sanchez
President & CEO
Solidus Communications, Inc.
william@soliduscommunications.com
(305) 747 – 7647
NON-SOLICITATION:
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. Any securities offered or issued in connection with the above-referenced merger and/or investment have not been registered, and will be offered pursuant to an exemption from registration.
FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," "anticipate," "estimate," "expect," "intend," and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the company's filings with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the company's business, financial condition, and results of operations.
Contact us at:
William J Sanchez
Chairman/CEO
william@soliduscommunications.com
(305) 747 7647 x 101
Follow "SLDC" on Twitter: @soldiusSLDC
Stock Symbol: SLCD
Company Website: www.soliduscommunications.com
SLDC Signs Letter of Intent, Starts Process of Acquisition of Fixed Wireless Access Provider
Solidus Communications, Inc.
Tue, May 2, 2023 at 3:21 PM GMT+2·3 min read
SLDC : 0.0043
52 Week Range 0.0021 - 0.0450
145.187.881 shares
= marketcap: $624.000
Total assets 1,094,437
Solidus announces start of due diligence of the acquisition of a major rural Florida fixed wireless access provider
ORMOND BEACH, FL, May 02, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Solidus Communications, Inc. (“Solidus” or the “Company”) (OTCPK: SLDC) signs Letter of Intent, starts process of Acquisition of Fixed Wireless Access Provider.
Dear Shareholders,
Solidus Communications’ trading/ticker symbol has transitioned to “SLDC”. Please ensure that your feeds and saved searches are updated to continue receiving our updates.
Solidus is pleased to announce that a Letter of Intent has been drafted, signed by Solidus and countersigned by the owners of a regional wireless internet service provider in Central Florida.
The acquisition, once completed, will add an additional 1 million dollars of revenue per year, approximately 1 million dollars in assets, and includes over 1 thousand customers who provide a residual monthly revenue of approximately 93,000 dollars per month.
Among the assets included in the sale are several corporate owned tower locations which will expand our reach in the area, connecting several disparate networks – expanding existing coverage areas.
Solidus is currently performing due diligence on the assets, financials, and customer accounts of the fixed wireless provider.
“The Fixed Wireless Access (FWA) segment is primed for an explosion. The available technology has improved, affording fiber-like speeds in the unlikeliest places. Technologies, such as Tarana’s CBRS 3Ghz units provide Solidus Communications with inroads into rural Florida and beyond. The application of the equipment to Rural America’s connectivity problems bridges the digital divide that currently marginalizes Rural America,” stated CEO William Sanchez.
Other acquisitions are being contemplated and will be made public as they coalesce.
“On our path to up list, quality acquisition targets, like this Fixed Wireless Access provider, will improve shareholder value, ensuring market acceptance of our business model. We are in good company, as evidenced by the number of large carriers making fixed wireless access an important component of their business model,” stated CEO William Sanchez.
Let the stronger hands prevail.
Thank You,
William J Sanchez
President & CEO
Solidus Communications, Inc.
william@soliduscommunications.com
(305) 747 – 7647
NON-SOLICITATION:
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. Any securities offered or issued in connection with the above-referenced merger and/or investment have not been registered, and will be offered pursuant to an exemption from registration.
FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," "anticipate," "estimate," "expect," "intend," and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the company's filings with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the company's business, financial condition, and results of operations.
Contact us at:
William J Sanchez
Chairman/CEO
william@soliduscommunications.com
(305) 747 7647 x 101
Follow "SLDC" on Twitter: @soldiusSLDC
Stock Symbol: SLCD
Company Website: www.soliduscommunications.com
Opgen (OPGN) after hours: 1.34 + 0.51 (61.45%)
OpGen’s Subsidiary Curetis Meets All Remaining Key Milestones in R&D Collaboration with FIND
ROCKVILLE, Md., April 26, 2023 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease, reported today that its German subsidiary Curetis GmbH has met the remaining key milestones under the initial research and development (“R&D”) collaboration agreement with FIND. Following the delivery of a comprehensive milestone report at the end of first quarter of 2023, FIND confirmed that all requirements have been met successfully. Under the recently announced expansion of the collaboration, the originally planned Next Generation Sequencing (“NGS”) strain analysis will be complemented with isolates from other sub-Saharan African countries. Completion of the deliverables triggered a milestone payment of approximately $0.3 million.
The R&D collaboration to date has successfully addressed the development and initial wet-lab testing of a sample-in to result-out Unyvero A30 panel with 33 targets, including fully integrated sample preparation. Multiple Unyvero A30 instrument adaptations were made to optimize for use in the challenging environments of low- and middle- income countries (LMICs). Instrument prototypes have been designed, built and tested for operation in high-dust, extended temperature range and power-out scenarios.
Andreas Boos, Chief Technology Officer at Curetis GmbH commented: “We are excited to have successfully delivered the final milestones from the first phase of our collaboration agreement and look forward to working on the next set of deliverables under the expanded scope of our R&D partnership with FIND.”
Johannes Bacher, Chief Operating Officer of OpGen added: “We believe the successful first phase of our development collaboration puts us in an ideal position towards development of a robust solution optimized for use in LMICs, a goal we would like to pursue during a potential next phase of this collaboration under a new agreement with FIND.”
Dr. Cecilia Ferreyra, Director, FIND AMR Programme remarked that, “We have evaluated the final milestone data from Curetis on the Unyvero A30 and have confirmed that the adapted prototype test meets the quality and accuracy requirements for use in low- and middle-income countries. We look forward to potential continued collaboration to expand testing for blood stream infections in LMIC hospitals so that people can be linked to the care they need as soon as possible.”
About OpGen, Inc.
OpGen, Inc. (Rockville, Md., U.S.A.) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. Along with our subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are developing and commercializing molecular microbiology solutions helping to guide clinicians with more rapid and actionable information about life threatening infections to improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs. OpGen’s current product portfolio includes Unyvero, Acuitas AMR Gene Panel, and the ARES Technology Platform including ARESdb, NGS technology and AI-powered bioinformatics solutions for antibiotic response prediction including ARESiss, ARESid, ARESasp, and AREScloud, as well as the Curetis CE-IVD-marked PCR-based SARS-CoV-2 test kit.
For more information, please visit www.opgen.com.
Opgen (OPGN) after hours: 1.34 + 0.51 (61.45%)
OpGen’s Subsidiary Curetis Meets All Remaining Key Milestones in R&D Collaboration with FIND
ROCKVILLE, Md., April 26, 2023 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease, reported today that its German subsidiary Curetis GmbH has met the remaining key milestones under the initial research and development (“R&D”) collaboration agreement with FIND. Following the delivery of a comprehensive milestone report at the end of first quarter of 2023, FIND confirmed that all requirements have been met successfully. Under the recently announced expansion of the collaboration, the originally planned Next Generation Sequencing (“NGS”) strain analysis will be complemented with isolates from other sub-Saharan African countries. Completion of the deliverables triggered a milestone payment of approximately $0.3 million.
The R&D collaboration to date has successfully addressed the development and initial wet-lab testing of a sample-in to result-out Unyvero A30 panel with 33 targets, including fully integrated sample preparation. Multiple Unyvero A30 instrument adaptations were made to optimize for use in the challenging environments of low- and middle- income countries (LMICs). Instrument prototypes have been designed, built and tested for operation in high-dust, extended temperature range and power-out scenarios.
Andreas Boos, Chief Technology Officer at Curetis GmbH commented: “We are excited to have successfully delivered the final milestones from the first phase of our collaboration agreement and look forward to working on the next set of deliverables under the expanded scope of our R&D partnership with FIND.”
Johannes Bacher, Chief Operating Officer of OpGen added: “We believe the successful first phase of our development collaboration puts us in an ideal position towards development of a robust solution optimized for use in LMICs, a goal we would like to pursue during a potential next phase of this collaboration under a new agreement with FIND.”
Dr. Cecilia Ferreyra, Director, FIND AMR Programme remarked that, “We have evaluated the final milestone data from Curetis on the Unyvero A30 and have confirmed that the adapted prototype test meets the quality and accuracy requirements for use in low- and middle-income countries. We look forward to potential continued collaboration to expand testing for blood stream infections in LMIC hospitals so that people can be linked to the care they need as soon as possible.”
About OpGen, Inc.
OpGen, Inc. (Rockville, Md., U.S.A.) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. Along with our subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are developing and commercializing molecular microbiology solutions helping to guide clinicians with more rapid and actionable information about life threatening infections to improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs. OpGen’s current product portfolio includes Unyvero, Acuitas AMR Gene Panel, and the ARES Technology Platform including ARESdb, NGS technology and AI-powered bioinformatics solutions for antibiotic response prediction including ARESiss, ARESid, ARESasp, and AREScloud, as well as the Curetis CE-IVD-marked PCR-based SARS-CoV-2 test kit.
For more information, please visit www.opgen.com.
ReShape Lifesciences® Reports Year Ended December 31, 2022 Financial Results and Provides Corporate Update
ReShape Lifesciences Inc
Tue, April 25, 2023 at 10:05 PM GMT+2·16 min read
In this article:
Continued Sequential Quarterly Growth in the U.S. With Q4 Revenues of $2.7 Million
Improved Operational Effectiveness With Second Half 2022 Operating Expenses Down 27.9% Compared to the First Half of 2022, A $5.1 Million Reduction
Executing A Plan For Profitability With A Balance Sheet Bolstered By Approximately $16.0 Million Raised Over the Last 12 Months
Conference Call to be Held at 4:30 pm ET Today
SAN CLEMENTE, Calif., April 25, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences Inc. (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health-solutions company, today reported financial results for the year ended December 31, 2022 and provided a corporate strategic update.
Fourth Quarter 2022 and Subsequent Highlights
In April, completed a $2.5 million registered direct offering with a single institutional investor, extending the company's cash runway into 2024, creating a sustainable path to profitability.
In April, received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent application 16/792,094, entitled, “Systems and Methods for Determining Failure of Intragastric Devices,” related to the company’s Obalon® Balloon System, expected to provide protection into at least January 2031, without accounting for a potential Patent Term Extension (PTE).
In March, formed a Scientific Advisory Board (SAB) comprised of internationally recognized experts and surgeons in the obesity and metabolic disease fields. The newly created SAB will provide management with strategic input and external scientific review of the company’s development activities and product pipeline.
In February, raised $10.2 million in an upsized underwritten public offering.
In December, obtained shareholder approval for, and effected, a 1-for-50 reverse stock split in order to regain compliance with the Nasdaq minimum bid price requirement.
In November, completed a $750,000 registered direct offering with a single institutional shareholder.
In October, presented data at the Obesity Society Annual Meeting, during ObesityWeek®, on ReShape’s DBSN™ device as a potential treatment for Type 2 diabetes, in an abstract entitled, Metabolic Effects of Dual Neuromodulation of Vagus Nerve in a Type 2 Diabetic Model.
In October, announced that the American Society for Metabolic and Bariatric Surgery (ASMBS) and the International Federation for the Surgery of Obesity and Metabolic Disorders (IFSO) issued updated guidelines for Metabolic and Bariatric Surgery, including the Lap-Band®, replacing the 30 year old guidelines issued by the National Institutes of Health (NIH) in 1991.
In October, announced publication of data on the company’s proprietary DBSN™ system for the treatment of Type 2 diabetes and metabolic disorders in the Neural Technology Section of the peer reviewed journal, Frontiers in NeuroScience.
In October, announced that the ASMBS issued a Consensus Statement on Lap-Band® use and aftercare management, entitled, American Society of Metabolic and Bariatric Surgery Consensus Statement on Laparoscopic Adjustable Gastric Band Management.
“Since the latter half of 2022, we have continued to execute on our growth pillars with a metrics driven approach to business operations, while expanding our evidenced-based product portfolio spanning the entire care continuum to treat obesity and metabolic disease. Our upsized $10.2 million underwritten public offering, completed in February, along with the recent $2.5 million registered direct offering in April, gives us sufficient cash to achieve profitability within the next 18 months and provides an additional layer of capital to help drive growth,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “We intend to work closely with our recently formed global SAB, whose members will be providing their expertise and feedback on our growth initiatives and will be integral in helping us develop safe and effective products and programs for durable weight loss, improvements in obesity related comorbidities and quality of life. Additionally, the compelling evidence-based standards for metabolic and bariatric surgery issued by the industry’s two key organizations, ASMBS and IFSO, if supported by payers, can dramatically increase the number of patients eligible for bariatric surgery. Our strong belief is that our Lap-Band® System will prevail as the least invasive surgical treatment option available to help address the global obesity epidemic. Going forward, we remain committed to continuing our collaborations with healthcare professionals to expand awareness and use of personalized treatments, including both our proprietary Lap-Band® and ReShapeCare™ programs, to ensure that patients can achieve durable long-term weight loss goals.
“Operationally, we made a number of changes to ensure more predictable and scalable future financial performance including right-sizing the organization to reduce operating expenditures and allow more investment in our growth drivers, including sales and marketing. Shortly after I joined ReShape in August, we implemented a highly targeted, direct-to-consumer marketing campaign to help yield higher quality and lower cost patient leads for the anatomy sparing Lap-Band® in specific markets that align with surgeon advocates. We are continuing to upgrade our lead generating and nurturing programs and will be moving critical competencies in-house to ensure results are achieved quickly and cost-effectively.”
Management noted that its focus on introducing new products and services, the second of its growth pillars, includes:
The recent launch of the re-designed ReShape Calibration Tubes, which support the majority of all bariatric procedures. Initial surgeon feedback is positive, and the company expects to achieve revenue from new customer adoption of the Calibration Tubes during 2023.
The expected submission, in the second quarter, of a PMA Supplement to the U.S. Food and Drug Administration (FDA) for approval of the Lap-Band® 2.0 System, designed to reduce the required postoperative physician office-based Lap-Band adjustments. Feedback from the FDA is expected by year end 2023.
Continuing to work with large, self-insured employers to provide the HIPAA-compliant, novel, weight management program, ReShapeCare™, to their employees in order to positively impact overall employee health and thus reduce employers’ health care costs.
Continued the development of the proprietary DBSN™ technology though non-dilutive NIH SBIR grant support. The DBSN™ incorporates a vagus nerve block technology platform with vagus nerve stimulation, which may be able to reduce diabetes patients’ dependence on medications in a very individualized manner. The device has the potential to address the significant type 2 diabetes market.
Mr. Hickey concluded, “As evidenced by the recent Notice of Allowance from the USPTO for an additional patent covering the ReShape Obalon® Balloon system, we have a strong defensive ‘moat’ of intellectual property surrounding all of our products, including the Lap-Band®, Lap-Band® 2.0, DBSN™ technology, and the ReShape Obalon® Balloon system. Looking ahead, we are at the precipice of some exciting milestones and compelling new product launches, and remain laser focused on executing on our growth pillars, which have put us on a path to profitability.”
Year Ended December 31, 2022, Financial and Operating Results
The information shown below will focus primarily on our full year 2022 financial results. Additionally, we will also highlight the great strides we made during the second half of 2022, as we focused our business strategy and significantly reduced costs, which will serve as both our launch pad for growth and path to profitability.
During the second half of 2022, we pivoted our marketing strategy which has significantly reduced our sales and marketing expenses quarter over quarter. We also reduced our G&A and R&D expenses in order to operate more efficiently and reduce our cash burn. To give you more perspective, and before any significant one-time adjustments, our overall operating expenses in the first half of 2022 were $18.1 million compared to $13.0 million for the second half of 2022 a reduction of $5.1 million, or 27.9%. This is a significant reduction in our cash burn, which will pave the way for ReShape to become profitable, sooner.
Revenue totaled $11.2 million for the year ended December 31, 2022, which represents a contraction of 17.4%, or $2.4 million compared to 2021. The decline was primarily attributable to the re-emergence of COVID. Nevertheless, we saw sequential growth in each quarter during 2022 in our U.S. business. Our U.S revenue for the first half of 2022 was $4.2 million vs $5.1 million for the second half of 2022, an increase of $0.9 million, or 22.3%.
Gross Profit for the year ended December 31, 2022, was $6.8 million, compared to $8.3 million for the year ended December 31, 2021, a decrease of $1.5 million or 18.1%. Gross profit as a percentage of revenue for the year ended December 31, 2022, was 60.5% compared to 61.4% for 2021. The decrease in gross profit margin is primarily due to a decrease in sales, as revenue decreased by 17.4%, with the largest decrease of revenue in the U.S., which has a higher margin than international sales. During the first half of 2022, our gross margins were 58.2% compared to 62.6% for the second half of 2022 as our U.S revenues began to increase.
Sales and Marketing Expenses for the year ended December 31, 2022, rose by $5.2 million, or 58.5%, to $14.1 million, compared to $8.9 million for 2021. The increase was primarily due to an increase in advertising and marketing costs, as well as payroll related and travel expenses, and expenses related to the development of the ReShapeCare™ platform, all totaling an increase of $6.1 million. This increase was offset by a decline in stock-based compensation expense, commissions and other related costs of $0.9 million. During the first half of 2022, our sales and marketing expenses were $9.4 million compared to $4.8 million in the second half of 2022, a decline of $4.6 million, or 48.9%.
General and Administrative Expenses for the year ended December 31, 2022, decreased by $7.1 million, or 28.5%, to $17.4 million, compared to $24.3 million for 2021. The decrease is primarily due to a decline in stock-based compensation expense, and a reduction in consulting and professional fees totaling $10.4 million. This decrease was primarily offset by accrued litigation expenses and severance costs totaling $3.3 million. During the first half of 2022 our general and administrative expenses were $9.6 million compared to $7.7 million in the second half of 2022, a decrease of $1.9 million, or 19.4%.
Research and Development Expenses for the year ended December 31, 2022, increased by $0.2 million, or 7.3% to $2.5 million, compared to $2.3 million for 2021. The increase is primarily due to an increase in consulting and professional services related to the development of ReShape’s Diabetes Bloc-Stim Neuromodulation™ device and payroll related expenditures. Our R&D expenses for the first half of 2022 were $1.5 million compared to $1.0 million for the second half of 2022, a decrease of $0.5 million, or 30.0%.
Cash and Cash Equivalents as of December 31, 2022 were $3.9 million and the company remains debt free on its balance sheet. Additionally, in February and April 2023, we completed two financings totaling $12.6 million. Based on available cash resources, the company believes there is sufficient cash on hand to fund current operations into 2024.
A full discussion of our financials is available in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission.
ReShape Lifesciences® Reports Year Ended December 31, 2022 Financial Results and Provides Corporate Update
ReShape Lifesciences Inc
Tue, April 25, 2023 at 10:05 PM GMT+2·16 min read
In this article:
Continued Sequential Quarterly Growth in the U.S. With Q4 Revenues of $2.7 Million
Improved Operational Effectiveness With Second Half 2022 Operating Expenses Down 27.9% Compared to the First Half of 2022, A $5.1 Million Reduction
Executing A Plan For Profitability With A Balance Sheet Bolstered By Approximately $16.0 Million Raised Over the Last 12 Months
Conference Call to be Held at 4:30 pm ET Today
SAN CLEMENTE, Calif., April 25, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences Inc. (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health-solutions company, today reported financial results for the year ended December 31, 2022 and provided a corporate strategic update.
Fourth Quarter 2022 and Subsequent Highlights
In April, completed a $2.5 million registered direct offering with a single institutional investor, extending the company's cash runway into 2024, creating a sustainable path to profitability.
In April, received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent application 16/792,094, entitled, “Systems and Methods for Determining Failure of Intragastric Devices,” related to the company’s Obalon® Balloon System, expected to provide protection into at least January 2031, without accounting for a potential Patent Term Extension (PTE).
In March, formed a Scientific Advisory Board (SAB) comprised of internationally recognized experts and surgeons in the obesity and metabolic disease fields. The newly created SAB will provide management with strategic input and external scientific review of the company’s development activities and product pipeline.
In February, raised $10.2 million in an upsized underwritten public offering.
In December, obtained shareholder approval for, and effected, a 1-for-50 reverse stock split in order to regain compliance with the Nasdaq minimum bid price requirement.
In November, completed a $750,000 registered direct offering with a single institutional shareholder.
In October, presented data at the Obesity Society Annual Meeting, during ObesityWeek®, on ReShape’s DBSN™ device as a potential treatment for Type 2 diabetes, in an abstract entitled, Metabolic Effects of Dual Neuromodulation of Vagus Nerve in a Type 2 Diabetic Model.
In October, announced that the American Society for Metabolic and Bariatric Surgery (ASMBS) and the International Federation for the Surgery of Obesity and Metabolic Disorders (IFSO) issued updated guidelines for Metabolic and Bariatric Surgery, including the Lap-Band®, replacing the 30 year old guidelines issued by the National Institutes of Health (NIH) in 1991.
In October, announced publication of data on the company’s proprietary DBSN™ system for the treatment of Type 2 diabetes and metabolic disorders in the Neural Technology Section of the peer reviewed journal, Frontiers in NeuroScience.
In October, announced that the ASMBS issued a Consensus Statement on Lap-Band® use and aftercare management, entitled, American Society of Metabolic and Bariatric Surgery Consensus Statement on Laparoscopic Adjustable Gastric Band Management.
“Since the latter half of 2022, we have continued to execute on our growth pillars with a metrics driven approach to business operations, while expanding our evidenced-based product portfolio spanning the entire care continuum to treat obesity and metabolic disease. Our upsized $10.2 million underwritten public offering, completed in February, along with the recent $2.5 million registered direct offering in April, gives us sufficient cash to achieve profitability within the next 18 months and provides an additional layer of capital to help drive growth,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “We intend to work closely with our recently formed global SAB, whose members will be providing their expertise and feedback on our growth initiatives and will be integral in helping us develop safe and effective products and programs for durable weight loss, improvements in obesity related comorbidities and quality of life. Additionally, the compelling evidence-based standards for metabolic and bariatric surgery issued by the industry’s two key organizations, ASMBS and IFSO, if supported by payers, can dramatically increase the number of patients eligible for bariatric surgery. Our strong belief is that our Lap-Band® System will prevail as the least invasive surgical treatment option available to help address the global obesity epidemic. Going forward, we remain committed to continuing our collaborations with healthcare professionals to expand awareness and use of personalized treatments, including both our proprietary Lap-Band® and ReShapeCare™ programs, to ensure that patients can achieve durable long-term weight loss goals.
“Operationally, we made a number of changes to ensure more predictable and scalable future financial performance including right-sizing the organization to reduce operating expenditures and allow more investment in our growth drivers, including sales and marketing. Shortly after I joined ReShape in August, we implemented a highly targeted, direct-to-consumer marketing campaign to help yield higher quality and lower cost patient leads for the anatomy sparing Lap-Band® in specific markets that align with surgeon advocates. We are continuing to upgrade our lead generating and nurturing programs and will be moving critical competencies in-house to ensure results are achieved quickly and cost-effectively.”
Management noted that its focus on introducing new products and services, the second of its growth pillars, includes:
The recent launch of the re-designed ReShape Calibration Tubes, which support the majority of all bariatric procedures. Initial surgeon feedback is positive, and the company expects to achieve revenue from new customer adoption of the Calibration Tubes during 2023.
The expected submission, in the second quarter, of a PMA Supplement to the U.S. Food and Drug Administration (FDA) for approval of the Lap-Band® 2.0 System, designed to reduce the required postoperative physician office-based Lap-Band adjustments. Feedback from the FDA is expected by year end 2023.
Continuing to work with large, self-insured employers to provide the HIPAA-compliant, novel, weight management program, ReShapeCare™, to their employees in order to positively impact overall employee health and thus reduce employers’ health care costs.
Continued the development of the proprietary DBSN™ technology though non-dilutive NIH SBIR grant support. The DBSN™ incorporates a vagus nerve block technology platform with vagus nerve stimulation, which may be able to reduce diabetes patients’ dependence on medications in a very individualized manner. The device has the potential to address the significant type 2 diabetes market.
Mr. Hickey concluded, “As evidenced by the recent Notice of Allowance from the USPTO for an additional patent covering the ReShape Obalon® Balloon system, we have a strong defensive ‘moat’ of intellectual property surrounding all of our products, including the Lap-Band®, Lap-Band® 2.0, DBSN™ technology, and the ReShape Obalon® Balloon system. Looking ahead, we are at the precipice of some exciting milestones and compelling new product launches, and remain laser focused on executing on our growth pillars, which have put us on a path to profitability.”
Year Ended December 31, 2022, Financial and Operating Results
The information shown below will focus primarily on our full year 2022 financial results. Additionally, we will also highlight the great strides we made during the second half of 2022, as we focused our business strategy and significantly reduced costs, which will serve as both our launch pad for growth and path to profitability.
During the second half of 2022, we pivoted our marketing strategy which has significantly reduced our sales and marketing expenses quarter over quarter. We also reduced our G&A and R&D expenses in order to operate more efficiently and reduce our cash burn. To give you more perspective, and before any significant one-time adjustments, our overall operating expenses in the first half of 2022 were $18.1 million compared to $13.0 million for the second half of 2022 a reduction of $5.1 million, or 27.9%. This is a significant reduction in our cash burn, which will pave the way for ReShape to become profitable, sooner.
Revenue totaled $11.2 million for the year ended December 31, 2022, which represents a contraction of 17.4%, or $2.4 million compared to 2021. The decline was primarily attributable to the re-emergence of COVID. Nevertheless, we saw sequential growth in each quarter during 2022 in our U.S. business. Our U.S revenue for the first half of 2022 was $4.2 million vs $5.1 million for the second half of 2022, an increase of $0.9 million, or 22.3%.
Gross Profit for the year ended December 31, 2022, was $6.8 million, compared to $8.3 million for the year ended December 31, 2021, a decrease of $1.5 million or 18.1%. Gross profit as a percentage of revenue for the year ended December 31, 2022, was 60.5% compared to 61.4% for 2021. The decrease in gross profit margin is primarily due to a decrease in sales, as revenue decreased by 17.4%, with the largest decrease of revenue in the U.S., which has a higher margin than international sales. During the first half of 2022, our gross margins were 58.2% compared to 62.6% for the second half of 2022 as our U.S revenues began to increase.
Sales and Marketing Expenses for the year ended December 31, 2022, rose by $5.2 million, or 58.5%, to $14.1 million, compared to $8.9 million for 2021. The increase was primarily due to an increase in advertising and marketing costs, as well as payroll related and travel expenses, and expenses related to the development of the ReShapeCare™ platform, all totaling an increase of $6.1 million. This increase was offset by a decline in stock-based compensation expense, commissions and other related costs of $0.9 million. During the first half of 2022, our sales and marketing expenses were $9.4 million compared to $4.8 million in the second half of 2022, a decline of $4.6 million, or 48.9%.
General and Administrative Expenses for the year ended December 31, 2022, decreased by $7.1 million, or 28.5%, to $17.4 million, compared to $24.3 million for 2021. The decrease is primarily due to a decline in stock-based compensation expense, and a reduction in consulting and professional fees totaling $10.4 million. This decrease was primarily offset by accrued litigation expenses and severance costs totaling $3.3 million. During the first half of 2022 our general and administrative expenses were $9.6 million compared to $7.7 million in the second half of 2022, a decrease of $1.9 million, or 19.4%.
Research and Development Expenses for the year ended December 31, 2022, increased by $0.2 million, or 7.3% to $2.5 million, compared to $2.3 million for 2021. The increase is primarily due to an increase in consulting and professional services related to the development of ReShape’s Diabetes Bloc-Stim Neuromodulation™ device and payroll related expenditures. Our R&D expenses for the first half of 2022 were $1.5 million compared to $1.0 million for the second half of 2022, a decrease of $0.5 million, or 30.0%.
Cash and Cash Equivalents as of December 31, 2022 were $3.9 million and the company remains debt free on its balance sheet. Additionally, in February and April 2023, we completed two financings totaling $12.6 million. Based on available cash resources, the company believes there is sufficient cash on hand to fund current operations into 2024.
A full discussion of our financials is available in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission.