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LORDSTOWN MOTORS (RIDEQ): 3.15
52w 1.13 - 43.65
Very good news:
They maybe have to pay only 40 million instead of 900 million.
https://investor.lordstownmotors.com/static-files/86fc44dc-4867-4f5d-b580-b2d03aec61f0
If they sell the assets and win the foxconn case we could get more than $10/share
As of August 10, 2023, 15,953,212 shares of the registrant’s Class A common stock were outstanding
130 (cash) - 20 (debt) - 40 (karma) + 47.3 foxconn + 50 (assets) = 167M
LORDSTOWN MOTORS (RIDEQ): 3.15
52w 1.13 - 43.65
Very good news:
They maybe have to pay only 40 million instead of 900 million.
https://investor.lordstownmotors.com/static-files/86fc44dc-4867-4f5d-b580-b2d03aec61f0
If they sell the assets and win the foxconn case we could get more than $10/share
As of August 10, 2023, 15,953,212 shares of the registrant’s Class A common stock were outstanding
130 (cash) - 20 (debt) - 40 (karma) + 47.3 foxconn + 50 (assets) = 167M
Taoping Inc. (TAOP) : 2.9400 -0.2300 -7.2555%
Shares Outstanding 1.86M
Float 1.09M
mktcap: 5.5M
52w: 2.94 – 11.90
Very high volatility
Aug 14, 2023 3.0800 3.1500 2.9400 2.9586 2.9586 18,701
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
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. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
Taoping Inc. (TAOP) : 2.9400 -0.2300 -7.2555%
Shares Outstanding 1.86M
Float 1.09M
mktcap: 5.5M
52w: 2.94 – 11.90
Very high volatility
Aug 14, 2023 3.0800 3.1500 2.9400 2.9586 2.9586 18,701
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
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. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
MULN: 1.07
The Board of Directors of the Company has authorized a stock buyback program, pursuant to which the Company may, until
December 31, 2023, purchase up to $25 million in shares of its outstanding common stock. The shares may be repurchased,
from time to time, in the open market or in privately negotiated transactions depending upon market conditions and other
factors, and in accordance with applicable regulations of the Securities and Exchange Commission. The authorization of the
stock buyback program does not obligate the Company to purchase any shares and may be terminated or amended by the
Board at any time prior to its expiration date.
The Company ended fiscal third quarter on June 30, 2023, with stockholders’ equity of $351.8 million, compared to $157.0
million on Sept 30, 2022, which represents an increase of 124%.
During the quarter ended June 30, 2023, the Company successfully secured $100 million in funding from its Series D
preferred stock investors which completes all remaining investment obligations to the Series D holders. With this latest
investment, the Company’s cash and cash equivalents exceed $200 million as of July 3, 2023, bolstering our liquidity and
supporting our move from prototype to production for commercial vehicles.
During the quarter ended June 30, 2023, the Company recorded its first revenues on the sale of Campus EV Cargo Vans.
June 30, 2023
Cash and cash equivalents $ 214,012,136
Restricted cash 13,419,872
Accounts receivable 308,000
Inventory 12,146,844
Prepaid expenses and other current assets 15,154,205
TOTAL CURRENT ASSETS 255,041,057
Shares Outstanding 74.48M
Float 49.67M
Shares Short (Jul 30, 2023) 13.86M
52 Week Range 0.87 - 23.2500
= 3.42/share
MULN: 1.07
The Board of Directors of the Company has authorized a stock buyback program, pursuant to which the Company may, until
December 31, 2023, purchase up to $25 million in shares of its outstanding common stock. The shares may be repurchased,
from time to time, in the open market or in privately negotiated transactions depending upon market conditions and other
factors, and in accordance with applicable regulations of the Securities and Exchange Commission. The authorization of the
stock buyback program does not obligate the Company to purchase any shares and may be terminated or amended by the
Board at any time prior to its expiration date.
The Company ended fiscal third quarter on June 30, 2023, with stockholders’ equity of $351.8 million, compared to $157.0
million on Sept 30, 2022, which represents an increase of 124%.
During the quarter ended June 30, 2023, the Company successfully secured $100 million in funding from its Series D
preferred stock investors which completes all remaining investment obligations to the Series D holders. With this latest
investment, the Company’s cash and cash equivalents exceed $200 million as of July 3, 2023, bolstering our liquidity and
supporting our move from prototype to production for commercial vehicles.
During the quarter ended June 30, 2023, the Company recorded its first revenues on the sale of Campus EV Cargo Vans.
June 30, 2023
Cash and cash equivalents $ 214,012,136
Restricted cash 13,419,872
Accounts receivable 308,000
Inventory 12,146,844
Prepaid expenses and other current assets 15,154,205
TOTAL CURRENT ASSETS 255,041,057
Shares Outstanding 74.48M
Float 49.67M
Shares Short (Jul 30, 2023) 13.86M
52 Week Range 0.87 - 23.2500
= 3.42/share
MULN will be fun
Mullen Automotive, Inc. (MULN) : 1.0100-0.0070 (-0.6883%)
Shares Outstanding 74.48M
Float 49.67M
Shares Short (Jul 30, 2023) 13.86M
mktcap: 75.22M
52 Week Range 0.87 - 23.2500
BREA, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), The Company intends to begin repurchasing up to $25 million in shares through a stock buyback program after the filing of its 10-Q and upon expiration of its blackout period.
“We believe the Company is highly undervalued and the stock buyback program represents a compelling use of our capital, reflecting confidence in our business," said David Michery, CEO and chairman of Mullen Automotive.
LOS ANGELES, CA - (NewMediaWire) - August 13, 2023 - (InvestorBrandNetwork via NewMediaWire) - IBN, a multifaceted financial news, content creation and publishing company, is utilized by both public and private companies to optimize investor awareness and recognition.
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle ("EV") manufacturer, today announced the start of vehicle production at its Tunica, Mississippi, assembly plant for the Mullen THREE, Class 3 EV truck with first customer deliveries on track to begin in August and September. According to the update, the company will be gradually ramping up the production rate over the course of September through December, with Class 3 production capacity at the Tunica facility currently planned for 3,000 Class 3 vehicles per year. To date, Mullen has received $79 million in purchase orders for 1,250 Mullen THREE, Class 3 EV trucks from Randy Marion Automotive Group and MGT Lease Company. "I am proud to announce that our Class 3 vehicle line is now in production mode at our Tunica facility," said David Michery, CEO and chairman of Mullen Automotive. "Our team has been working seven days a week, day and night, getting this plant reconfigured and ready for Class 3 production."
To view the full news release, visit https://ibn.fm/SHN0E
About Mullen Automotive Inc.
Mullen is a Southern California-based automotive company building the next generation of electric vehicles ("EVs") that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions' ("ELMS") assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. For more information about the company, visit www.MullenUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company's newsroom at https://ibn.fm/MULN
MULN will be fun
Mullen Automotive, Inc. (MULN) : 1.0100-0.0070 (-0.6883%)
Shares Outstanding 74.48M
Float 49.67M
Shares Short (Jul 30, 2023) 13.86M
mktcap: 75.22M
52 Week Range 0.87 - 23.2500
BREA, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), The Company intends to begin repurchasing up to $25 million in shares through a stock buyback program after the filing of its 10-Q and upon expiration of its blackout period.
“We believe the Company is highly undervalued and the stock buyback program represents a compelling use of our capital, reflecting confidence in our business," said David Michery, CEO and chairman of Mullen Automotive.
LOS ANGELES, CA - (NewMediaWire) - August 13, 2023 - (InvestorBrandNetwork via NewMediaWire) - IBN, a multifaceted financial news, content creation and publishing company, is utilized by both public and private companies to optimize investor awareness and recognition.
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle ("EV") manufacturer, today announced the start of vehicle production at its Tunica, Mississippi, assembly plant for the Mullen THREE, Class 3 EV truck with first customer deliveries on track to begin in August and September. According to the update, the company will be gradually ramping up the production rate over the course of September through December, with Class 3 production capacity at the Tunica facility currently planned for 3,000 Class 3 vehicles per year. To date, Mullen has received $79 million in purchase orders for 1,250 Mullen THREE, Class 3 EV trucks from Randy Marion Automotive Group and MGT Lease Company. "I am proud to announce that our Class 3 vehicle line is now in production mode at our Tunica facility," said David Michery, CEO and chairman of Mullen Automotive. "Our team has been working seven days a week, day and night, getting this plant reconfigured and ready for Class 3 production."
To view the full news release, visit https://ibn.fm/SHN0E
About Mullen Automotive Inc.
Mullen is a Southern California-based automotive company building the next generation of electric vehicles ("EVs") that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions' ("ELMS") assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. For more information about the company, visit www.MullenUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company's newsroom at https://ibn.fm/MULN
Very high risk (ch11)
RIDEQ Lordstown Motors Corp.: 3.28
Cash: 130 M
Debt: 20 M
Shares Outstanding 16.8M
= 130 – 20 : 16.8 = 6.5/share
The buyout price will be determined by the bids received in September. Multiple interested bidders
LORDSTOWN — Thirteen parties have shown an interest in acquiring all or some of the assets of Lordstown Motors Corp. out of bankruptcy, an attorney for the electric-vehicle company said Thursday during a court hearing in Delaware.
“Four of those are to acquire all or substantially all of the company’s assets as a going concern. Four of them are for different components of the company’s assets and five of them are from liquidators who would like to buy some or all of the company’s assets either for an upfront cash fee or for a fee and a shared participation in the proceeds from their sale,” Thomas E. Lauria, an attorney with White & Case LLP, said.
In common parlance, “going concern” is the company’s ability to stay in business.
Only one, he said, has included a condition regarding Karma Automotive LLC — referring to the intellectual property federal lawsuit pending between the California-based company and Lordstown Motors — “but all are actively going forward at this time,” Lauria said.
“I will tell the court that some of these proposals have big issues and problems and some are more promising. At this time, we have not eliminated any of the proposals from consideration and we are doing what I think this court would expect us to do, which is to work with the bidders, to respond to their questions and work to get either one bidder or an aggregation of bidders together to provide a proposal that can be brought forward for stalking horse protection by the deadline …,” Lauria said.
A stalking horse bidder is the initial bidder with whom a debtor, in this case Lordstown Motors, negotiates purchase agreement. The stalking horse bidder sets the low-end purchase price.
Thursday’s hearing was to determine the sale procedures, which included the stalking horse bid and other deadlines. It was a continuation of a hearing from July 27 before Judge Mary F. Walrath, who wanted to see if any potential buyers showed interest in the company by Monday’s deadline to do so.
Lordstown Motors had proposed Aug. 17 as the deadline for a stalking horse bidder in the sale process timeline it recommended to the court.
“I think the important thing for this estate is to preserve optionality at this point. We currently have 13 interested parties who are engaged in looking at a transaction to buy some or all of the assets of the company. If we were to hit the pause button now and restart it later, it’s unclear how many, if any, of those bidders would come back,” Lauria said.
Walrath pushed the stalking horse bid deadline back one week to Aug. 24 and set a Sept. 8 deadline for all bids.
“Even in the absence of the Karma issue, I am concerned with the timing of the sale process,” Walrath said. “Given the debtor’s cash on hand, I’m not certain why it needs to proceed as quickly as the debtor proposes.”
Testimony last week and court documents related to the case indicate Lordstown Motors has $130 million in cash on hand.
Walrath held off setting an auction deadline, which Lordstown Motors had proposed to be Aug. 31, “until the court sees what are the viable bids and path forward as the debtor is describing it,” she said.
She agreed to hold Oct. 5 on the calendar for a sale hearing. Lordstown Motors had proposed Sept. 12.
KARMA OBJECTS
Karma’s attorney James Sowka with Seyfarth Shaw LLP objected to the deadlines Lordstown Motors had proposed, arguing it was inappropriate to proceed down that timeline because Karma’s case against Lordstown Motors has been allowed to proceed to trial.
“To the extent the bid procedures as proposed proceed, it would potentially raise a situation where the property interests could be at dispute before this court … while they are also at issue in California,” he said. “We just think that duplication of resources isn’t going to benefit any of the parties,” Sowka said.
Last week, Walrath lifted a stay automatically imposed on the lawsuit when Lordstown Motors filed Chapter 11 bankruptcy protection June 27, allowing the case out west to proceed.
Karma sued Lordstown Motors in October 2020 in U.S court in California, claiming Lordstown Motors stole trade secrets about Karma’s infotainment system and plundered a specialized team of Karma employees who were designing it for use in the Lordstown Motors’ truck, the Endurance.
The trial in California is set to begin Sept. 12 and last two to three weeks. The company is seeking nearly $1 billion in relief.
Very high risk (ch11)
RIDEQ Lordstown Motors Corp.: 3.28
Cash: 130 M
Debt: 20 M
Shares Outstanding 16.8M
= 130 – 20 : 16.8 = 6.5/share
The buyout price will be determined by the bids received in September. Multiple interested bidders
LORDSTOWN — Thirteen parties have shown an interest in acquiring all or some of the assets of Lordstown Motors Corp. out of bankruptcy, an attorney for the electric-vehicle company said Thursday during a court hearing in Delaware.
“Four of those are to acquire all or substantially all of the company’s assets as a going concern. Four of them are for different components of the company’s assets and five of them are from liquidators who would like to buy some or all of the company’s assets either for an upfront cash fee or for a fee and a shared participation in the proceeds from their sale,” Thomas E. Lauria, an attorney with White & Case LLP, said.
In common parlance, “going concern” is the company’s ability to stay in business.
Only one, he said, has included a condition regarding Karma Automotive LLC — referring to the intellectual property federal lawsuit pending between the California-based company and Lordstown Motors — “but all are actively going forward at this time,” Lauria said.
“I will tell the court that some of these proposals have big issues and problems and some are more promising. At this time, we have not eliminated any of the proposals from consideration and we are doing what I think this court would expect us to do, which is to work with the bidders, to respond to their questions and work to get either one bidder or an aggregation of bidders together to provide a proposal that can be brought forward for stalking horse protection by the deadline …,” Lauria said.
A stalking horse bidder is the initial bidder with whom a debtor, in this case Lordstown Motors, negotiates purchase agreement. The stalking horse bidder sets the low-end purchase price.
Thursday’s hearing was to determine the sale procedures, which included the stalking horse bid and other deadlines. It was a continuation of a hearing from July 27 before Judge Mary F. Walrath, who wanted to see if any potential buyers showed interest in the company by Monday’s deadline to do so.
Lordstown Motors had proposed Aug. 17 as the deadline for a stalking horse bidder in the sale process timeline it recommended to the court.
“I think the important thing for this estate is to preserve optionality at this point. We currently have 13 interested parties who are engaged in looking at a transaction to buy some or all of the assets of the company. If we were to hit the pause button now and restart it later, it’s unclear how many, if any, of those bidders would come back,” Lauria said.
Walrath pushed the stalking horse bid deadline back one week to Aug. 24 and set a Sept. 8 deadline for all bids.
“Even in the absence of the Karma issue, I am concerned with the timing of the sale process,” Walrath said. “Given the debtor’s cash on hand, I’m not certain why it needs to proceed as quickly as the debtor proposes.”
Testimony last week and court documents related to the case indicate Lordstown Motors has $130 million in cash on hand.
Walrath held off setting an auction deadline, which Lordstown Motors had proposed to be Aug. 31, “until the court sees what are the viable bids and path forward as the debtor is describing it,” she said.
She agreed to hold Oct. 5 on the calendar for a sale hearing. Lordstown Motors had proposed Sept. 12.
KARMA OBJECTS
Karma’s attorney James Sowka with Seyfarth Shaw LLP objected to the deadlines Lordstown Motors had proposed, arguing it was inappropriate to proceed down that timeline because Karma’s case against Lordstown Motors has been allowed to proceed to trial.
“To the extent the bid procedures as proposed proceed, it would potentially raise a situation where the property interests could be at dispute before this court … while they are also at issue in California,” he said. “We just think that duplication of resources isn’t going to benefit any of the parties,” Sowka said.
Last week, Walrath lifted a stay automatically imposed on the lawsuit when Lordstown Motors filed Chapter 11 bankruptcy protection June 27, allowing the case out west to proceed.
Karma sued Lordstown Motors in October 2020 in U.S court in California, claiming Lordstown Motors stole trade secrets about Karma’s infotainment system and plundered a specialized team of Karma employees who were designing it for use in the Lordstown Motors’ truck, the Endurance.
The trial in California is set to begin Sept. 12 and last two to three weeks. The company is seeking nearly $1 billion in relief.
Very high risk (ch11)
RIDEQ Lordstown Motors Corp.: 3.28
Cash: 130 M
Debt: 20 M
Shares Outstanding 16.8M
= 130 – 20 : 16.8 = 6.5/share
The buyout price will be determined by the bids received in September. Multiple interested bidders
LORDSTOWN — Thirteen parties have shown an interest in acquiring all or some of the assets of Lordstown Motors Corp. out of bankruptcy, an attorney for the electric-vehicle company said Thursday during a court hearing in Delaware.
“Four of those are to acquire all or substantially all of the company’s assets as a going concern. Four of them are for different components of the company’s assets and five of them are from liquidators who would like to buy some or all of the company’s assets either for an upfront cash fee or for a fee and a shared participation in the proceeds from their sale,” Thomas E. Lauria, an attorney with White & Case LLP, said.
In common parlance, “going concern” is the company’s ability to stay in business.
Only one, he said, has included a condition regarding Karma Automotive LLC — referring to the intellectual property federal lawsuit pending between the California-based company and Lordstown Motors — “but all are actively going forward at this time,” Lauria said.
“I will tell the court that some of these proposals have big issues and problems and some are more promising. At this time, we have not eliminated any of the proposals from consideration and we are doing what I think this court would expect us to do, which is to work with the bidders, to respond to their questions and work to get either one bidder or an aggregation of bidders together to provide a proposal that can be brought forward for stalking horse protection by the deadline …,” Lauria said.
A stalking horse bidder is the initial bidder with whom a debtor, in this case Lordstown Motors, negotiates purchase agreement. The stalking horse bidder sets the low-end purchase price.
Thursday’s hearing was to determine the sale procedures, which included the stalking horse bid and other deadlines. It was a continuation of a hearing from July 27 before Judge Mary F. Walrath, who wanted to see if any potential buyers showed interest in the company by Monday’s deadline to do so.
Lordstown Motors had proposed Aug. 17 as the deadline for a stalking horse bidder in the sale process timeline it recommended to the court.
“I think the important thing for this estate is to preserve optionality at this point. We currently have 13 interested parties who are engaged in looking at a transaction to buy some or all of the assets of the company. If we were to hit the pause button now and restart it later, it’s unclear how many, if any, of those bidders would come back,” Lauria said.
Walrath pushed the stalking horse bid deadline back one week to Aug. 24 and set a Sept. 8 deadline for all bids.
“Even in the absence of the Karma issue, I am concerned with the timing of the sale process,” Walrath said. “Given the debtor’s cash on hand, I’m not certain why it needs to proceed as quickly as the debtor proposes.”
Testimony last week and court documents related to the case indicate Lordstown Motors has $130 million in cash on hand.
Walrath held off setting an auction deadline, which Lordstown Motors had proposed to be Aug. 31, “until the court sees what are the viable bids and path forward as the debtor is describing it,” she said.
She agreed to hold Oct. 5 on the calendar for a sale hearing. Lordstown Motors had proposed Sept. 12.
KARMA OBJECTS
Karma’s attorney James Sowka with Seyfarth Shaw LLP objected to the deadlines Lordstown Motors had proposed, arguing it was inappropriate to proceed down that timeline because Karma’s case against Lordstown Motors has been allowed to proceed to trial.
“To the extent the bid procedures as proposed proceed, it would potentially raise a situation where the property interests could be at dispute before this court … while they are also at issue in California,” he said. “We just think that duplication of resources isn’t going to benefit any of the parties,” Sowka said.
Last week, Walrath lifted a stay automatically imposed on the lawsuit when Lordstown Motors filed Chapter 11 bankruptcy protection June 27, allowing the case out west to proceed.
Karma sued Lordstown Motors in October 2020 in U.S court in California, claiming Lordstown Motors stole trade secrets about Karma’s infotainment system and plundered a specialized team of Karma employees who were designing it for use in the Lordstown Motors’ truck, the Endurance.
The trial in California is set to begin Sept. 12 and last two to three weeks. The company is seeking nearly $1 billion in relief.
Very high risk (ch11)
RIDEQ Lordstown Motors Corp.: 3.28
Cash: 130 M
Debt: 20 M
Shares Outstanding 16.8M
= 130 – 20 : 16.8 = 6.5/share
The buyout price will be determined by the bids received in September. Multiple interested bidders
LORDSTOWN — Thirteen parties have shown an interest in acquiring all or some of the assets of Lordstown Motors Corp. out of bankruptcy, an attorney for the electric-vehicle company said Thursday during a court hearing in Delaware.
“Four of those are to acquire all or substantially all of the company’s assets as a going concern. Four of them are for different components of the company’s assets and five of them are from liquidators who would like to buy some or all of the company’s assets either for an upfront cash fee or for a fee and a shared participation in the proceeds from their sale,” Thomas E. Lauria, an attorney with White & Case LLP, said.
In common parlance, “going concern” is the company’s ability to stay in business.
Only one, he said, has included a condition regarding Karma Automotive LLC — referring to the intellectual property federal lawsuit pending between the California-based company and Lordstown Motors — “but all are actively going forward at this time,” Lauria said.
“I will tell the court that some of these proposals have big issues and problems and some are more promising. At this time, we have not eliminated any of the proposals from consideration and we are doing what I think this court would expect us to do, which is to work with the bidders, to respond to their questions and work to get either one bidder or an aggregation of bidders together to provide a proposal that can be brought forward for stalking horse protection by the deadline …,” Lauria said.
A stalking horse bidder is the initial bidder with whom a debtor, in this case Lordstown Motors, negotiates purchase agreement. The stalking horse bidder sets the low-end purchase price.
Thursday’s hearing was to determine the sale procedures, which included the stalking horse bid and other deadlines. It was a continuation of a hearing from July 27 before Judge Mary F. Walrath, who wanted to see if any potential buyers showed interest in the company by Monday’s deadline to do so.
Lordstown Motors had proposed Aug. 17 as the deadline for a stalking horse bidder in the sale process timeline it recommended to the court.
“I think the important thing for this estate is to preserve optionality at this point. We currently have 13 interested parties who are engaged in looking at a transaction to buy some or all of the assets of the company. If we were to hit the pause button now and restart it later, it’s unclear how many, if any, of those bidders would come back,” Lauria said.
Walrath pushed the stalking horse bid deadline back one week to Aug. 24 and set a Sept. 8 deadline for all bids.
“Even in the absence of the Karma issue, I am concerned with the timing of the sale process,” Walrath said. “Given the debtor’s cash on hand, I’m not certain why it needs to proceed as quickly as the debtor proposes.”
Testimony last week and court documents related to the case indicate Lordstown Motors has $130 million in cash on hand.
Walrath held off setting an auction deadline, which Lordstown Motors had proposed to be Aug. 31, “until the court sees what are the viable bids and path forward as the debtor is describing it,” she said.
She agreed to hold Oct. 5 on the calendar for a sale hearing. Lordstown Motors had proposed Sept. 12.
KARMA OBJECTS
Karma’s attorney James Sowka with Seyfarth Shaw LLP objected to the deadlines Lordstown Motors had proposed, arguing it was inappropriate to proceed down that timeline because Karma’s case against Lordstown Motors has been allowed to proceed to trial.
“To the extent the bid procedures as proposed proceed, it would potentially raise a situation where the property interests could be at dispute before this court … while they are also at issue in California,” he said. “We just think that duplication of resources isn’t going to benefit any of the parties,” Sowka said.
Last week, Walrath lifted a stay automatically imposed on the lawsuit when Lordstown Motors filed Chapter 11 bankruptcy protection June 27, allowing the case out west to proceed.
Karma sued Lordstown Motors in October 2020 in U.S court in California, claiming Lordstown Motors stole trade secrets about Karma’s infotainment system and plundered a specialized team of Karma employees who were designing it for use in the Lordstown Motors’ truck, the Endurance.
The trial in California is set to begin Sept. 12 and last two to three weeks. The company is seeking nearly $1 billion in relief.
Very high risk (ch11)
RIDEQ Lordstown Motors Corp.: 3.44
Cash: 130 M
Debt: 20 M
Shares Outstanding 16.8M
= 130 – 20 : 16.8 = 6.5/share
The buyout price will be determined by the bids received in September. Multiple interested bidders
https://investor.lordstownmotors.com/news-releases/news-release-details/lordstown-motors-announces-strategic-restructuring-process
Very high risk (ch11)
RIDEQ Lordstown Motors Corp.: 3.44
Cash: 130 M
Debt: 20 M
Shares Outstanding 16.8M
= 130 – 20 : 16.8 = 6.5/share
The buyout price will be determined by the bids received in September. Multiple interested bidders
https://investor.lordstownmotors.com/news-releases/news-release-details/lordstown-motors-announces-strategic-restructuring-process
OpGen, Inc. (OPGN) : 0.3377-0.1033 (-23.42%)
At close: 03:59PM EDT
0.2998 -0.0379 (-11.2230%)
After hours: 5:31PM EDT
Total assets $ 22,434,962
Total liabilities $ 15,575,072
Total stockholders’ equity $ 6,859,890
Weighted average shares outstanding - basic and diluted 6,246,326
= $1.10 share
Total revenue for the first half of 2023 was approximately $1.65 million, an increase of approximately 15% compared to approximately $1.44 million in the first half of 2022
Signed FIND R&D collaboration contract extension
Entered distribution agreement with Fisher Healthcare for the distribution of the Unyvero A50 platform in the U.S.
Management conference call is scheduled for August 10, 2023, at 4:30 p.m. ET
ROCKVILLE, Md., Aug. 10, 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 second quarter and first half of 2023 financial and operating results. Management will host an investor call to discuss quarterly results and provide a business update.
Second Quarter 2023 and First Half 2023 Financial Results of OpGen, Inc.
Total revenue for the second quarter of 2023 was approximately $0.7 million compared to the company’s revenue of approximately $1.0 million in the second quarter of 2022, which was primarily driven by the one-time sale of a pool of Unyvero instrument systems to Menarini in Q2-2022. Total revenue for the first half of 2023 was approximately $1.65 million, an increase of approximately 15% compared to the company’s revenue of approximately $1.44 million in the first half of 2022.
Total operating expenses decreased in the second quarter of 2023 to approximately $5.9 million compared to approximately $6.2 million for the second quarter of 2022. Total operating expenses decreased by approximately 6% in the first half of 2023 to approximately $11.9 million compared to approximately $12.6 million for the same period in 2022.
Cash and cash equivalents were approximately $3.2 million as of June 30, 2023, compared with approximately $7.4 million as of December 31, 2022.
As previously reported, and in light of the Company’s business performance and current cash position, the Company does not expect that its current cash will be sufficient to fund operations beyond September 2023. Since the end of the second quarter, the Company has pursued options to improve its cash position or mitigate a liquidity shortfall. Nevertheless, the Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern. The Company continues to consider all alternatives, including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities, selling assets, and other strategic transactions or other measures, including obtaining relief under U.S. as well as applicable foreign bankruptcy laws. There is no guarantee that the Company will be able to identify and execute on any of these alternatives or that any of them will be successful.
In the reporting quarter and year to date, the Company reached the following key milestones:
OpGen subsidiary, Curetis, and FIND signed an extension to their R&D collaboration agreement for the development of an AMR panel on the Unyvero A30 RQ platform for low- and middle-income countries. This next phase covers full development of AMR assay and cartridge, analytical testing and software development.
Curetis successfully completed the first phase of its FIND collaboration, including the expanded scope of the FIND project in Q1 and Q2, respectively. The FIND collaboration contributed $609 thousand to first half 2023 revenue.
In June 2023, OpGen received ten Unyvero A30 C-Series instruments which will be used in the next phase of the FIND collaboration.
Curetis announced the completion of two interim milestones of its collaboration project with InfectoGnostics under the PREPLEX grant.
The Company submitted a De Novo classification request to the FDA for marketing authorization of the Unyvero Urinary Tract Infection (UTI) panel. Following the FDA’s substantive review of the Company’s submission, the Company received a formal communication from the FDA requesting certain additional information on June 30, 2023. The FDA has provided OpGen with 180 days to fully respond to their requests.
OpGen entered into a distribution agreement with Fisher Healthcare, a division of Thermo Fisher Scientific, for the distribution of the Unyvero A50 platform and in vitro diagnostic tests for pneumonia and urinary tract infections in the U.S. During the second quarter and year-to-date, the Company successfully completed vendor set-up of OpGen under Fisher Healthcare’s systems, trained the Fisher Healthcare sales teams across the U.S., created digital marketing campaigns, and identified several hundred potential high priority leads with the Fisher Healthcare team. In several territories, the teams are already working towards commercial customer contract opportunities.
With the assistance of a U.S.-Chinese strategic advisory firm, OpGen continues to have an active strategic corporate business development campaign to over 40 Chinese corporate IVD companies potentially interested in the Unyvero A30 RQ.
Following a successful feasibility assessment, the Ares team recently signed an annual genomic surveillance contract with a major U.S. healthcare network to sequence and analyze pathogen isolates on a twice weekly basis. In addition, the team has signed multiple new ARESiss contracts for isolate sequencing and new AREScloud subscriptions for web-based sequence analysis.
On the IP front, OpGen’s subsidiary, Ares Genetics, successfully defended a key patent that was being contested in Europe. In the ruling, the European Patent Office ruled in favor of maintaining the patent, which broadly covers the prediction of AMR in pathogens based on any genetic determinants involving two or more nucleotides.
Ares recently announced a new feature release for its AREScloud software designed to enhance genomic surveillance. These features include a Single Nucleotide Polymorphism (SNP) analysis module and interpretation of plasmids with reporting customized for the needs of hospital epidemiologists.
OpGen, Inc. (OPGN) : 0.3377-0.1033 (-23.42%)
At close: 03:59PM EDT
0.2998 -0.0379 (-11.2230%)
After hours: 5:31PM EDT
Total assets $ 22,434,962
Total liabilities $ 15,575,072
Total stockholders’ equity $ 6,859,890
Weighted average shares outstanding - basic and diluted 6,246,326
= $1.10 share
Total revenue for the first half of 2023 was approximately $1.65 million, an increase of approximately 15% compared to approximately $1.44 million in the first half of 2022
Signed FIND R&D collaboration contract extension
Entered distribution agreement with Fisher Healthcare for the distribution of the Unyvero A50 platform in the U.S.
Management conference call is scheduled for August 10, 2023, at 4:30 p.m. ET
ROCKVILLE, Md., Aug. 10, 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 second quarter and first half of 2023 financial and operating results. Management will host an investor call to discuss quarterly results and provide a business update.
Second Quarter 2023 and First Half 2023 Financial Results of OpGen, Inc.
Total revenue for the second quarter of 2023 was approximately $0.7 million compared to the company’s revenue of approximately $1.0 million in the second quarter of 2022, which was primarily driven by the one-time sale of a pool of Unyvero instrument systems to Menarini in Q2-2022. Total revenue for the first half of 2023 was approximately $1.65 million, an increase of approximately 15% compared to the company’s revenue of approximately $1.44 million in the first half of 2022.
Total operating expenses decreased in the second quarter of 2023 to approximately $5.9 million compared to approximately $6.2 million for the second quarter of 2022. Total operating expenses decreased by approximately 6% in the first half of 2023 to approximately $11.9 million compared to approximately $12.6 million for the same period in 2022.
Cash and cash equivalents were approximately $3.2 million as of June 30, 2023, compared with approximately $7.4 million as of December 31, 2022.
As previously reported, and in light of the Company’s business performance and current cash position, the Company does not expect that its current cash will be sufficient to fund operations beyond September 2023. Since the end of the second quarter, the Company has pursued options to improve its cash position or mitigate a liquidity shortfall. Nevertheless, the Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern. The Company continues to consider all alternatives, including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities, selling assets, and other strategic transactions or other measures, including obtaining relief under U.S. as well as applicable foreign bankruptcy laws. There is no guarantee that the Company will be able to identify and execute on any of these alternatives or that any of them will be successful.
In the reporting quarter and year to date, the Company reached the following key milestones:
OpGen subsidiary, Curetis, and FIND signed an extension to their R&D collaboration agreement for the development of an AMR panel on the Unyvero A30 RQ platform for low- and middle-income countries. This next phase covers full development of AMR assay and cartridge, analytical testing and software development.
Curetis successfully completed the first phase of its FIND collaboration, including the expanded scope of the FIND project in Q1 and Q2, respectively. The FIND collaboration contributed $609 thousand to first half 2023 revenue.
In June 2023, OpGen received ten Unyvero A30 C-Series instruments which will be used in the next phase of the FIND collaboration.
Curetis announced the completion of two interim milestones of its collaboration project with InfectoGnostics under the PREPLEX grant.
The Company submitted a De Novo classification request to the FDA for marketing authorization of the Unyvero Urinary Tract Infection (UTI) panel. Following the FDA’s substantive review of the Company’s submission, the Company received a formal communication from the FDA requesting certain additional information on June 30, 2023. The FDA has provided OpGen with 180 days to fully respond to their requests.
OpGen entered into a distribution agreement with Fisher Healthcare, a division of Thermo Fisher Scientific, for the distribution of the Unyvero A50 platform and in vitro diagnostic tests for pneumonia and urinary tract infections in the U.S. During the second quarter and year-to-date, the Company successfully completed vendor set-up of OpGen under Fisher Healthcare’s systems, trained the Fisher Healthcare sales teams across the U.S., created digital marketing campaigns, and identified several hundred potential high priority leads with the Fisher Healthcare team. In several territories, the teams are already working towards commercial customer contract opportunities.
With the assistance of a U.S.-Chinese strategic advisory firm, OpGen continues to have an active strategic corporate business development campaign to over 40 Chinese corporate IVD companies potentially interested in the Unyvero A30 RQ.
Following a successful feasibility assessment, the Ares team recently signed an annual genomic surveillance contract with a major U.S. healthcare network to sequence and analyze pathogen isolates on a twice weekly basis. In addition, the team has signed multiple new ARESiss contracts for isolate sequencing and new AREScloud subscriptions for web-based sequence analysis.
On the IP front, OpGen’s subsidiary, Ares Genetics, successfully defended a key patent that was being contested in Europe. In the ruling, the European Patent Office ruled in favor of maintaining the patent, which broadly covers the prediction of AMR in pathogens based on any genetic determinants involving two or more nucleotides.
Ares recently announced a new feature release for its AREScloud software designed to enhance genomic surveillance. These features include a Single Nucleotide Polymorphism (SNP) analysis module and interpretation of plasmids with reporting customized for the needs of hospital epidemiologists.
OpGen, Inc. (OPGN) : 0.4189 – 5.01%
52 Week Range 0.3725 - 12.7000
Shares Outstanding 6.12M
Market Cap (intraday) 2.29M
Time for a strong rebound??:
Aug 10, 2023 0.4513 0.4651 0.3580 0.3747 0.3747 252,896
Aug 09, 2023 0.5450 0.5450 0.4410 0.4410 0.4410 321,500
Aug 08, 2023 0.5600 0.5700 0.5110 0.5250 0.5250 92,200
Aug 07, 2023 0.6000 0.6100 0.5300 0.5600 0.5600 161,700
Aug 04, 2023 0.6000 0.6100 0.5800 0.5870 0.5870 63,000
Aug 03, 2023 0.6100 0.6200 0.5800 0.5830 0.5830 59,700
Aug 02, 2023 0.6000 0.6100 0.5600 0.5900 0.5900 48,500
Aug 01, 2023 0.6280 0.6280 0.5800 0.6010 0.6010 121,200
Jul 31, 2023 0.5700 0.6180 0.5610 0.6010 0.6010 102,000
Jul 28, 2023 0.5520 0.5700 0.5400 0.5700 0.5700 73,900
Jul 27, 2023 0.5570 0.5780 0.5340 0.5580 0.5580 84,300
Jul 26, 2023 0.6100 0.6100 0.5400 0.5680 0.5680 225,200
Jul 25, 2023 0.5850 0.6180 0.5690 0.6000 0.6000 99,000
Jul 24, 2023 0.6090 0.6100 0.5610 0.5870 0.5870 125,700
Jul 21, 2023 0.6490 0.6490 0.5900 0.6000 0.6000 95,100
Jul 20, 2023 0.6290 0.6800 0.6200 0.6210 0.6210 67,100
Jul 19, 2023 0.6510 0.7000 0.6350 0.6400 0.6400 105,100
Jul 18, 2023 0.7200 0.7200 0.6260 0.6500 0.6500 152,800
Jul 17, 2023 0.8100 0.8300 0.7010 0.7100 0.7100 295,800
Jul 14, 2023 0.8600 0.9000 0.7790 0.8270 0.8270 117,000
Jul 13, 2023 0.8700 0.9000 0.8500 0.8600 0.8600 66,800
Jul 12, 2023 0.9300 0.9600 0.8950 0.9000 0.9000 104,100
• Single nucleotide polymorphism (SNP) analysis module and interpretation of plasmids now available
• Added reporting customized for the needs of hospital epidemiologists
• Signed first large commercial contract with U.S. healthcare network using the new features
ROCKVILLE, Md., Aug. 07, 2023 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen”), a precision medicine company harnessing the power of molecular diagnostics and informatics to help combat infectious disease, and OpGen subsidiary, Ares Genetics, which strives to become a leader in bacterial genomics and AI-powered prediction of antimicrobial resistance (AMR), announced today a major feature upgrade for the AREScloud platform that has been implemented with our healthcare clients to enhance genomic surveillance.
Genomic surveillance uses prospective whole genome sequencing (WGS) of all relevant pathogen isolates in a healthcare setting to identify hospital associated infections (HAIs) in real-time and enable preventive measures to limit outbreaks. Working with its customers globally, the Ares team has developed the new AREScloud features to provide relevant reporting for hospital epidemiologists and infection preventionists.
These specific new AREScloud features include:
• a new single nucleotide polymorphism (SNP) analysis module designed to support continuous analysis of new isolates as part of an ongoing genomic surveillance program,
• a new module for interpretation of genetic elements such as plasmids responsible for horizontal gene transmission,
• results reporting specifically for the needs of hospital epidemiologists and infection prevention staff, and
• compliance with HIPAA and SOCS2 standards, with auditing expected to be completed in Q3.
The new AREScloud features are now deployed as part of the standard analysis package, and in use with our customers globally. This includes a genomic surveillance contract with a large U.S. hospital network where we provide systematic sequencing and analysis of pathogen isolates on a weekly basis through our ARESiss service in Rockville, Maryland and AREScloud analysis. The new features further broaden the capabilities of AREScloud for microbial genomics that include antimicrobial resistance profiling, and genomic antibiotic sensitivity testing. For its sequencing service customers, AREScloud is also included as part of the ARESiss send-out service available through our laboratories in Rockville, Maryland and Vienna, Austria.
Theo deVos, Ares Genetics Managing Director commented: “We are focused on bringing improved patient care with the published benefits of genomic surveillance to healthcare providers in the U.S. and globally. To support this goal, we continue to enhance our AREScloud features, while making pathogen sequencing both affordable and broadly available.”
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.
For more information, please visit www.opgen.com.
• 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.
OpGen, Inc. (OPGN) : 0.4189 – 5.01%
52 Week Range 0.3725 - 12.7000
Shares Outstanding 6.12M
Market Cap (intraday) 2.29M
Time for a strong rebound??:
Aug 10, 2023 0.4513 0.4651 0.3580 0.3747 0.3747 252,896
Aug 09, 2023 0.5450 0.5450 0.4410 0.4410 0.4410 321,500
Aug 08, 2023 0.5600 0.5700 0.5110 0.5250 0.5250 92,200
Aug 07, 2023 0.6000 0.6100 0.5300 0.5600 0.5600 161,700
Aug 04, 2023 0.6000 0.6100 0.5800 0.5870 0.5870 63,000
Aug 03, 2023 0.6100 0.6200 0.5800 0.5830 0.5830 59,700
Aug 02, 2023 0.6000 0.6100 0.5600 0.5900 0.5900 48,500
Aug 01, 2023 0.6280 0.6280 0.5800 0.6010 0.6010 121,200
Jul 31, 2023 0.5700 0.6180 0.5610 0.6010 0.6010 102,000
Jul 28, 2023 0.5520 0.5700 0.5400 0.5700 0.5700 73,900
Jul 27, 2023 0.5570 0.5780 0.5340 0.5580 0.5580 84,300
Jul 26, 2023 0.6100 0.6100 0.5400 0.5680 0.5680 225,200
Jul 25, 2023 0.5850 0.6180 0.5690 0.6000 0.6000 99,000
Jul 24, 2023 0.6090 0.6100 0.5610 0.5870 0.5870 125,700
Jul 21, 2023 0.6490 0.6490 0.5900 0.6000 0.6000 95,100
Jul 20, 2023 0.6290 0.6800 0.6200 0.6210 0.6210 67,100
Jul 19, 2023 0.6510 0.7000 0.6350 0.6400 0.6400 105,100
Jul 18, 2023 0.7200 0.7200 0.6260 0.6500 0.6500 152,800
Jul 17, 2023 0.8100 0.8300 0.7010 0.7100 0.7100 295,800
Jul 14, 2023 0.8600 0.9000 0.7790 0.8270 0.8270 117,000
Jul 13, 2023 0.8700 0.9000 0.8500 0.8600 0.8600 66,800
Jul 12, 2023 0.9300 0.9600 0.8950 0.9000 0.9000 104,100
• Single nucleotide polymorphism (SNP) analysis module and interpretation of plasmids now available
• Added reporting customized for the needs of hospital epidemiologists
• Signed first large commercial contract with U.S. healthcare network using the new features
ROCKVILLE, Md., Aug. 07, 2023 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen”), a precision medicine company harnessing the power of molecular diagnostics and informatics to help combat infectious disease, and OpGen subsidiary, Ares Genetics, which strives to become a leader in bacterial genomics and AI-powered prediction of antimicrobial resistance (AMR), announced today a major feature upgrade for the AREScloud platform that has been implemented with our healthcare clients to enhance genomic surveillance.
Genomic surveillance uses prospective whole genome sequencing (WGS) of all relevant pathogen isolates in a healthcare setting to identify hospital associated infections (HAIs) in real-time and enable preventive measures to limit outbreaks. Working with its customers globally, the Ares team has developed the new AREScloud features to provide relevant reporting for hospital epidemiologists and infection preventionists.
These specific new AREScloud features include:
• a new single nucleotide polymorphism (SNP) analysis module designed to support continuous analysis of new isolates as part of an ongoing genomic surveillance program,
• a new module for interpretation of genetic elements such as plasmids responsible for horizontal gene transmission,
• results reporting specifically for the needs of hospital epidemiologists and infection prevention staff, and
• compliance with HIPAA and SOCS2 standards, with auditing expected to be completed in Q3.
The new AREScloud features are now deployed as part of the standard analysis package, and in use with our customers globally. This includes a genomic surveillance contract with a large U.S. hospital network where we provide systematic sequencing and analysis of pathogen isolates on a weekly basis through our ARESiss service in Rockville, Maryland and AREScloud analysis. The new features further broaden the capabilities of AREScloud for microbial genomics that include antimicrobial resistance profiling, and genomic antibiotic sensitivity testing. For its sequencing service customers, AREScloud is also included as part of the ARESiss send-out service available through our laboratories in Rockville, Maryland and Vienna, Austria.
Theo deVos, Ares Genetics Managing Director commented: “We are focused on bringing improved patient care with the published benefits of genomic surveillance to healthcare providers in the U.S. and globally. To support this goal, we continue to enhance our AREScloud features, while making pathogen sequencing both affordable and broadly available.”
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.
For more information, please visit www.opgen.com.
• 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.
OpGen, Inc. (OPGN) 0.4410-0.0841 (-16.0160%)
52 Week Range 0.4410 - 12.7000
Time for a strong rebound:
Aug 08, 2023 0.5600 0.5700 0.5110 0.5250 0.5250 92,200
Aug 07, 2023 0.6000 0.6100 0.5300 0.5600 0.5600 161,700
Aug 04, 2023 0.6000 0.6100 0.5800 0.5870 0.5870 63,000
Aug 03, 2023 0.6100 0.6200 0.5800 0.5830 0.5830 59,700
Aug 02, 2023 0.6000 0.6100 0.5600 0.5900 0.5900 48,500
Aug 01, 2023 0.6280 0.6280 0.5800 0.6010 0.6010 121,200
Jul 31, 2023 0.5700 0.6180 0.5610 0.6010 0.6010 102,000
Jul 28, 2023 0.5520 0.5700 0.5400 0.5700 0.5700 73,900
Jul 27, 2023 0.5570 0.5780 0.5340 0.5580 0.5580 84,300
Jul 26, 2023 0.6100 0.6100 0.5400 0.5680 0.5680 225,200
Jul 25, 2023 0.5850 0.6180 0.5690 0.6000 0.6000 99,000
Jul 24, 2023 0.6090 0.6100 0.5610 0.5870 0.5870 125,700
Jul 21, 2023 0.6490 0.6490 0.5900 0.6000 0.6000 95,100
Jul 20, 2023 0.6290 0.6800 0.6200 0.6210 0.6210 67,100
Jul 19, 2023 0.6510 0.7000 0.6350 0.6400 0.6400 105,100
Jul 18, 2023 0.7200 0.7200 0.6260 0.6500 0.6500 152,800
Jul 17, 2023 0.8100 0.8300 0.7010 0.7100 0.7100 295,800
Jul 14, 2023 0.8600 0.9000 0.7790 0.8270 0.8270 117,000
Jul 13, 2023 0.8700 0.9000 0.8500 0.8600 0.8600 66,800
Jul 12, 2023 0.9300 0.9600 0.8950 0.9000 0.9000 104,10
• Single nucleotide polymorphism (SNP) analysis module and interpretation of plasmids now available
• Added reporting customized for the needs of hospital epidemiologists
• Signed first large commercial contract with U.S. healthcare network using the new features
ROCKVILLE, Md., Aug. 07, 2023 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen”), a precision medicine company harnessing the power of molecular diagnostics and informatics to help combat infectious disease, and OpGen subsidiary, Ares Genetics, which strives to become a leader in bacterial genomics and AI-powered prediction of antimicrobial resistance (AMR), announced today a major feature upgrade for the AREScloud platform that has been implemented with our healthcare clients to enhance genomic surveillance.
Genomic surveillance uses prospective whole genome sequencing (WGS) of all relevant pathogen isolates in a healthcare setting to identify hospital associated infections (HAIs) in real-time and enable preventive measures to limit outbreaks. Working with its customers globally, the Ares team has developed the new AREScloud features to provide relevant reporting for hospital epidemiologists and infection preventionists.
These specific new AREScloud features include:
• a new single nucleotide polymorphism (SNP) analysis module designed to support continuous analysis of new isolates as part of an ongoing genomic surveillance program,
• a new module for interpretation of genetic elements such as plasmids responsible for horizontal gene transmission,
• results reporting specifically for the needs of hospital epidemiologists and infection prevention staff, and
• compliance with HIPAA and SOCS2 standards, with auditing expected to be completed in Q3.
The new AREScloud features are now deployed as part of the standard analysis package, and in use with our customers globally. This includes a genomic surveillance contract with a large U.S. hospital network where we provide systematic sequencing and analysis of pathogen isolates on a weekly basis through our ARESiss service in Rockville, Maryland and AREScloud analysis. The new features further broaden the capabilities of AREScloud for microbial genomics that include antimicrobial resistance profiling, and genomic antibiotic sensitivity testing. For its sequencing service customers, AREScloud is also included as part of the ARESiss send-out service available through our laboratories in Rockville, Maryland and Vienna, Austria.
Theo deVos, Ares Genetics Managing Director commented: “We are focused on bringing improved patient care with the published benefits of genomic surveillance to healthcare providers in the U.S. and globally. To support this goal, we continue to enhance our AREScloud features, while making pathogen sequencing both affordable and broadly available.”
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.
For more information, please visit www.opgen.com.
OpGen, Inc. (OPGN) 0.4410-0.0841 (-16.0160%)
52 Week Range 0.4410 - 12.7000
Time for a strong rebound:
Aug 08, 2023 0.5600 0.5700 0.5110 0.5250 0.5250 92,200
Aug 07, 2023 0.6000 0.6100 0.5300 0.5600 0.5600 161,700
Aug 04, 2023 0.6000 0.6100 0.5800 0.5870 0.5870 63,000
Aug 03, 2023 0.6100 0.6200 0.5800 0.5830 0.5830 59,700
Aug 02, 2023 0.6000 0.6100 0.5600 0.5900 0.5900 48,500
Aug 01, 2023 0.6280 0.6280 0.5800 0.6010 0.6010 121,200
Jul 31, 2023 0.5700 0.6180 0.5610 0.6010 0.6010 102,000
Jul 28, 2023 0.5520 0.5700 0.5400 0.5700 0.5700 73,900
Jul 27, 2023 0.5570 0.5780 0.5340 0.5580 0.5580 84,300
Jul 26, 2023 0.6100 0.6100 0.5400 0.5680 0.5680 225,200
Jul 25, 2023 0.5850 0.6180 0.5690 0.6000 0.6000 99,000
Jul 24, 2023 0.6090 0.6100 0.5610 0.5870 0.5870 125,700
Jul 21, 2023 0.6490 0.6490 0.5900 0.6000 0.6000 95,100
Jul 20, 2023 0.6290 0.6800 0.6200 0.6210 0.6210 67,100
Jul 19, 2023 0.6510 0.7000 0.6350 0.6400 0.6400 105,100
Jul 18, 2023 0.7200 0.7200 0.6260 0.6500 0.6500 152,800
Jul 17, 2023 0.8100 0.8300 0.7010 0.7100 0.7100 295,800
Jul 14, 2023 0.8600 0.9000 0.7790 0.8270 0.8270 117,000
Jul 13, 2023 0.8700 0.9000 0.8500 0.8600 0.8600 66,800
Jul 12, 2023 0.9300 0.9600 0.8950 0.9000 0.9000 104,10
• Single nucleotide polymorphism (SNP) analysis module and interpretation of plasmids now available
• Added reporting customized for the needs of hospital epidemiologists
• Signed first large commercial contract with U.S. healthcare network using the new features
ROCKVILLE, Md., Aug. 07, 2023 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen”), a precision medicine company harnessing the power of molecular diagnostics and informatics to help combat infectious disease, and OpGen subsidiary, Ares Genetics, which strives to become a leader in bacterial genomics and AI-powered prediction of antimicrobial resistance (AMR), announced today a major feature upgrade for the AREScloud platform that has been implemented with our healthcare clients to enhance genomic surveillance.
Genomic surveillance uses prospective whole genome sequencing (WGS) of all relevant pathogen isolates in a healthcare setting to identify hospital associated infections (HAIs) in real-time and enable preventive measures to limit outbreaks. Working with its customers globally, the Ares team has developed the new AREScloud features to provide relevant reporting for hospital epidemiologists and infection preventionists.
These specific new AREScloud features include:
• a new single nucleotide polymorphism (SNP) analysis module designed to support continuous analysis of new isolates as part of an ongoing genomic surveillance program,
• a new module for interpretation of genetic elements such as plasmids responsible for horizontal gene transmission,
• results reporting specifically for the needs of hospital epidemiologists and infection prevention staff, and
• compliance with HIPAA and SOCS2 standards, with auditing expected to be completed in Q3.
The new AREScloud features are now deployed as part of the standard analysis package, and in use with our customers globally. This includes a genomic surveillance contract with a large U.S. hospital network where we provide systematic sequencing and analysis of pathogen isolates on a weekly basis through our ARESiss service in Rockville, Maryland and AREScloud analysis. The new features further broaden the capabilities of AREScloud for microbial genomics that include antimicrobial resistance profiling, and genomic antibiotic sensitivity testing. For its sequencing service customers, AREScloud is also included as part of the ARESiss send-out service available through our laboratories in Rockville, Maryland and Vienna, Austria.
Theo deVos, Ares Genetics Managing Director commented: “We are focused on bringing improved patient care with the published benefits of genomic surveillance to healthcare providers in the U.S. and globally. To support this goal, we continue to enhance our AREScloud features, while making pathogen sequencing both affordable and broadly available.”
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.
For more information, please visit www.opgen.com.
MULN will be fun
Shares Outstanding 643.38M
Float 135.61M
Shares Short (Jul 13, 2023) 4 75.31M
BREA, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces a 1 for 9 reverse split. The Company intends to begin repurchasing up to $25 million in shares through a stock buyback program after the filing of its 10-Q and upon expiration of its blackout period.
“We believe the Company is highly undervalued and the stock buyback program represents a compelling use of our capital, reflecting confidence in our business," said David Michery, CEO and chairman of Mullen Automotive.
After r/s
Shares Outstanding 71.54M
Float 15.06M
Shares Short (Jul 13, 2023) 8.36M
Aug 09, 2023 0.1122 0.1124 0.1050 0.1069 0.1069 79,948,013
Aug 08, 2023 0.1200 0.1200 0.1100 0.1100 0.1100 316,891,500
Aug 07, 2023 0.1100 0.1200 0.1100 0.1100 0.1100 171,973,800
Aug 04, 2023 0.1300 0.1300 0.1200 0.1200 0.1200 322,971,600
Aug 03, 2023 0.1200 0.1700 0.1200 0.1400 0.1400 918,234,600
Aug 02, 2023 0.1300 0.1300 0.1200 0.1200 0.1200 120,612,400
Aug 01, 2023 0.1300 0.1300 0.1200 0.1300 0.1300 115,231,600
Jul 31, 2023 0.1200 0.1400 0.1200 0.1300 0.1300 241,993,500
Jul 28, 2023 0.1200 0.1200 0.1200 0.1200 0.1200 173,362,300
Jul 27, 2023 0.1300 0.1300 0.1200 0.1200 0.1200 200,588,400
Jul 26, 2023 0.1300 0.1300 0.1300 0.1300 0.1300 168,978,600
Jul 25, 2023 0.1300 0.1400 0.1200 0.1300 0.1300 242,207,100
Jul 24, 2023 0.1400 0.1400 0.1300 0.1400 0.1400 220,362,500
Jul 21, 2023 0.1500 0.1500 0.1400 0.1400 0.1400 224,178,400
Jul 20, 2023 0.1500 0.1600 0.1400 0.1500 0.1500 246,053,500
Jul 19, 2023 0.1500 0.1500 0.1400 0.1500 0.1500 257,652,600
Jul 18, 2023 0.1600 0.1600 0.1500 0.1600 0.1600 223,916,300
Jul 17, 2023 0.1600 0.1700 0.1600 0.1600 0.1600 256,035,100
Jul 14, 2023 0.1600 0.1800 0.1500 0.1600 0.1600 393,988,000
Jul 13, 2023 0.1600 0.1600 0.1400 0.1600 0.1600 413,955,300
Jul 12, 2023 0.1700 0.1700 0.1400 0.1400 0.1400 583,237,200
Jul 11, 2023 0.1900 0.2100 0.1800 0.1800 0.1800 340,592,600
Jul 10, 2023 0.1800 0.2200 0.1800 0.1900 0.1900 593,377,300
Jul 07, 2023 0.2300 0.2300 0.1900 0.1900 0.1900 743,754,900
Jul 06, 2023 0.2800 0.3200 0.2000 0.2200 0.2200 1,894,471,800
MULN will be fun
Shares Outstanding 643.38M
Float 135.61M
Shares Short (Jul 13, 2023) 4 75.31M
BREA, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces a 1 for 9 reverse split. The Company intends to begin repurchasing up to $25 million in shares through a stock buyback program after the filing of its 10-Q and upon expiration of its blackout period.
“We believe the Company is highly undervalued and the stock buyback program represents a compelling use of our capital, reflecting confidence in our business," said David Michery, CEO and chairman of Mullen Automotive.
After r/s
Shares Outstanding 71.54M
Float 15.06M
Shares Short (Jul 13, 2023) 8.36M
Aug 09, 2023 0.1122 0.1124 0.1050 0.1069 0.1069 79,948,013
Aug 08, 2023 0.1200 0.1200 0.1100 0.1100 0.1100 316,891,500
Aug 07, 2023 0.1100 0.1200 0.1100 0.1100 0.1100 171,973,800
Aug 04, 2023 0.1300 0.1300 0.1200 0.1200 0.1200 322,971,600
Aug 03, 2023 0.1200 0.1700 0.1200 0.1400 0.1400 918,234,600
Aug 02, 2023 0.1300 0.1300 0.1200 0.1200 0.1200 120,612,400
Aug 01, 2023 0.1300 0.1300 0.1200 0.1300 0.1300 115,231,600
Jul 31, 2023 0.1200 0.1400 0.1200 0.1300 0.1300 241,993,500
Jul 28, 2023 0.1200 0.1200 0.1200 0.1200 0.1200 173,362,300
Jul 27, 2023 0.1300 0.1300 0.1200 0.1200 0.1200 200,588,400
Jul 26, 2023 0.1300 0.1300 0.1300 0.1300 0.1300 168,978,600
Jul 25, 2023 0.1300 0.1400 0.1200 0.1300 0.1300 242,207,100
Jul 24, 2023 0.1400 0.1400 0.1300 0.1400 0.1400 220,362,500
Jul 21, 2023 0.1500 0.1500 0.1400 0.1400 0.1400 224,178,400
Jul 20, 2023 0.1500 0.1600 0.1400 0.1500 0.1500 246,053,500
Jul 19, 2023 0.1500 0.1500 0.1400 0.1500 0.1500 257,652,600
Jul 18, 2023 0.1600 0.1600 0.1500 0.1600 0.1600 223,916,300
Jul 17, 2023 0.1600 0.1700 0.1600 0.1600 0.1600 256,035,100
Jul 14, 2023 0.1600 0.1800 0.1500 0.1600 0.1600 393,988,000
Jul 13, 2023 0.1600 0.1600 0.1400 0.1600 0.1600 413,955,300
Jul 12, 2023 0.1700 0.1700 0.1400 0.1400 0.1400 583,237,200
Jul 11, 2023 0.1900 0.2100 0.1800 0.1800 0.1800 340,592,600
Jul 10, 2023 0.1800 0.2200 0.1800 0.1900 0.1900 593,377,300
Jul 07, 2023 0.2300 0.2300 0.1900 0.1900 0.1900 743,754,900
Jul 06, 2023 0.2800 0.3200 0.2000 0.2200 0.2200 1,894,471,800
Taoping Inc. (TAOP) :3.5000+0.0200 (+0.5747%)
premarket: 3.7500 +0.27 (+7.76%)
Shares Outstanding 1.86M
Float 1.09M
mktcap: 5.9M
52w: 3.2 – 11.90
Very high volatility
Aug 08, 2023 3.4600 3.4600 3.2000 3.4200 3.4200 21,812
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Jul 11, 2023 9.7000 10.2000 6.0000 7.0000 7.0000 3,257,090
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
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. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
Taoping Inc. (TAOP) :3.5000+0.0200 (+0.5747%)
premarket: 3.7500 +0.27 (+7.76%)
Shares Outstanding 1.86M
Float 1.09M
mktcap: 5.9M
52w: 3.2 – 11.90
Very high volatility
Aug 08, 2023 3.4600 3.4600 3.2000 3.4200 3.4200 21,812
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Jul 11, 2023 9.7000 10.2000 6.0000 7.0000 7.0000 3,257,090
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
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. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
ReShape Lifesciences Inc. (RSLS) 1.2736-0.1364 (-9.67%)
52 Week Range 1.1790 - 40.0000
Market Cap: 3.52M
Shares Outstanding : 2.94M
Float : 2.54M
Book Value Per Share (mrq) 7.05
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.
IRVINE, Calif., June 26, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences® (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health solutions company, today announced the submission of a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation, enhanced Lap-Band® 2.0, utilizing a band reservoir technology.
About ReShape Lifesciences®
ReShape Lifesciences® is America’s premier weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® System provides minimally invasive, long-term treatment of obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. ReShapeCare™ is a virtual weight-management program that supports lifestyle changes for all weight loss patients led by board-certified health coaches to help them keep the weight off over time. ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of Type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Aug 07, 2023 1.4500 1.4500 1.3700 1.4100 1.4100 44,100
Jul 31, 2023 1.4500 1.5100 1.4000 1.4500 1.4500 228,200
Jul 24, 2023 1.4200 1.6600 1.3300 1.4300 1.4300 493,000
Jul 17, 2023 1.5000 1.5600 1.4000 1.4200 1.4200 221,200
Jul 10, 2023 1.4400 1.6600 1.4200 1.5000 1.5000 480,500
Jul 03, 2023 1.4700 1.5500 1.3600 1.4400 1.4400 485,200
Jun 26, 2023 1.7000 1.8100 1.3100 1.4800 1.4800 5,421,200
Jun 19, 2023 2.1100 2.4480 1.6500 1.6800 1.6800 1,003,500
Jun 12, 2023 2.3500 2.4400 2.1000 2.1100 2.1100 339,300
Jun 05, 2023 2.5850 2.5850 2.3320 2.3800 2.3800 199,200
May 29, 2023 2.5140 2.5600 2.3700 2.5200 2.5200 135,000
May 22, 2023 2.5200 2.7600 2.4700 2.5600 2.5600 272,900
May 15, 2023 2.3800 2.6690 2.2600 2.5200 2.5200 422,500
May 08, 2023 2.4500 2.7980 2.3200 2.3800 2.3800 530,500
May 01, 2023 2.3500 2.7000 2.3000 2.3800 2.3800 604,500
Apr 24, 2023 2.7500 2.7900 2.2100 2.2700 2.2700 457,500
Apr 17, 2023 2.6800 4.1000 2.6720 2.7500 2.7500 5,047,800
Apr 10, 2023 2.6800 3.8900 2.5700 2.7000 2.7000 5,020,400
Apr 03, 2023 2.6000 2.9800 2.5200 2.7500 2.7500 465,400
Mar 27, 2023 3.0400 3.1700 2.5000 2.5700 2.5700 550,200
Mar 20, 2023 3.1600 3.5600 2.6700 3.0800 3.0800 2,315,900
Mar 13, 2023 3.3200 3.3290 2.4900 2.6600 2.6600 543,800
Mar 06, 2023 4.4700 4.4700 3.2000 3.3500 3.3500 730,900
Feb 27, 2023 4.0000 4.5800 4.0000 4.4700 4.4700 669,800
Feb 20, 2023 4.9000 5.3900 3.9400 4.0300 4.0300 1,329,300
Feb 13, 2023 4.9000 5.5000 3.8300 5.0000 5.0000 6,166,900
Feb 06, 2023 6.5000 8.2000 5.0000 5.0200 5.0200 13,509,200
Jan 30, 2023 8.1400 22.4000 6.0600 17.0400 17.0400 12,624,600
Jan 23, 2023 7.5400 8.4100 7.3700 7.8700 7.8700 165,500
Jan 16, 2023 8.3800 8.5400 7.1100 7.6800 7.6800 93,100
Jan 09, 2023 7.5100 9.1100 7.1800 8.7200 8.7200 358,200
Jan 02, 2023 9.6600 20.6300 7.0800 7.2600 7.2600 13,614,600
SAN CLEMENTE, Calif., Aug. 07, 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 second quarter ended June 30, 2023 and provided a corporate strategic update.
Second Quarter 2023 and Subsequent Highlights
• In July, in response to the Company’s revenue shortfall caused by GLP-1 adoption and other market factors, ReShape made additional operational improvements to further invest in growth drivers and reduce expenses, with annualized savings estimated at more than $4 million.
• In June, the Company held its first Scientific Advisory Board meeting at which feedback affirmed market trends and the Company’s three growth pillars were discussed, including validation of the Lap-Band 2.0 design rationale and clinical publication strategies.
• In June, signed a preferred partner agreement with Hive Medical (Hive) for lead optimization software to improve patient engagement strategy, utilizing AI, machine-learning, SMS, and patient self-service technology to increase patient volume and, potentially, Lap-Band® surgeries.
• In June, presented preclinical data on its proprietary Diabetes Bloc-Stim Neuromodulation™ (DBSN™) device, which selectively modulates vagal block and stimulation to the liver and pancreas to manage blood glucose, in an e-poster at the American Society for Metabolic and Bariatric Surgery (ASMBS) 2023 Annual Meeting.
• In June, submitted a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation Lap-Band® 2.0, with an enhanced band reservoir technology that serves as a relief valve, designed to alleviate discomfort from swallowing large pieces of food, which may require in-office band adjustments.
• 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. The patent is expected to provide protection into at least January 2031, excluding any potential Patent Term Extension (PTE).
“Despite short-term headwinds as a result of the adoption of GLP-1 prescription therapy as a presurgical treatment option, we remain confident that this trend is expanding the medical weight loss market by promoting open discussions between physicians and the vast majority of those suffering from obesity, who have traditionally avoided surgery,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “The popularity of GLP-1’s has brought significant benefits to those suffering from type 2 diabetes and their use for weight loss has helped to normalize the stigma that often occurs around obesity and medical intervention. Excitingly, there is growing discussion regarding the application of GLP-1 therapy for patients who have plateaued with their weight loss following bariatric surgery, including Lap-Band® surgery patients. That said, as a standalone therapy, there is growing evidence that weight loss due to these pharmacological therapies levels off and can often lead to notable non-compliance due to their currently known side effects. From a continuum of care perspective, these patients are likely candidates for bariatric surgery as the next viable treatment.
Mr. Hickey continued, “During the second quarter, we took significant, tangible steps to further invest in our growth drivers by optimizing operational efficiencies and streamlining and enhancing our lead generation programs. As a direct result, we recognized a 53% reduction in operating expenses compared to last year’s second quarter and expect to see continued financial benefits throughout the rest of this year and into 2024. We are fully committed to attaining profitability by executing on our three growth pillars and are focused on being a disciplined and metrics driven organization, driving revenue by developing and expanding our pipeline, and validating our evidenced based products across the weight loss care continuum.
“To that end, in June, we submitted a PMA supplement application to the FDA for our next generation, Lap-Band® 2.0, developed with physician feedback to improve the patient experience using an enhanced band reservoir technology that serves as a relief valve and is designed to allow for increased Lap-Band® constriction and resultant satiety, without increasing discomfort due to swallowing large pieces of food that may require in-office band adjustments. We expect FDA feedback by year end or early 2024, at the latest. If approved, we believe that, based on discussions with physicians, there should be broad adoption by existing and new Lap-Band® surgeons.
“Also key is our recently signed agreement with Hive, which is expected to significantly improve our patient engagement strategy. Importantly, data generated during our testing of the Hive AI SMS platform in the first quarter, at select Lap-Band® accounts where we also have co-op marketing, revealed a more than 107% increase in medical consultations scheduled over the prior quarter. In conjunction with our highly targeted, direct-to-consumer marketing campaign, the Hive platform allows individuals to quickly and easily navigate new patient intake hurdles and book an appointment with a medical professional at any time. Taken together, we believe this strategy will better address patient leads, with the intent of increasing conversions and, ultimately, more Lap-Band® surgeries.”
Mr. Hickey concluded, “We believe our personalized, HIPAA-compliant, weight management program, ReShapeCare™, with resources including personalized health coaching, could be a meaningful adjunct for GLP-1 patients, helping them to make the necessary lifestyle changes to attain long-term weight loss. As the limitations of the use of GLP-1s become more evident, we are confident that our minimally invasive, adjustable Lap-Band® system, which remains broadly reimbursed, will continue to gain further acceptance as a long-term and safe weight loss solution. 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.”
Second Quarter and Six months Ended June 30, 2023, Financial and Operating Results
Revenue totaled $2.3 million for the three months ended June 30, 2023, which represents a contraction of $0.6 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the three months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of 2023, as the company continues to focus on increasing the demand for the Lap-Band®.
Revenue totaled $4.5 million for the six months ended June 30, 2023, which represents a contraction of $0.8 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the six months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of the year, as the company continues to focus on increasing the demand for the Lap-Band®.
Gross Profit for the three months ended June 30, 2023 was $1.2 million, compared to $1.9 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the three months ended June 30, 2023 was 53.0%, compared to 65.1% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Gross profit for the six months ended June 30, 2023 was $2.4 million, compared to $3.1 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the six months ended June 30, 2023 was 53.2%, compared to 58.2% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Sales and Marketing Expenses for the three months ended June 30, 2023, decreased by $2.5 million, or 53.0% to $2.2 million, compared to $4.6 million for the same period in 2022. The decrease is primarily due to a decrease of $1.6 million in advertising and marketing expenses, due to the move to a targeted digital marketing campaign. There were also reductions in payroll expenditures, including commissions, stock-based compensation, travel and consulting related services all totaling $0.9 million.
Sales and marketing expenses for the six months ended June 30, 2023, decreased by $5.0 million, or 53.3%, to $4.3 million, compared to $9.3 million for the same period in 2022. The decline is primarily due to a decrease of $4.0 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 significant reduction of costs. The company also had reductions in payroll expenditures, including commissions, travel and stock-based compensation of $0.9 million, due to changes in sales personnel and lower sales.
General and Administrative Expenses for the three months ended June 30, 2023, decreased by $2.9 million, or 54.4%, to approximately $2.5 million, compared to $5.4 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.9 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.4 million and a reduction in payroll-related expenditures of $0.4 million, due to changes within personnel. The company had a decrease in intangible asset amortization, as it impaired the finite intangible assets during the fourth quarter of 2022. The company also had a decrease in rent and insurance of $0.2 million due to its lease of the Carlsbad, CA location expiring.
General and administrative expenses for the six months ended June 30, 2023, decreased by $2.6 million, or 28.0%, to approximately $6.7 million, compared to $9.3 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.7 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.8 million and a reduction in payroll related expenditures of $0.6 million, due to changes within personnel. The company had a decrease in intangible asset amortization of $0.9 million, as it impaired the finite intangible assets during the fourth quarter. The company also had a decrease in rent and insurance of $0.4 million due to the lease of its Carlsbad, CA location expiring. This was offset by an increase in audit and professional services of approximately $1.9 million, primarily due to the offerings the company completed in February 2023 and April 2023.
Research and Development Expenses for the three months ended June 30, 2023, decreased by $0.2 million, or 22.2%, to $0.6 million, compared to approximately $0.8 million for the same period in 2022. The decline is primarily due to a decrease of $0.1 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses.
Research and development expenses for the six months ended June 30, 2023, decreased by $0.5 million, or 30.8%, to $1.0 million, compared to $1.5 million for the same period in 2022. The decline is primarily due to a decrease of $0.2 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses. The company also had minor decreases in both stock-based compensation expense and depreciation expense.
Non-GAAP adjusted EBITDA loss was $3.7 million for the three months ended June 30, 2023, compared to a loss of $7.8 million for the same period last year.
Non-GAAP adjusted EBIDTA loss was $9.1 million for the six months ended June 30, 2023, compared to a loss of $15.0 million for the same period last year.
Cash and Cash Equivalents as of June 30, 2023, were $4.7 million and the company remains debt free on its balance sheet.
Conference Call Information
Management will host a conference call to discuss ReShape’s financial and operational results today at 5:00 pm ET and will be joined by a member of ReShape’s Scientific Advisory Board, Christine Ren-Fielding, M.D., Professor of Surgery at NYU Grossman School of Medicine, Director of the NYU Langone Weight Management Program and Chief of the Division of Bariatric Surgery.
To participate in the conference call please register with the following Registration Link, and dial-in details will be provided. Participants using this feature are requested to dial into the conference call fifteen minutes ahead of time to avoid delays.
An archived replay will also be available on the “Events and Presentations” section of ReShape’s website at: https://ir.reshapelifesciences.com/events-and-presentations.
About ReShape Lifesciences®
ReShape Lifesciences® is America’s premier weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® System provides minimally invasive, long-term treatment of obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. ReShapeCare™ is a virtual weight-management program that supports lifestyle changes for all weight loss patients led by board-certified health coaches to help them keep the weight off over time. The recently launched ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Forward-Looking Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those discussed due to known and unknown risks, uncertainties, and other factors. These forward-looking statements generally can be identified by the use of words such as "expect," "plan," "anticipate," "could," "may," "intend," "will," "continue," "future," other words of similar meaning and the use of future dates. Forward-looking statements in this press release include statements about the company’s expected path to profitability, the expected timing of the FDA review process for the Lap-Band® 2.0, the expected adoption of the Lap-Band® 2.0 by surgeons, and the expectation for increased revenue. These and additional risks and uncertainties are described more fully in the company's filings with the Securities and Exchange Commission, including those factors identified as "risk factors" in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. We are providing this information as of the date of this press release and do not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Disclosures
In addition to the financial information prepared in conformity with GAAP, we provide certain historical non-GAAP financial information. Management believes that these non-GAAP financial measures assist investors in making comparisons of period-to-period operating results.
Management believes that the presentation of this non-GAAP financial information provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, and amortization methods, which provides a more complete understanding of our financial performance, competitive position, and prospects for the future. However, the non-GAAP financial measures presented in this release have certain limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
Adjusted EBITDA
Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Adjusted EBITDA is defined as net loss before interest, taxes, depreciation and amortization, stock-based compensation, and other one-time costs. Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
ReShape Lifesciences Inc. (RSLS) 1.2736-0.1364 (-9.67%)
52 Week Range 1.1790 - 40.0000
Market Cap: 3.52M
Shares Outstanding : 2.94M
Float : 2.54M
Book Value Per Share (mrq) 7.05
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.
IRVINE, Calif., June 26, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences® (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health solutions company, today announced the submission of a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation, enhanced Lap-Band® 2.0, utilizing a band reservoir technology.
About ReShape Lifesciences®
ReShape Lifesciences® is America’s premier weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® System provides minimally invasive, long-term treatment of obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. ReShapeCare™ is a virtual weight-management program that supports lifestyle changes for all weight loss patients led by board-certified health coaches to help them keep the weight off over time. ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of Type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Aug 07, 2023 1.4500 1.4500 1.3700 1.4100 1.4100 44,100
Jul 31, 2023 1.4500 1.5100 1.4000 1.4500 1.4500 228,200
Jul 24, 2023 1.4200 1.6600 1.3300 1.4300 1.4300 493,000
Jul 17, 2023 1.5000 1.5600 1.4000 1.4200 1.4200 221,200
Jul 10, 2023 1.4400 1.6600 1.4200 1.5000 1.5000 480,500
Jul 03, 2023 1.4700 1.5500 1.3600 1.4400 1.4400 485,200
Jun 26, 2023 1.7000 1.8100 1.3100 1.4800 1.4800 5,421,200
Jun 19, 2023 2.1100 2.4480 1.6500 1.6800 1.6800 1,003,500
Jun 12, 2023 2.3500 2.4400 2.1000 2.1100 2.1100 339,300
Jun 05, 2023 2.5850 2.5850 2.3320 2.3800 2.3800 199,200
May 29, 2023 2.5140 2.5600 2.3700 2.5200 2.5200 135,000
May 22, 2023 2.5200 2.7600 2.4700 2.5600 2.5600 272,900
May 15, 2023 2.3800 2.6690 2.2600 2.5200 2.5200 422,500
May 08, 2023 2.4500 2.7980 2.3200 2.3800 2.3800 530,500
May 01, 2023 2.3500 2.7000 2.3000 2.3800 2.3800 604,500
Apr 24, 2023 2.7500 2.7900 2.2100 2.2700 2.2700 457,500
Apr 17, 2023 2.6800 4.1000 2.6720 2.7500 2.7500 5,047,800
Apr 10, 2023 2.6800 3.8900 2.5700 2.7000 2.7000 5,020,400
Apr 03, 2023 2.6000 2.9800 2.5200 2.7500 2.7500 465,400
Mar 27, 2023 3.0400 3.1700 2.5000 2.5700 2.5700 550,200
Mar 20, 2023 3.1600 3.5600 2.6700 3.0800 3.0800 2,315,900
Mar 13, 2023 3.3200 3.3290 2.4900 2.6600 2.6600 543,800
Mar 06, 2023 4.4700 4.4700 3.2000 3.3500 3.3500 730,900
Feb 27, 2023 4.0000 4.5800 4.0000 4.4700 4.4700 669,800
Feb 20, 2023 4.9000 5.3900 3.9400 4.0300 4.0300 1,329,300
Feb 13, 2023 4.9000 5.5000 3.8300 5.0000 5.0000 6,166,900
Feb 06, 2023 6.5000 8.2000 5.0000 5.0200 5.0200 13,509,200
Jan 30, 2023 8.1400 22.4000 6.0600 17.0400 17.0400 12,624,600
Jan 23, 2023 7.5400 8.4100 7.3700 7.8700 7.8700 165,500
Jan 16, 2023 8.3800 8.5400 7.1100 7.6800 7.6800 93,100
Jan 09, 2023 7.5100 9.1100 7.1800 8.7200 8.7200 358,200
Jan 02, 2023 9.6600 20.6300 7.0800 7.2600 7.2600 13,614,600
SAN CLEMENTE, Calif., Aug. 07, 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 second quarter ended June 30, 2023 and provided a corporate strategic update.
Second Quarter 2023 and Subsequent Highlights
• In July, in response to the Company’s revenue shortfall caused by GLP-1 adoption and other market factors, ReShape made additional operational improvements to further invest in growth drivers and reduce expenses, with annualized savings estimated at more than $4 million.
• In June, the Company held its first Scientific Advisory Board meeting at which feedback affirmed market trends and the Company’s three growth pillars were discussed, including validation of the Lap-Band 2.0 design rationale and clinical publication strategies.
• In June, signed a preferred partner agreement with Hive Medical (Hive) for lead optimization software to improve patient engagement strategy, utilizing AI, machine-learning, SMS, and patient self-service technology to increase patient volume and, potentially, Lap-Band® surgeries.
• In June, presented preclinical data on its proprietary Diabetes Bloc-Stim Neuromodulation™ (DBSN™) device, which selectively modulates vagal block and stimulation to the liver and pancreas to manage blood glucose, in an e-poster at the American Society for Metabolic and Bariatric Surgery (ASMBS) 2023 Annual Meeting.
• In June, submitted a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation Lap-Band® 2.0, with an enhanced band reservoir technology that serves as a relief valve, designed to alleviate discomfort from swallowing large pieces of food, which may require in-office band adjustments.
• 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. The patent is expected to provide protection into at least January 2031, excluding any potential Patent Term Extension (PTE).
“Despite short-term headwinds as a result of the adoption of GLP-1 prescription therapy as a presurgical treatment option, we remain confident that this trend is expanding the medical weight loss market by promoting open discussions between physicians and the vast majority of those suffering from obesity, who have traditionally avoided surgery,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “The popularity of GLP-1’s has brought significant benefits to those suffering from type 2 diabetes and their use for weight loss has helped to normalize the stigma that often occurs around obesity and medical intervention. Excitingly, there is growing discussion regarding the application of GLP-1 therapy for patients who have plateaued with their weight loss following bariatric surgery, including Lap-Band® surgery patients. That said, as a standalone therapy, there is growing evidence that weight loss due to these pharmacological therapies levels off and can often lead to notable non-compliance due to their currently known side effects. From a continuum of care perspective, these patients are likely candidates for bariatric surgery as the next viable treatment.
Mr. Hickey continued, “During the second quarter, we took significant, tangible steps to further invest in our growth drivers by optimizing operational efficiencies and streamlining and enhancing our lead generation programs. As a direct result, we recognized a 53% reduction in operating expenses compared to last year’s second quarter and expect to see continued financial benefits throughout the rest of this year and into 2024. We are fully committed to attaining profitability by executing on our three growth pillars and are focused on being a disciplined and metrics driven organization, driving revenue by developing and expanding our pipeline, and validating our evidenced based products across the weight loss care continuum.
“To that end, in June, we submitted a PMA supplement application to the FDA for our next generation, Lap-Band® 2.0, developed with physician feedback to improve the patient experience using an enhanced band reservoir technology that serves as a relief valve and is designed to allow for increased Lap-Band® constriction and resultant satiety, without increasing discomfort due to swallowing large pieces of food that may require in-office band adjustments. We expect FDA feedback by year end or early 2024, at the latest. If approved, we believe that, based on discussions with physicians, there should be broad adoption by existing and new Lap-Band® surgeons.
“Also key is our recently signed agreement with Hive, which is expected to significantly improve our patient engagement strategy. Importantly, data generated during our testing of the Hive AI SMS platform in the first quarter, at select Lap-Band® accounts where we also have co-op marketing, revealed a more than 107% increase in medical consultations scheduled over the prior quarter. In conjunction with our highly targeted, direct-to-consumer marketing campaign, the Hive platform allows individuals to quickly and easily navigate new patient intake hurdles and book an appointment with a medical professional at any time. Taken together, we believe this strategy will better address patient leads, with the intent of increasing conversions and, ultimately, more Lap-Band® surgeries.”
Mr. Hickey concluded, “We believe our personalized, HIPAA-compliant, weight management program, ReShapeCare™, with resources including personalized health coaching, could be a meaningful adjunct for GLP-1 patients, helping them to make the necessary lifestyle changes to attain long-term weight loss. As the limitations of the use of GLP-1s become more evident, we are confident that our minimally invasive, adjustable Lap-Band® system, which remains broadly reimbursed, will continue to gain further acceptance as a long-term and safe weight loss solution. 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.”
Second Quarter and Six months Ended June 30, 2023, Financial and Operating Results
Revenue totaled $2.3 million for the three months ended June 30, 2023, which represents a contraction of $0.6 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the three months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of 2023, as the company continues to focus on increasing the demand for the Lap-Band®.
Revenue totaled $4.5 million for the six months ended June 30, 2023, which represents a contraction of $0.8 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the six months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of the year, as the company continues to focus on increasing the demand for the Lap-Band®.
Gross Profit for the three months ended June 30, 2023 was $1.2 million, compared to $1.9 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the three months ended June 30, 2023 was 53.0%, compared to 65.1% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Gross profit for the six months ended June 30, 2023 was $2.4 million, compared to $3.1 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the six months ended June 30, 2023 was 53.2%, compared to 58.2% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Sales and Marketing Expenses for the three months ended June 30, 2023, decreased by $2.5 million, or 53.0% to $2.2 million, compared to $4.6 million for the same period in 2022. The decrease is primarily due to a decrease of $1.6 million in advertising and marketing expenses, due to the move to a targeted digital marketing campaign. There were also reductions in payroll expenditures, including commissions, stock-based compensation, travel and consulting related services all totaling $0.9 million.
Sales and marketing expenses for the six months ended June 30, 2023, decreased by $5.0 million, or 53.3%, to $4.3 million, compared to $9.3 million for the same period in 2022. The decline is primarily due to a decrease of $4.0 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 significant reduction of costs. The company also had reductions in payroll expenditures, including commissions, travel and stock-based compensation of $0.9 million, due to changes in sales personnel and lower sales.
General and Administrative Expenses for the three months ended June 30, 2023, decreased by $2.9 million, or 54.4%, to approximately $2.5 million, compared to $5.4 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.9 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.4 million and a reduction in payroll-related expenditures of $0.4 million, due to changes within personnel. The company had a decrease in intangible asset amortization, as it impaired the finite intangible assets during the fourth quarter of 2022. The company also had a decrease in rent and insurance of $0.2 million due to its lease of the Carlsbad, CA location expiring.
General and administrative expenses for the six months ended June 30, 2023, decreased by $2.6 million, or 28.0%, to approximately $6.7 million, compared to $9.3 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.7 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.8 million and a reduction in payroll related expenditures of $0.6 million, due to changes within personnel. The company had a decrease in intangible asset amortization of $0.9 million, as it impaired the finite intangible assets during the fourth quarter. The company also had a decrease in rent and insurance of $0.4 million due to the lease of its Carlsbad, CA location expiring. This was offset by an increase in audit and professional services of approximately $1.9 million, primarily due to the offerings the company completed in February 2023 and April 2023.
Research and Development Expenses for the three months ended June 30, 2023, decreased by $0.2 million, or 22.2%, to $0.6 million, compared to approximately $0.8 million for the same period in 2022. The decline is primarily due to a decrease of $0.1 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses.
Research and development expenses for the six months ended June 30, 2023, decreased by $0.5 million, or 30.8%, to $1.0 million, compared to $1.5 million for the same period in 2022. The decline is primarily due to a decrease of $0.2 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses. The company also had minor decreases in both stock-based compensation expense and depreciation expense.
Non-GAAP adjusted EBITDA loss was $3.7 million for the three months ended June 30, 2023, compared to a loss of $7.8 million for the same period last year.
Non-GAAP adjusted EBIDTA loss was $9.1 million for the six months ended June 30, 2023, compared to a loss of $15.0 million for the same period last year.
Cash and Cash Equivalents as of June 30, 2023, were $4.7 million and the company remains debt free on its balance sheet.
Conference Call Information
Management will host a conference call to discuss ReShape’s financial and operational results today at 5:00 pm ET and will be joined by a member of ReShape’s Scientific Advisory Board, Christine Ren-Fielding, M.D., Professor of Surgery at NYU Grossman School of Medicine, Director of the NYU Langone Weight Management Program and Chief of the Division of Bariatric Surgery.
To participate in the conference call please register with the following Registration Link, and dial-in details will be provided. Participants using this feature are requested to dial into the conference call fifteen minutes ahead of time to avoid delays.
An archived replay will also be available on the “Events and Presentations” section of ReShape’s website at: https://ir.reshapelifesciences.com/events-and-presentations.
About ReShape Lifesciences®
ReShape Lifesciences® is America’s premier weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® System provides minimally invasive, long-term treatment of obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. ReShapeCare™ is a virtual weight-management program that supports lifestyle changes for all weight loss patients led by board-certified health coaches to help them keep the weight off over time. The recently launched ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Forward-Looking Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those discussed due to known and unknown risks, uncertainties, and other factors. These forward-looking statements generally can be identified by the use of words such as "expect," "plan," "anticipate," "could," "may," "intend," "will," "continue," "future," other words of similar meaning and the use of future dates. Forward-looking statements in this press release include statements about the company’s expected path to profitability, the expected timing of the FDA review process for the Lap-Band® 2.0, the expected adoption of the Lap-Band® 2.0 by surgeons, and the expectation for increased revenue. These and additional risks and uncertainties are described more fully in the company's filings with the Securities and Exchange Commission, including those factors identified as "risk factors" in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. We are providing this information as of the date of this press release and do not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Disclosures
In addition to the financial information prepared in conformity with GAAP, we provide certain historical non-GAAP financial information. Management believes that these non-GAAP financial measures assist investors in making comparisons of period-to-period operating results.
Management believes that the presentation of this non-GAAP financial information provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, and amortization methods, which provides a more complete understanding of our financial performance, competitive position, and prospects for the future. However, the non-GAAP financial measures presented in this release have certain limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
Adjusted EBITDA
Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Adjusted EBITDA is defined as net loss before interest, taxes, depreciation and amortization, stock-based compensation, and other one-time costs. Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
CHIMERIX INC. (CMRX) : 1.03 – 2.83%
52w: 1.03 – 2.898
233 -2 = 231 : 88.6 = $2.61 / share
Phase 3 ACTION Study Ongoing with 77 Sites Activated Across 11 Countries; Reiterate First Interim Overall Survival Analysis Expected Early 2025 –
– ONC206 Dose Escalation Completion Expected in First Half 2024 –
– Capital Available to Fund Operations is $233 Million as of June 30, 2023 –
Chimerix’s balance sheet at June 30, 2023 included $233.0 million of capital available to fund operations, approximately 88.6 million outstanding shares of common stock and no outstanding debt.
Shares Outstanding 88.58M
Float 74.43M
Total Debt (mrq) 2.11M
CHIMERIX INC. (CMRX) : 1.03 – 2.83%
52w: 1.03 – 2.898
233 -2 = 231 : 88.6 = $2.61 / share
Phase 3 ACTION Study Ongoing with 77 Sites Activated Across 11 Countries; Reiterate First Interim Overall Survival Analysis Expected Early 2025 –
– ONC206 Dose Escalation Completion Expected in First Half 2024 –
– Capital Available to Fund Operations is $233 Million as of June 30, 2023 –
Chimerix’s balance sheet at June 30, 2023 included $233.0 million of capital available to fund operations, approximately 88.6 million outstanding shares of common stock and no outstanding debt.
Shares Outstanding 88.58M
Float 74.43M
Total Debt (mrq) 2.11M
Taoping Inc. (TAOP) :3.46 - 4.68%
Shares Outstanding 1.86M
Float 1.09M
mktcap: 5.9M
52w: 3.2 – 11.90
Very high volatility
Aug 08, 2023 3.4600 3.4600 3.2000 3.4200 3.4200 21,812
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Jul 11, 2023 9.7000 10.2000 6.0000 7.0000 7.0000 3,257,090
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
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. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
Taoping Inc. (TAOP) :3.46 - 4.68%
Shares Outstanding 1.86M
Float 1.09M
mktcap: 5.9M
52w: 3.2 – 11.90
Very high volatility
Aug 08, 2023 3.4600 3.4600 3.2000 3.4200 3.4200 21,812
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Jul 11, 2023 9.7000 10.2000 6.0000 7.0000 7.0000 3,257,090
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
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. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
Taoping Inc. (TAOP) :3.5600-0.5200 (-12.7451%)
Shares Outstanding 1.86M
Float 1.09M
52w: 3.5 – 11.90
Very high volatility
Aug 07, 2023 3.6800 3.8500 3.5000 3.5600 3.5600 49,332
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
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. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
Taoping Inc. (TAOP) :3.5600-0.5200 (-12.7451%)
Shares Outstanding 1.86M
Float 1.09M
52w: 3.5 – 11.90
Very high volatility
Aug 07, 2023 3.6800 3.8500 3.5000 3.5600 3.5600 49,332
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
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. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
ReShape Lifesciences Inc. (RSLS) : 1.66 + 0.215 (14.85%)
52w: 1.31 – 40.00
marcet cap: 4.88M
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.
IRVINE, Calif., June 26, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences® (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health solutions company, today announced the submission of a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation, enhanced Lap-Band® 2.0, utilizing a band reservoir technology.
About ReShape Lifesciences®
ReShape Lifesciences® is America’s premier weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® System provides minimally invasive, long-term treatment of obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. ReShapeCare™ is a virtual weight-management program that supports lifestyle changes for all weight loss patients led by board-certified health coaches to help them keep the weight off over time. ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of Type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Jun 12, 2023 2.3500 2.4400 2.1000 2.1100 2.1100 339,300
Jun 05, 2023 2.5850 2.5850 2.3320 2.3800 2.3800 199,200
May 29, 2023 2.5140 2.5600 2.3700 2.5200 2.5200 135,000
May 22, 2023 2.5200 2.7600 2.4700 2.5600 2.5600 272,900
May 15, 2023 2.3800 2.6690 2.2600 2.5200 2.5200 422,500
May 08, 2023 2.4500 2.7980 2.3200 2.3800 2.3800 530,500
May 01, 2023 2.3500 2.7000 2.3000 2.3800 2.3800 604,500
Apr 24, 2023 2.7500 2.7900 2.2100 2.2700 2.2700 457,500
Apr 17, 2023 2.6800 4.1000 2.6720 2.7500 2.7500 5,047,800
Apr 10, 2023 2.6800 3.8900 2.5700 2.7000 2.7000 5,020,400
Apr 03, 2023 2.6000 2.9800 2.5200 2.7500 2.7500 465,400
Mar 27, 2023 3.0400 3.1700 2.5000 2.5700 2.5700 550,200
Mar 20, 2023 3.1600 3.5600 2.6700 3.0800 3.0800 2,315,900
Mar 13, 2023 3.3200 3.3290 2.4900 2.6600 2.6600 543,800
Mar 06, 2023 4.4700 4.4700 3.2000 3.3500 3.3500 730,900
Feb 27, 2023 4.0000 4.5800 4.0000 4.4700 4.4700 669,800
Feb 20, 2023 4.9000 5.3900 3.9400 4.0300 4.0300 1,329,300
Feb 13, 2023 4.9000 5.5000 3.8300 5.0000 5.0000 6,166,900
Feb 06, 2023 6.5000 8.2000 5.0000 5.0200 5.0200 13,509,200
Jan 30, 2023 8.1400 22.4000 6.0600 17.0400 17.0400 12,624,600
Jan 23, 2023 7.5400 8.4100 7.3700 7.8700 7.8700 165,500
Jan 16, 2023 8.3800 8.5400 7.1100 7.6800 7.6800 93,100
Jan 09, 2023 7.5100 9.1100 7.1800 8.7200 8.7200 358,200
Jan 02, 2023 9.6600 20.6300 7.0800 7.2600 7.2600 13,614,600
ReShape Lifesciences Inc. (RSLS) : 1.66 + 0.215 (14.85%)
52w: 1.31 – 40.00
marcet cap: 4.88M
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.
IRVINE, Calif., June 26, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences® (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health solutions company, today announced the submission of a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation, enhanced Lap-Band® 2.0, utilizing a band reservoir technology.
About ReShape Lifesciences®
ReShape Lifesciences® is America’s premier weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® System provides minimally invasive, long-term treatment of obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. ReShapeCare™ is a virtual weight-management program that supports lifestyle changes for all weight loss patients led by board-certified health coaches to help them keep the weight off over time. ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of Type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Jun 12, 2023 2.3500 2.4400 2.1000 2.1100 2.1100 339,300
Jun 05, 2023 2.5850 2.5850 2.3320 2.3800 2.3800 199,200
May 29, 2023 2.5140 2.5600 2.3700 2.5200 2.5200 135,000
May 22, 2023 2.5200 2.7600 2.4700 2.5600 2.5600 272,900
May 15, 2023 2.3800 2.6690 2.2600 2.5200 2.5200 422,500
May 08, 2023 2.4500 2.7980 2.3200 2.3800 2.3800 530,500
May 01, 2023 2.3500 2.7000 2.3000 2.3800 2.3800 604,500
Apr 24, 2023 2.7500 2.7900 2.2100 2.2700 2.2700 457,500
Apr 17, 2023 2.6800 4.1000 2.6720 2.7500 2.7500 5,047,800
Apr 10, 2023 2.6800 3.8900 2.5700 2.7000 2.7000 5,020,400
Apr 03, 2023 2.6000 2.9800 2.5200 2.7500 2.7500 465,400
Mar 27, 2023 3.0400 3.1700 2.5000 2.5700 2.5700 550,200
Mar 20, 2023 3.1600 3.5600 2.6700 3.0800 3.0800 2,315,900
Mar 13, 2023 3.3200 3.3290 2.4900 2.6600 2.6600 543,800
Mar 06, 2023 4.4700 4.4700 3.2000 3.3500 3.3500 730,900
Feb 27, 2023 4.0000 4.5800 4.0000 4.4700 4.4700 669,800
Feb 20, 2023 4.9000 5.3900 3.9400 4.0300 4.0300 1,329,300
Feb 13, 2023 4.9000 5.5000 3.8300 5.0000 5.0000 6,166,900
Feb 06, 2023 6.5000 8.2000 5.0000 5.0200 5.0200 13,509,200
Jan 30, 2023 8.1400 22.4000 6.0600 17.0400 17.0400 12,624,600
Jan 23, 2023 7.5400 8.4100 7.3700 7.8700 7.8700 165,500
Jan 16, 2023 8.3800 8.5400 7.1100 7.6800 7.6800 93,100
Jan 09, 2023 7.5100 9.1100 7.1800 8.7200 8.7200 358,200
Jan 02, 2023 9.6600 20.6300 7.0800 7.2600 7.2600 13,614,600
Aprea Therapeutics, Inc. (APRE) : 2.9200-0.1800 (-5.8064%)
52 w: 2.83 - 23.2000
Market Cap : 9.520.000
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
Time for a rebound
Jul 25, 2023 3.0400 3.0741 2.8301 2.9200 2.9200 35,814
Jul 24, 2023 3.2600 3.3200 3.0000 3.1190 3.1190 43,100
Jul 21, 2023 3.3100 3.4090 3.2000 3.2500 3.2500 21,900
Jul 20, 2023 3.3400 3.5000 3.1700 3.4200 3.4200 102,300
Jul 19, 2023 3.5000 3.7500 3.3500 3.4200 3.4200 140,500
Jul 18, 2023 3.3900 5.2000 3.0600 3.5000 3.5000 1,796,200
Jul 17, 2023 3.2270 3.2780 3.1200 3.2240 3.2240 10,200
Jul 14, 2023 3.3200 3.3200 3.1300 3.1300 3.1300 4,300
Jul 13, 2023 3.2000 3.3200 3.1600 3.3200 3.3200 5,900
Aprea Therapeutics, Inc. (APRE) : 2.9200-0.1800 (-5.8064%)
52 w: 2.83 - 23.2000
Market Cap : 9.520.000
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
Time for a rebound
Jul 25, 2023 3.0400 3.0741 2.8301 2.9200 2.9200 35,814
Jul 24, 2023 3.2600 3.3200 3.0000 3.1190 3.1190 43,100
Jul 21, 2023 3.3100 3.4090 3.2000 3.2500 3.2500 21,900
Jul 20, 2023 3.3400 3.5000 3.1700 3.4200 3.4200 102,300
Jul 19, 2023 3.5000 3.7500 3.3500 3.4200 3.4200 140,500
Jul 18, 2023 3.3900 5.2000 3.0600 3.5000 3.5000 1,796,200
Jul 17, 2023 3.2270 3.2780 3.1200 3.2240 3.2240 10,200
Jul 14, 2023 3.3200 3.3200 3.1300 3.1300 3.1300 4,300
Jul 13, 2023 3.2000 3.3200 3.1600 3.3200 3.3200 5,900
QUINCE THERAPEUTICS (QNCX) : 1.20
Pre-Market High $2.04 (07:03:38 AM)
Total Cash (mrq) 90.2M
Total Cash Per Share (mrq) 2.49
Total Debt (mrq) 269k
Quince Therapeutics to Acquire EryDel SpA and its Phase 3 Asset Targeting Ataxia-Telangiectasia with No Currently Approved Treatments and Estimated $1+ Billion Peak Sales Opportunity
Well-capitalized into 2026 with ability to fully fund lead asset EryDex expected through Phase 3 trial under special protocol assessment (SPA) and to NDA submission
EryDex utilizes autologous intracellular drug encapsulation (AIDE) technology designed for slow release of steroids over several weeks without long-term toxicity typically associated with chronic administration
Potential for rapid expansion of EryDex to other rare and debilitating disease indications where chronic steroid treatment is or could become the standard of care
SOUTH SAN FRANCISCO, Calif., July 24, 2023--(BUSINESS WIRE)--Quince Therapeutics, Inc. (Nasdaq: QNCX), a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform patients’ lives, today announced that the company has entered into an agreement to acquire EryDel SpA, a privately-held, late-stage biotech company, in a stock-for-stock upfront exchange and potential downstream milestone cash payments. EryDel has developed an autologous intracellular drug encapsulation (AIDE) technology and a Phase 3 lead asset, EryDex, targeting a rare fatal pediatric neurological disease, Ataxia-Telangiectasia (A-T), which currently has no approved treatments. Upon completion of the transaction, EryDel stockholders will own approximately 16.7% of the combined company (subject to downward adjustment) and will be entitled to up to $485 million upon the achievement of development, regulatory, and commercial milestone payments, with no royalties. The transaction, which has been unanimously approved by the Boards of Directors of both companies, is subject to certain regulatory approvals and other closing conditions and is expected to close in the third quarter of 2023.
Dirk Thye, M.D., Quince’s Chief Executive Officer, said, "We are highly enthusiastic and optimistic about our acquisition of this unique drug/device combination technology platform and promising late-stage clinical asset to drive Quince’s next stage of growth. EryDel’s proprietary AIDE technology enables the autologous intracellular encapsulation and delivery of dexamethasone in a controlled, slow-release manner that has the potential to allow chronic administration of steroids over many months or years with a favorable safety profile. This represents a tremendous opportunity to target not only A-T, but also the potential to expand into several debilitating rare diseases where chronic steroid treatment is the standard of care – or could be in the absence of long-term steroid toxicity. Upon the close of the acquisition, we will quickly focus our considerable development expertise and financial resources toward advancing the lead asset EryDex for A-T through a single global Phase 3 clinical trial under a SPA already in place with the FDA to an anticipated NDA submission, assuming positive study results."
Luca Benatti, EryDel’s Chief Executive Officer, said, "EryDel’s acquisition by Quince offers the opportunity to advance our innovative, point-of-care autologous intracellular encapsulation technology through development to commercialization and to fulfill our mission to provide the first treatment for patients living with the devastating disease of A-T. Quince’s effort will be supported by the encouraging Phase 3 data generated from EryDel’s prior international study of EryDex, which demonstrated a significant delay in disease progression in A-T patients and further supported more than 10 years of safety data. Quince is well-positioned to advance EryDel’s differentiated AIDE technology and development of our lead asset EryDex to deliver innovative treatments to patients in need."
Transformative Acquisition with Value-Creating Clinical Milestones
Key highlights of the EryDel acquisition include:
Well-capitalized into 2026 with ability to fully fund lead asset EryDex expected through Phase 3 clinical trial under SPA and to NDA submission
• Strong balance sheet with approximately $87.6 million in cash, cash equivalents, and short term investments (unaudited) as of June 30, 2023, to provide funding for operating requirements into 2026.
• Capital efficient development plan allows for funding of EryDex through global Phase 3 clinical trial under SPA and, assuming positive study results, to NDA submission, in addition to pursuing European regulatory activities related to potential MAA submission.
• Potential to out-license ex-U.S. regional territories to provide runway through regulatory approval of EryDex.
Plan to enroll first patient in global Phase 3 trial of EryDex in second quarter of 2024 with NDA submission targeted by end of 2025
• SPA in place with FDA for a single global Phase 3 clinical trial of EryDex expected to be sufficient for NDA submission, assuming positive study results.
• EryDex designated as orphan drug for treatment of A-T from both the FDA and EMA.
• Phase 3 NEAT (Neurologic Effects of EryDex on Subjects with A-T) clinical trial is a planned double blind, randomized, placebo controlled, global efficacy study in approximately 86 A-T patients aged six to nine years-old with up to an additional 20 patients aged 10 years or older included for potential broader label support.
• Primary endpoint, as agreed upon with the FDA, to measure neurological function based on rescored modified International Cooperative Ataxia Rating Scale (RmICARS) from baseline to month six of treatment.
• Secondary endpoints to measure Clinical Global Impression scores for severity (CGI-S) and change (CGI-C), as well as EuroQol quality of life scoring.
• Plan to enroll first patient in Phase 3 NEAT clinical trial in the second quarter of 2024.
• Commercial version of EryKit treatment consumables approved in Europe and currently under partial clinical hold pending response to FDA query.
• Target EryDex NDA submission with the FDA by the end of 2025, assuming positive Phase 3 NEAT study results.
EryDex efficacy and safety profile demonstrated in prior Phase 3 clinical trial of A-T patients
• Pursuing European regulatory activities related to potential MAA submission of EryDex based on prior Phase 3 clinical trial.
• Completed largest global interventional study of A-T patients (N=175) in Phase 3 ATTeST (Ataxia Telangiectasia Trial with the EryDex SysTem) clinical trial and open label extension (OLE) (N=104).
• Primary endpoint measured modified International Cooperative Ataxia Rating Scale (mICARS) score from baseline to month six of treatment.
• Secondary endpoints measured CGI-C, Quality of Life (QOL), and Vineland Adaptive Behavior Scales (VABS) scores.
• EryDex high dose treatment arm demonstrated slowed neurological deterioration in A-T disease progression as measured by mICARS in intent to treat population (ITT) with statistically significant effect in six to nine year-old subgroup across multiple endpoints.
• 12-month safety analysis demonstrated EryDex well-tolerated with no major adverse events typically associated with chronic steroid administration.
• Sustained therapeutic effect and favorable safety profile maintained for more than three additional years in high dose treatment arm in OLE study, in addition to no steroid related toxicity observed in patients receiving more than 10 years of treatment.
• Conformité Européene (CE) mark already obtained in Europe for drug/device combination and commercial version of EryKit treatment consumables.
$1+ billion estimated peak global sales opportunity for A-T indication alone with rapid expansion potential for EryDex to other rare and debilitating diseases
• A-T population estimated to be approximately 10,000 patients in the U.S., U.K., and EU4 countries with no currently approved therapies and $1+ billion estimated peak sales opportunity globally.
• EryDex for A-T indication holds potential to be first-to-market with attractive pricing comparables and no known late-stage competition.
• EryDex designated as orphan drug for A-T treatment from the FDA and EMA.
• Potential for rapid expansion of EryDex to other rare and debilitating disease indications where chronic steroid administration is the standard of care – or could be in the absence of long-term steroid toxicity.
• AIDE platform capable of expansion to other drugs or biologics, including enzyme replacement therapy.
• Multi-faceted technology protections create high barriers to entry with intellectual property exclusivity until at least 2034 globally and at least 2035 in the U.S.
Transaction Details
Under the terms of the acquisition transaction, EryDel will operate as a wholly owned subsidiary of Quince Therapeutics with plans to retain EryDel’s corporate and manufacturing presence in Italy. The integrated company will be led by Dirk Thye, M.D., Quince’s Chief Executive Officer and member of the Quince Board of Directors. In addition, David Lamond remains Chairperson of Quince’s Board of Directors, which will be expanded by one member with the addition of EryDel representative Luca Benatti following the close of the transaction.
Upon completion of the stock-for-stock upfront exchange, EryDel stockholders will own a maximum of approximately 16.7%, or 7,250,352 shares, of the combined company (subject to downward adjustment). The transaction agreement includes up to $485 million in potential total downstream cash payments, including up to $5 million in development milestones, $25 million at NDA acceptance, $60 million in approval milestones, and $395 million in market and sales milestones, with no royalties paid to EryDel stockholders. The transaction will include the assumption of EryDel’s $13 million (€10 million in principal) European Investment Bank (EIB) loan with scheduled payments beginning in the second half of 2026.
The transaction, which has been unanimously approved by the Boards of Directors of both companies, is subject to certain regulatory approvals and other closing conditions and is expected to close in the third quarter of 2023.
Financial Statements
Quince has not completed preparation of its financial statements for the second quarter of 2023. The cash, cash equivalents, and short term investments presented as of June 30, 2023, are preliminary and unaudited and are, thus, inherently uncertain and subject to change. The company is in the process of completing its customary close and review procedures for the second quarter of 2023, and there can be no assurance that final results for this period will not differ from these preliminary, unaudited amounts. The company’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to such preliminary data for the second quarter ended June 30, 2023.
Advisors
MTS Health Partners, L.P. is serving as financial advisor and Cooley LLP is serving as legal counsel to Quince. Perella Weinberg Partners is serving as financial advisor and Goodwin Procter LLP and Clifford Chance LLP are serving as legal counsel to EryDel.
Investor Presentation Available
To learn more about the transaction, investors are encouraged to access an investor presentation provided by Quince management detailing the EryDel acquisition, which is currently available for viewing on the company’s Investor Relations website. Please visit the Events page under the News & Events heading of Quince’s Investor Relations website at ir.quincetx.com to access the presentation.
About Quince Therapeutics
Quince Therapeutics is a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform the lives of patients suffering from debilitating and rare diseases. For more information, visit www.quincetx.com and follow Quince Therapeutics on LinkedIn and @Quince_Tx on Twitter.
About EryDel SpA
EryDel SpA is a global late-stage biotech company aimed at developing and commercializing therapies for the treatment of rare diseases delivered by its proprietary red blood cell technology. Its most advanced product, EryDex, is under late-stage development for the treatment of Ataxia Telangiectasia (A-T), a rare autosomal recessive neurological disorder for which no established therapy is currently available. EryDex is an automated outpatient bedside technology to ex-vivo encapsulate dexamethasone sodium phosphate (DSP; a pro-drug) into patient’s red blood cells, which are then re-infused, allowing for the circulation of controlled, slow release, low doses of dexamethasone (active drug) over the subsequent several weeks following treatment. EryDex has received orphan drug designation for the treatment of A-T both from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). An international multicenter, Phase 3 clinical trial, ATTeST, and its open label extension have been successfully completed. In addition to EryDex, EryDel’s technology platform is capable of expansion to other drugs or biologics, including enzyme replacement therapy, and has the potential to support a wide range of therapeutic opportunities.
Forward-looking Statements
Statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements contained in this news release may be identified by the use of words such as "believe," "may," "should," "expect," "anticipate," "plan," "believe," "estimated," "potential," "intend," "will," "can," "seek," or other similar words. Examples of forward-looking statements include, among others, statements relating to Quince’s acquisition of EryDel; the timing of the closing of the transaction; the expected benefits of the transaction, including the continued current and future clinical development and potential expansion of EryDel assets, related platform, and related timing and costs; the strategic development path for EryDex; planned FDA and EMA submissions and clinical trials and timeline, prospects, and milestone expectations; the timing and success of the clinical trials and related data, including plans and the ability to initiate, fund, conduct and/or complete current and additional studies; the potential therapeutic benefits, safety, and efficacy of EryDex; statements about its ability to obtain, and the timing relating to, further development of EryDex, regulatory submissions and interactions with regulators; therapeutic and commercial potential; the integration of EryDel’s business, operations, and employees into Quince; Quince’s future development plans and related timing; its cash position and projected cash runway; the company’s focus, objectives, plans, and strategies; and the ability to execute on any strategic transactions. Forward-looking statements are based on Quince’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict and could cause actual results to differ materially from what the company expects. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, but are not limited to, the risks and uncertainties described in the section titled "Risk Factors" in the company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 15, 2023, and other reports as filed with the SEC. Forward-looking statements contained in this news release are made as of this date, and Quince undertakes no duty to update such information except as required under applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230724507851/en/
QUINCE THERAPEUTICS (QNCX) : 1.20
Pre-Market High $2.04 (07:03:38 AM)
Total Cash (mrq) 90.2M
Total Cash Per Share (mrq) 2.49
Total Debt (mrq) 269k
Quince Therapeutics to Acquire EryDel SpA and its Phase 3 Asset Targeting Ataxia-Telangiectasia with No Currently Approved Treatments and Estimated $1+ Billion Peak Sales Opportunity
Well-capitalized into 2026 with ability to fully fund lead asset EryDex expected through Phase 3 trial under special protocol assessment (SPA) and to NDA submission
EryDex utilizes autologous intracellular drug encapsulation (AIDE) technology designed for slow release of steroids over several weeks without long-term toxicity typically associated with chronic administration
Potential for rapid expansion of EryDex to other rare and debilitating disease indications where chronic steroid treatment is or could become the standard of care
SOUTH SAN FRANCISCO, Calif., July 24, 2023--(BUSINESS WIRE)--Quince Therapeutics, Inc. (Nasdaq: QNCX), a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform patients’ lives, today announced that the company has entered into an agreement to acquire EryDel SpA, a privately-held, late-stage biotech company, in a stock-for-stock upfront exchange and potential downstream milestone cash payments. EryDel has developed an autologous intracellular drug encapsulation (AIDE) technology and a Phase 3 lead asset, EryDex, targeting a rare fatal pediatric neurological disease, Ataxia-Telangiectasia (A-T), which currently has no approved treatments. Upon completion of the transaction, EryDel stockholders will own approximately 16.7% of the combined company (subject to downward adjustment) and will be entitled to up to $485 million upon the achievement of development, regulatory, and commercial milestone payments, with no royalties. The transaction, which has been unanimously approved by the Boards of Directors of both companies, is subject to certain regulatory approvals and other closing conditions and is expected to close in the third quarter of 2023.
Dirk Thye, M.D., Quince’s Chief Executive Officer, said, "We are highly enthusiastic and optimistic about our acquisition of this unique drug/device combination technology platform and promising late-stage clinical asset to drive Quince’s next stage of growth. EryDel’s proprietary AIDE technology enables the autologous intracellular encapsulation and delivery of dexamethasone in a controlled, slow-release manner that has the potential to allow chronic administration of steroids over many months or years with a favorable safety profile. This represents a tremendous opportunity to target not only A-T, but also the potential to expand into several debilitating rare diseases where chronic steroid treatment is the standard of care – or could be in the absence of long-term steroid toxicity. Upon the close of the acquisition, we will quickly focus our considerable development expertise and financial resources toward advancing the lead asset EryDex for A-T through a single global Phase 3 clinical trial under a SPA already in place with the FDA to an anticipated NDA submission, assuming positive study results."
Luca Benatti, EryDel’s Chief Executive Officer, said, "EryDel’s acquisition by Quince offers the opportunity to advance our innovative, point-of-care autologous intracellular encapsulation technology through development to commercialization and to fulfill our mission to provide the first treatment for patients living with the devastating disease of A-T. Quince’s effort will be supported by the encouraging Phase 3 data generated from EryDel’s prior international study of EryDex, which demonstrated a significant delay in disease progression in A-T patients and further supported more than 10 years of safety data. Quince is well-positioned to advance EryDel’s differentiated AIDE technology and development of our lead asset EryDex to deliver innovative treatments to patients in need."
Transformative Acquisition with Value-Creating Clinical Milestones
Key highlights of the EryDel acquisition include:
Well-capitalized into 2026 with ability to fully fund lead asset EryDex expected through Phase 3 clinical trial under SPA and to NDA submission
• Strong balance sheet with approximately $87.6 million in cash, cash equivalents, and short term investments (unaudited) as of June 30, 2023, to provide funding for operating requirements into 2026.
• Capital efficient development plan allows for funding of EryDex through global Phase 3 clinical trial under SPA and, assuming positive study results, to NDA submission, in addition to pursuing European regulatory activities related to potential MAA submission.
• Potential to out-license ex-U.S. regional territories to provide runway through regulatory approval of EryDex.
Plan to enroll first patient in global Phase 3 trial of EryDex in second quarter of 2024 with NDA submission targeted by end of 2025
• SPA in place with FDA for a single global Phase 3 clinical trial of EryDex expected to be sufficient for NDA submission, assuming positive study results.
• EryDex designated as orphan drug for treatment of A-T from both the FDA and EMA.
• Phase 3 NEAT (Neurologic Effects of EryDex on Subjects with A-T) clinical trial is a planned double blind, randomized, placebo controlled, global efficacy study in approximately 86 A-T patients aged six to nine years-old with up to an additional 20 patients aged 10 years or older included for potential broader label support.
• Primary endpoint, as agreed upon with the FDA, to measure neurological function based on rescored modified International Cooperative Ataxia Rating Scale (RmICARS) from baseline to month six of treatment.
• Secondary endpoints to measure Clinical Global Impression scores for severity (CGI-S) and change (CGI-C), as well as EuroQol quality of life scoring.
• Plan to enroll first patient in Phase 3 NEAT clinical trial in the second quarter of 2024.
• Commercial version of EryKit treatment consumables approved in Europe and currently under partial clinical hold pending response to FDA query.
• Target EryDex NDA submission with the FDA by the end of 2025, assuming positive Phase 3 NEAT study results.
EryDex efficacy and safety profile demonstrated in prior Phase 3 clinical trial of A-T patients
• Pursuing European regulatory activities related to potential MAA submission of EryDex based on prior Phase 3 clinical trial.
• Completed largest global interventional study of A-T patients (N=175) in Phase 3 ATTeST (Ataxia Telangiectasia Trial with the EryDex SysTem) clinical trial and open label extension (OLE) (N=104).
• Primary endpoint measured modified International Cooperative Ataxia Rating Scale (mICARS) score from baseline to month six of treatment.
• Secondary endpoints measured CGI-C, Quality of Life (QOL), and Vineland Adaptive Behavior Scales (VABS) scores.
• EryDex high dose treatment arm demonstrated slowed neurological deterioration in A-T disease progression as measured by mICARS in intent to treat population (ITT) with statistically significant effect in six to nine year-old subgroup across multiple endpoints.
• 12-month safety analysis demonstrated EryDex well-tolerated with no major adverse events typically associated with chronic steroid administration.
• Sustained therapeutic effect and favorable safety profile maintained for more than three additional years in high dose treatment arm in OLE study, in addition to no steroid related toxicity observed in patients receiving more than 10 years of treatment.
• Conformité Européene (CE) mark already obtained in Europe for drug/device combination and commercial version of EryKit treatment consumables.
$1+ billion estimated peak global sales opportunity for A-T indication alone with rapid expansion potential for EryDex to other rare and debilitating diseases
• A-T population estimated to be approximately 10,000 patients in the U.S., U.K., and EU4 countries with no currently approved therapies and $1+ billion estimated peak sales opportunity globally.
• EryDex for A-T indication holds potential to be first-to-market with attractive pricing comparables and no known late-stage competition.
• EryDex designated as orphan drug for A-T treatment from the FDA and EMA.
• Potential for rapid expansion of EryDex to other rare and debilitating disease indications where chronic steroid administration is the standard of care – or could be in the absence of long-term steroid toxicity.
• AIDE platform capable of expansion to other drugs or biologics, including enzyme replacement therapy.
• Multi-faceted technology protections create high barriers to entry with intellectual property exclusivity until at least 2034 globally and at least 2035 in the U.S.
Transaction Details
Under the terms of the acquisition transaction, EryDel will operate as a wholly owned subsidiary of Quince Therapeutics with plans to retain EryDel’s corporate and manufacturing presence in Italy. The integrated company will be led by Dirk Thye, M.D., Quince’s Chief Executive Officer and member of the Quince Board of Directors. In addition, David Lamond remains Chairperson of Quince’s Board of Directors, which will be expanded by one member with the addition of EryDel representative Luca Benatti following the close of the transaction.
Upon completion of the stock-for-stock upfront exchange, EryDel stockholders will own a maximum of approximately 16.7%, or 7,250,352 shares, of the combined company (subject to downward adjustment). The transaction agreement includes up to $485 million in potential total downstream cash payments, including up to $5 million in development milestones, $25 million at NDA acceptance, $60 million in approval milestones, and $395 million in market and sales milestones, with no royalties paid to EryDel stockholders. The transaction will include the assumption of EryDel’s $13 million (€10 million in principal) European Investment Bank (EIB) loan with scheduled payments beginning in the second half of 2026.
The transaction, which has been unanimously approved by the Boards of Directors of both companies, is subject to certain regulatory approvals and other closing conditions and is expected to close in the third quarter of 2023.
Financial Statements
Quince has not completed preparation of its financial statements for the second quarter of 2023. The cash, cash equivalents, and short term investments presented as of June 30, 2023, are preliminary and unaudited and are, thus, inherently uncertain and subject to change. The company is in the process of completing its customary close and review procedures for the second quarter of 2023, and there can be no assurance that final results for this period will not differ from these preliminary, unaudited amounts. The company’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to such preliminary data for the second quarter ended June 30, 2023.
Advisors
MTS Health Partners, L.P. is serving as financial advisor and Cooley LLP is serving as legal counsel to Quince. Perella Weinberg Partners is serving as financial advisor and Goodwin Procter LLP and Clifford Chance LLP are serving as legal counsel to EryDel.
Investor Presentation Available
To learn more about the transaction, investors are encouraged to access an investor presentation provided by Quince management detailing the EryDel acquisition, which is currently available for viewing on the company’s Investor Relations website. Please visit the Events page under the News & Events heading of Quince’s Investor Relations website at ir.quincetx.com to access the presentation.
About Quince Therapeutics
Quince Therapeutics is a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform the lives of patients suffering from debilitating and rare diseases. For more information, visit www.quincetx.com and follow Quince Therapeutics on LinkedIn and @Quince_Tx on Twitter.
About EryDel SpA
EryDel SpA is a global late-stage biotech company aimed at developing and commercializing therapies for the treatment of rare diseases delivered by its proprietary red blood cell technology. Its most advanced product, EryDex, is under late-stage development for the treatment of Ataxia Telangiectasia (A-T), a rare autosomal recessive neurological disorder for which no established therapy is currently available. EryDex is an automated outpatient bedside technology to ex-vivo encapsulate dexamethasone sodium phosphate (DSP; a pro-drug) into patient’s red blood cells, which are then re-infused, allowing for the circulation of controlled, slow release, low doses of dexamethasone (active drug) over the subsequent several weeks following treatment. EryDex has received orphan drug designation for the treatment of A-T both from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). An international multicenter, Phase 3 clinical trial, ATTeST, and its open label extension have been successfully completed. In addition to EryDex, EryDel’s technology platform is capable of expansion to other drugs or biologics, including enzyme replacement therapy, and has the potential to support a wide range of therapeutic opportunities.
Forward-looking Statements
Statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements contained in this news release may be identified by the use of words such as "believe," "may," "should," "expect," "anticipate," "plan," "believe," "estimated," "potential," "intend," "will," "can," "seek," or other similar words. Examples of forward-looking statements include, among others, statements relating to Quince’s acquisition of EryDel; the timing of the closing of the transaction; the expected benefits of the transaction, including the continued current and future clinical development and potential expansion of EryDel assets, related platform, and related timing and costs; the strategic development path for EryDex; planned FDA and EMA submissions and clinical trials and timeline, prospects, and milestone expectations; the timing and success of the clinical trials and related data, including plans and the ability to initiate, fund, conduct and/or complete current and additional studies; the potential therapeutic benefits, safety, and efficacy of EryDex; statements about its ability to obtain, and the timing relating to, further development of EryDex, regulatory submissions and interactions with regulators; therapeutic and commercial potential; the integration of EryDel’s business, operations, and employees into Quince; Quince’s future development plans and related timing; its cash position and projected cash runway; the company’s focus, objectives, plans, and strategies; and the ability to execute on any strategic transactions. Forward-looking statements are based on Quince’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict and could cause actual results to differ materially from what the company expects. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, but are not limited to, the risks and uncertainties described in the section titled "Risk Factors" in the company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 15, 2023, and other reports as filed with the SEC. Forward-looking statements contained in this news release are made as of this date, and Quince undertakes no duty to update such information except as required under applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230724507851/en/
JAGX: 0.69
52w: 0.43 - 26.92
Jaguar Health is a commercial stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with GI distress, including chronic, debilitating diarrhea. Our crofelemer drug product candidate is the subject of the OnTarget study, an ongoing pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. We look forward to the expected availability of top line results from this study in October of this year. To learn more about Jaguar, click here to read coverage of the company that appeared July 21st in Business Insider.
Crofelemer, under the tradename Mytesi, is already on the market in the US with a chronic safety profile for the limited specialty market of HIV-related diarrhea. Cancer therapy-related diarrhea (CTD) is a chronic indication, with a global market expected to far exceed the global chemotherapy-induced nausea and vomiting (CINV) market, which is projected to reach $3.9 billion by 2029. To view a 3-minute video by a leading oncologist KOL who is a member of our Scientific Advisory Board discussing the need for a paradigm shift for the treatment of the high unmet medical need of CTD, click here or click the image below.
Jaguar’s other core focus is on evaluation of crofelemer for the rare and orphan disease indications of short bowel syndrome (SBS) with intestinal failure (IF) and microvillus inclusion disease (MVID)—an ultra-rare congenital diarrheal disorder (CDD). SBS and CDD patients are subject to intestinal failure, often requiring parenteral nutrition (PN) 20 hours a day, up to 7 days a week. These conditions are associated with significant morbidity and mortality; and high medical expenses associated with PN. CDD and SBS patients also share a primary common symptom: severe chronic diarrhea, and the associated sequelae from diarrhea, including significant dehydration, metabolic acidosis or alkalosis and malnutrition, and other secondary symptoms, many times become life-threatening.
In June 2023, the company submitted an Investigational New Drug (IND) application to the US FDA for a new crofelemer powder for oral solution formulation for the treatment of MVID.
We plan to support third-party investigator-initiated proof-of-concept (POC) studies of crofelemer in patients with SBS with intestinal failure or CDD, focused on obtaining POC data showing reduction of requirements of parenteral support. In accordance with the guidelines of specific European Union countries, publications of data from POC trials could support participation in early patient access programs in the EU for crofelemer for SBS or CDD, potentially in 2024, especially for patients with intestinal failure requiring parenteral support. Participation in early access programs, which do not exist in the U.S., provides an opportunity for reimbursement while impacting the morbidity and high cost of care for these chronic unmet needs.
Crofelemer has been granted Orphan Drug Designation (ODD) by the FDA and the European Medicines Agency (EMA) for SBS and MVID. The ODD program in both the U.S. and European Union qualifies sponsors to receive potential incentives to develop therapies for the diagnosis, prevention, or treatment of rare diseases or conditions.
We have other programs ongoing at Jaguar both related to our crofelemer pipeline and other early-stage discovery programs in psychoactive plants for mental health disorders. More to come in future communications.
I hope you’re well and enjoying the summer!
JAGX: 0.69
52w: 0.43 - 26.92
Jaguar Health is a commercial stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with GI distress, including chronic, debilitating diarrhea. Our crofelemer drug product candidate is the subject of the OnTarget study, an ongoing pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. We look forward to the expected availability of top line results from this study in October of this year. To learn more about Jaguar, click here to read coverage of the company that appeared July 21st in Business Insider.
Crofelemer, under the tradename Mytesi, is already on the market in the US with a chronic safety profile for the limited specialty market of HIV-related diarrhea. Cancer therapy-related diarrhea (CTD) is a chronic indication, with a global market expected to far exceed the global chemotherapy-induced nausea and vomiting (CINV) market, which is projected to reach $3.9 billion by 2029. To view a 3-minute video by a leading oncologist KOL who is a member of our Scientific Advisory Board discussing the need for a paradigm shift for the treatment of the high unmet medical need of CTD, click here or click the image below.
Jaguar’s other core focus is on evaluation of crofelemer for the rare and orphan disease indications of short bowel syndrome (SBS) with intestinal failure (IF) and microvillus inclusion disease (MVID)—an ultra-rare congenital diarrheal disorder (CDD). SBS and CDD patients are subject to intestinal failure, often requiring parenteral nutrition (PN) 20 hours a day, up to 7 days a week. These conditions are associated with significant morbidity and mortality; and high medical expenses associated with PN. CDD and SBS patients also share a primary common symptom: severe chronic diarrhea, and the associated sequelae from diarrhea, including significant dehydration, metabolic acidosis or alkalosis and malnutrition, and other secondary symptoms, many times become life-threatening.
In June 2023, the company submitted an Investigational New Drug (IND) application to the US FDA for a new crofelemer powder for oral solution formulation for the treatment of MVID.
We plan to support third-party investigator-initiated proof-of-concept (POC) studies of crofelemer in patients with SBS with intestinal failure or CDD, focused on obtaining POC data showing reduction of requirements of parenteral support. In accordance with the guidelines of specific European Union countries, publications of data from POC trials could support participation in early patient access programs in the EU for crofelemer for SBS or CDD, potentially in 2024, especially for patients with intestinal failure requiring parenteral support. Participation in early access programs, which do not exist in the U.S., provides an opportunity for reimbursement while impacting the morbidity and high cost of care for these chronic unmet needs.
Crofelemer has been granted Orphan Drug Designation (ODD) by the FDA and the European Medicines Agency (EMA) for SBS and MVID. The ODD program in both the U.S. and European Union qualifies sponsors to receive potential incentives to develop therapies for the diagnosis, prevention, or treatment of rare diseases or conditions.
We have other programs ongoing at Jaguar both related to our crofelemer pipeline and other early-stage discovery programs in psychoactive plants for mental health disorders. More to come in future communications.
I hope you’re well and enjoying the summer!