Full Press Release Details
Aytu BioScience Reports Third Quarter
Fiscal 2020 Financial Results
Revenue for the Three Months Ended March 31, 2020 of $8.2M, Up 243%
Cash and Cash Equivalents as of March 31, 2020
Management to Host Conference Call at 4:30 PM
ENGLEWOOD, CO / ACCESSWIRE / May 14, 2020 / Aytu
BioScience, Inc. (NASDAQ:AYTU), a
specialty pharmaceutical company (the Company )
focused on commercializing novel products that address significant
medical needs, today reported financial results for the three
months ended March 31, 2020 and provided a corporate
Third Quarter Fiscal 2020 and Other Recent Corporate
Company secured an exclusive U.S. distribution agreement for a
COVID-19 IgG/IgM rapid test from Hong Kong-based L.B.
Company announced a second distribution agreement for a COVID-19
IgG/IgM rapid test with Singapore-based Biolidics
Company received an initial shipment of 100,000 COVID-19 IgG/IgM
rapid tests and began shipping to U.S. customers.
Company announced positive results from an independently conducted
clinical study of the Zhejiang Orient Gene Biotech COVID-19 IgG/IgM
rapid test demonstrating test accuracy of 98.0% and 94.1% for IgG
and IgM, respectively, when using PCR-positive cases as true
Company signed an exclusive worldwide license from Cedars-Sinai to
develop and commercialize the Healight Platform Technology
("Healight"). This ultraviolet light-based medical device
technology platform, developed by scientists at Cedars-Sinai, is
being studied as a potential treatment for coronavirus and other
severe respiratory infections.
Company signed an agreement with Sterling Medical Devices to
finalize the development of Healight.
The Company announced the acceptance and publication of the
Natesto Spermatogenesis Study results in the
Urology. The study concluded
that Natesto was effective in returning hypogonadal men to back to
normal testosterone levels, significantly improve erectile function
and quality of life, preserve gonadotropin hormones, and most
importantly preserve semen parameters through 6 months of
Consumer Health Business Update
The Company completed the acquisition of Innovus Pharmaceuticals to
expand the Company's portfolio to include an approximately
$25 million annual consumer health portfolio.
Company's newly acquired Innovus consumer health subsidiary
launched its first post-acquisition product Regoxidine , an
over-the-counter foam formulation of minoxidil for hair regrowth
available for use by both men and women, targeting over 11 Million
U.S. consumers who purchased hair regrowth products in
Financial Results and Financing Update
Revenue: The Company recorded
revenue of $8.2 million for the three months ended March 31, 2020,
an increase of approximately 243% compared to the three months
ended March 31, 2019, and an increase of approximately 157%
compared to the three months ended December 31,
The Company's third quarter revenue results represent partial
revenue contribution from the acquisition of Innovus
Pharmaceuticals, which closed on February 14, 2020, and zero
revenue contribution from COVID-19 IgG/IgM rapid tests first
received at the start of the fiscal fourth quarter on April 1,
Cash and cash equivalents: As
of March 31, 2020, the Company had cash, cash equivalents and
restricted cash of $62.5 million, compared to $5.5 million as of
Shares Outstanding: At March
31, 2020, the Company had 100,610,380 shares of common stock
outstanding. There are currently no outstanding preferred
Financings: The Company
completed three registered direct offerings priced at-the-market
and announced the exercise of 17.1 million
on the third quarter of fiscal 2020, Josh Disbrow, Chief Executive
Officer of Aytu BioScience, stated, We had a transformative
third quarter and have had exceptional performance in the period
year to date. Starting with revenue, in Q3 we reported our highest
ever revenue quarter with $8.2 million in top line, up 243% year
over year. Additionally, through our recent equity offerings and
warrant exercises we strengthened our balance sheet and have $62.5
million in cash, restricted cash, and cash equivalents as of March
Further, by signing two distribution agreements for COVID-19 rapid
tests and securing an exclusive worldwide licensing agreement with
Cedars-Sinai for the Healight technology platform, the Company is
well positioned to continue to take the fight to COVID-19. With a
large number of tests having just arrived at our warehouse this
week, we can now help even more providers screen patients for
COVID-19 IgG and IgM antibodies as we collectively work to reopen
Disbrow continued, Looking at our growth drivers beyond
fiscal Q3, the Company has three strategic areas from which we
expect to make progress going forward: growth of our organic Rx and
consumer health business segments, continuing the distribution of
the two COVID-19 antibody test kits for which we've secured
distribution rights, and progressing the development of the
Healight platform technology as a prospective treatment for
COVID-19 and other severe infections. Organically in Q4, we will
have our first full quarter of revenue contribution from the newly
acquired Innovus consumer health segment. Importantly, the consumer
business has already launched Regoxidine, for hair regrowth, and
more near-term consumer health product launches are planned. With
respect to the prescription business, we reported recently
published Phase IV data for Natesto and demonstrated that a
testosterone replacement therapy can increase serum testosterone
levels while maintaining sperm concentration, motility, and total
motile sperm count. We believe this clinical development enables
Natesto to stand apart from other testosterone replacement
therapies in offering a treatment solution for hypogonadal men