Full Press Release Details
electroCore Provides Business Update and Select
BASKING RIDGE, N.J., January 13, 2020 electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine
company, today provided an update on its commercial operations, clinical development programs, and introduced select preliminary unaudited guidance for the fourth quarter of 2019, and full-year revenue guidance for 2020.
Last year, we made a strategic decision to narrow our commercial focus on existing revenue generating opportunities while advancing a more streamlined
clinical development plan. Our strategy continues to have a positive effect on our business, and we enter 2020 with increasing momentum, said Daniel Goldberger, Chief Executive Officer. We have identified multiple large existing or
near-term revenue channels that we are actively pursuing on a more focused basis, while also working to further tap the commercial payer market and expand gammaCore s label into additional high-value indications.
In parallel with these commercial and clinical initiatives, we continue to identify and implement efficiencies across the organization to further reduce
operating expenses. As a result of these activities, we believe we are positioned to become profitable and generate positive cash from operations beginning in the fourth quarter of 2021, which would be a significant inflection point for our company.
We believe the strategic actions taken in 2019 set the stage for a productive and successful year in 2020 and we look forward to providing future updates on our continued progress.
electroCore continues to make progress
further penetrating two significant current revenue channels, the Federal Supply Schedule (FSS) in the United States and the UK s National Health Service (NHS). The company is also updating the status of its initiatives in workers compensation
and with commercial payers below:
electroCore continues to review
its R&D programs in an effort to reduce operating expenses while preserving all future opportunities.
electroCore today introduced the following preliminary unaudited financial guidance for the fourth quarter of 2019 and revenue guidance for full-year 2020:
gammaCore (nVNS) is the first non-invasive, hand-held
medical therapy applied at the neck as an adjunctive therapy to treat migraine and cluster headache through the utilization of a mild electrical stimulation to the vagus nerve that passes through the skin. Designed as a portable, easy-to-use technology, gammaCore can be self-administered by patients, as needed, without the potential side effects associated with commonly prescribed drugs. When placed on
a patient s neck over the vagus nerve, gammaCore stimulates the nerve s afferent fibers, which may lead to a reduction of pain in patients.
gammaCore is CE-marked in the European Union for the acute and/or
prophylactic treatment of primary headache (Migraine, Cluster Headache, Trigeminal Autonomic Cephalalgias and Hemicrania Continua) and Medication Overuse Headache in adults. gammaCore is FDA cleared in the United States for adjunctive use for the
preventive treatment of cluster headache in adult patients, the acute treatment of pain associated with episodic cluster headache in adult patients, and the acute treatment of pain associated with migraine headache in adult patients.
In the US, the FDA has not cleared gammaCore for the acute treatment of chronic cluster headache or the
preventative treatment of migraine headache.
Please refer to the gammaCore Instructions for Use for all of the important warnings and precautions before
using or prescribing this product.
Forward-Looking Statement
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements include, but are not limited to, statements about electroCore s expectations for its revenue and cash used in operations during the fourth quarter of 2019, its expectations for revenue for the full year 2020, and its expectations for
future cash burn/cash runway, and expectations with respect to potential profitability and positive cash from operations by the fourth quarter of 2021, as well as other statements about electroCore s business prospects and product development
plans, its pipeline or potential markets for its technologies, and other statements that are not historical in nature, particularly those that utilize terminology such as anticipates, will, expects,
believes, intends, other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such
factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore s business and product development plans, the inherent uncertainties associated with developing new products or technologies,
the ability to commercialize gammaCore , competition in the industry in which electroCore operates and overall market conditions. Any
looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could
differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other
documents electroCore files with the SEC available at www.sec.gov.