Full Press Release Details
ENDRA Life Sciences Provides Business Update and Reports First
Quarter 2020 Financial Results
ANN ARBOR, MI / ACCESSWIRE / May 14, 2020 / ENDRA Life
Sciences Inc. ("ENDRA") (NASDAQ:NDRA), the pioneer of Thermo
Acoustic Enhanced UltraSound (TAEUS ), today provided a
business update and reported first quarter 2020 financial
could not be more pleased with the progress we've made during these
challenging times to keep the company on track to receive critical
regulatory approvals and advance commercialization activities on
schedule in Europe and the United States," said Francois Michelon,
Chairman and Chief Executive Officer. "The receipt of the CE Mark
for our TAEUS liver system ahead of schedule in the first quarter
positions the company to be one of the first to start positively
impacting the lives of more than one billion people globally
affected by Non-Alcoholic Fatty Liver Disease (NAFLD) and
Non-Alcoholic Steatohepatitis (NASH), where there is an acute need
for a practical tool to assess and monitor liver fat before it
progresses to fibrosis, cirrhosis and cancer."
Q1 2020 and Recent Business Highlights
Approval for TAEUS FLIP (Fatty Liver Imaging Probe) System
targeting NAFLD and NASH.
collaboration agreement with the GE Healthcare unit of General
Electric Company, extending the agreement's term to January
intellectual property portfolio to 68 assets defined, filed, issued
and licensed patents and pending patent applications, including a
key patent to expand into a future clinical market - monitoring
tissue temperature during thermal ablation and cryotherapy
procedures, for which there are also currently no practical
Advisory Board with the addition of Raza Malik, M.D., Director of
Hepatology and Associate Chief of the Division of Gastroenterology
at Tufts Medical Center in Boston.
key milestones to establish clinical evaluation reference sites and
initiate sales in Europe in the second half of 2020, as well as to
submit a 510(k) regulatory package to the Food and Drug
Administration (FDA) in the second quarter of 2020.
Financial Results for Q1, 2020
increased to $3.1 million in the first quarter of 2020, up from
$2.7 million in the first quarter of 2019. The increase in
operating expenses was primarily due to employment related costs
including non-cash expenses for stock compensation, costs
associated with being a publicly traded company including investor
relations, and increased costs for insurance.
totaled $3.3 million, or ($0.29) per basic and diluted share, as
compared to a net loss of $2.7 million, or ($0.37) per basic and
diluted share in Q1 2019.
2020 totaled $3.1 million, as compared to $6.2 million at December
31, 2019, with no long-term debt outstanding.
Conference Call and Webcast Access
will host a conference call and webcast today at 4:30 p.m. ET to
discuss the results and provide an update on recent corporate
Dial-in Number: 844-369-8774
Dial-in Number: 862-298-0844
Dial-in Number: 877-481-4010
International Dial-in Number: 919-882-2331
telephone replay will be available May 14, 2020 through 4:30 p.m.
audio webcast will be available through the Events and
Presentations page of the Investors section of the company's
website at www.endrainc.com.
A replay of the webcast will be available on the website for 90
About ENDRA Life Sciences Inc.
Life Sciences Inc. is the pioneer of Thermo Acoustic Enhanced
UltraSound (TAEUS ), a ground-breaking technology that
mirrors some applications similar to CT or MRI, but at
the point of patient care. TAEUS is designed to work in concert
with one million ultrasound systems in global use today. TAEUS is
initially focused on the measurement of fat in the liver, as a
means to assess and monitor NAFLD and NASH, chronic liver
conditions that affect over 1 billion people globally, and for
which there are no practical diagnostic tools. Beyond the liver,
ENDRA is exploring several other clinical applications of TAEUS,
including visualization of tissue temperature during energy-based
surgical procedures.www.endrainc.com
Forward-Looking Statements
statements in this release that are not based on historical fact
are "forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements, which are based
on certain assumptions and describe our future plans, strategies
and expectations, can generally be identified by the use of
forward-looking terms such as "believe," "expect," "may," "will,"
"should," "could," "seek," "intend," "plan," "goal," "estimate,"
"anticipate" or other comparable terms. Examples of forward-looking
statements include, among others, estimates of the timing of future
events and achievements, such as the expectations regarding
milestones and future sales; the timing of; making our 510(k)
submission with the FDA and commercializing the TAEUS device; and
expectations concerning ENDRA's business strategy. Forward-looking
statements involve inherent risks and uncertainties which could
cause actual results to differ materially from those in the
forward-looking statements, as a result of various factors
including, among others, our ability to develop a commercially
feasible technology; receipt of necessary regulatory approvals; the
impact of COVID-19 on our business plans; our ability to find and
maintain development partners, market acceptance of our technology,
the amount and nature of competition in our industry; our ability
to protect our intellectual property; and the other risks and
uncertainties described in ENDRA's filings with the Securities and
Exchange Commission. The forward-looking statements made in this
release speak only as of the date of this release, and ENDRA
assumes no obligation to update any such forward-looking statements