Full Press Release Details
ENDRA Life Sciences Reports
Second Quarter 2021 Financial Results and Provides Business
Conference call begins at 4:30 p.m. Eastern time today
ANN ARBOR, Mich. (August 12, 2021) ENDRA Life Sciences
(NASDAQ: NDRA), a pioneer of Thermo Acoustic Enhanced UltraSound
today reported financial results for the three months ended June
30, 2021 and provided a business update. Highlights of the second
quarter of 2021 and recent weeks include the
Continued to screen patients at Rocky Vista
University College of Osteopathic Medicine
( RVUCOM ). In addition, the University of
Pittsburgh Medical Center ( UPMC ) is scheduled to
commence scanning patients in the near term as it completes its
pandemic-related backlog of MRI procedures. All clinical evaluation sites will compare liver
fat measurements from the TAEUS system with the gold standard,
MRI-PDFF. RVUCOM's study is targeting a total of 200 patients
and UPMC is targeting 75
Initiated in-person sales activities for the
TAEUS system in Europe. Four salespeople are driving
TAEUS' marketing and sales efforts in Europe targeting ENDRA's database
of prospective customers.
Strengthened TAEUS intellectual
property protection with issuance of additional U.S. patents.
In July, ENDRA announced the issuance
of three additional U.S. patents. Another U.S. patent was recently
issued that further protects the company's TAEUS technology
and increases the year-to-date total to eight issued patents.
ENDRA's intellectual property portfolio continues to grow and
currently stands at 87 global
assets, defined as patents in preparation, filed or
Appointed Irina Pestrikova as Senior Director
of Finance. Ms. Pestrikova has supported ENDRA since 2014
and has been actively involved in ENDRA's financial planning and
analysis, accounting and SEC reporting. Ms. Pestrikova is assuming
all day-to-day responsibilities previously performed by ENDRA's
former Chief Financial Officer, David Wells.
is well-capitalized and we are putting in place the building blocks
for the global success of our Thermo Acoustic Enhanced UltraSound
technology. Although certain elements are out of our control,
including regulatory processes and the COVID-19 pandemic, we are
focused on advancing our commercial plans for TAEUS in Europe and
supporting our clinical evaluation sites worldwide, as well as
remaining highly responsive to the FDA regarding our 510(k)
submission. We continue to engage in regular, constructive
dialogues with the FDA and remain optimistic that we will receive
clearance in 2021, stated Francois Michelon, Chairman and
Chief Executive Officer of ENDRA. However, given that TAEUS
represents an advancement in medical ultrasound technology this
process may continue to take longer than expected. As part of our
activities to drive awareness of TAEUS, in June ENDRA participated
in the annual EASL International Liver Congress, which was attended
by approximately 7,500 clinicians, researchers and others in
gastro-hepatology, endocrinology and related specialties. We look
forward to resuming these trade shows in person as we plan to
exhibit the TAEUS system at several more industry conferences later
are pleased with Rocky Vista's continued progress scanning
patients with our TAEUS system to generate real-world data and
bolster evidence of clinical utility. As our other domestic and
overseas partners return to delivering pre-pandemic levels of
healthcare service, we look forward to additional clinical
evaluation facilities initiating scans, with UPMC scheduled to come
online next, commented Renaud Maloberti, ENDRA's Chief
Commercial Officer. In Europe, we made further progress with
our four direct salespeople now driving TAEUS' marketing and
sales efforts, and we affirm expectations for our first commercial
sales during 2021. As COVID-19 restrictions ease somewhat
throughout Europe, we were pleased to have started in-person sales
meetings targeting potential customers in our database. These
commercialization efforts are augmented through support from our
partner GE Healthcare, with their substantial base of ultrasound
clients also being prospective TAEUS customers.
Second Quarter 2021 Financial Results
Operating expenses increased to $3.2 million in the second quarter of 2021 from
$2.9 million in the same period
in 2020. The increase was primarily due to increased
spending for commercialization of TAEUS and ongoing product
Net loss in the second quarter of 2021 was
$3.2 million, or $0.08
per share, compared with a net loss of
$2.9 million, or $0.20
per share, in the second quarter of
Cash and cash equivalents were $14.0
million as of June 30,
Conference Call and Webcast
Management will host a conference call and webcast today at 4:30
p.m. Eastern time to discuss these results, provide an update on
recent corporate developments and answer questions.
U.S./Canada: 844-602-0380
International: 862-298-0970
Replay Dial-in Numbers
U.S./Canada: 877-481-4010
International: 919-882-2331
Replay Passcode: 42091
The telephone replay will be available through 4:30 p.m. Eastern
time on August 19, 2021
A live audio webcast will be available through the
& 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 60