Full Press Release Details
ENDRA Life Sciences Reports Third Quarter 2017 Financial
Partnerships with Leading Medical Device Developers &
Initiation of Human Studies Advance Anticipated 2018
Commercialization of Company's TAEUS Fatty Liver
ANN ARBOR, Michigan November 15, 2017 - ENDRA Life Sciences Inc.
( ENDRA ) (NASDAQ: NDRA), a developer of enhanced
ultrasound technologies, reported its financial and operational
results for the third quarter ended September 30,
Key Third Quarter 2017 and Subsequent Highlights:
with the Centre for Imaging Technology Commercialization (CIMTEC)
to begin human studies with ENDRA's Thermo-Acoustic Enhanced
Ultrasound (TAEUS ) clinical product targeting Non-Alcoholic
Fatty Liver Disease (NAFLD).
StarFish Medical and CriTech Research to advance development of the
TAEUS clinical product meeting CE regulatory requirements for
anticipated 2018 commercial launch in the European
installed a next-generation Nexus 128+ preclinical imaging system
at a leading research university in South Korea.
photoacoustic imaging research at the 2017 World Molecular Imaging
Congress in Philadelphia.
Specialist, engineering leader and specialized engineers with deep
knowledge of radio-frequency applications.
ENDRA's total intellectual property estate to 33, with a
strong focus on protecting key enabling methodologies and technical
innovations related to our TAEUS fatty liver
Stock Market Closing Bell at the Nasdaq MarketSite in Times Square
with company management, board of directors and IPO
institutional investor conferences and two industry conferences in
New York, Philadelphia, Minneapolis and Florida.
Management Commentary
the third quarter of 2017, we continued to meet key milestones and
execute our business plan, said Francois Michelon,
ENDRA's CEO. We achieved all key 2017 milestones
outlined in our TAEUS liver roadmap and are on schedule to achieve
a successful commercial launch next year in the European
our initial public offering in May 2017, we have focused on three
the commercialization front, we recently formalized our
relationship with the Centre for Imaging Technology
Commercialization (CIMTEC) to kick off human studies for our TAEUS
clinical product targeting NAFLD. This is one of several planned
commercial and academic collaborations to advance ENDRA's
technology in the area of liver disease. These human studies with
CIMTEC will involve both conventional ultrasound and TAEUS imaging,
along with relevant blood markers and magnetic resonance imaging
(MRI). Our objective is to obtain important insight into clinical
work flow and quantitative methodologies of ENDRA's TAEUS
support our new human studies, we also partnered with StarFish
Medical and CriTech Research to commence development on both the
hardware and software required for a commercial launch of our TAEUS
clinical product. StarFish Medical is Canada's largest
medical device development and contract manufacturing company,
while CriTech Research is an industry leader in medical device
software development, each delivering key attributes to our
commercialization strategy. This diversified, two-pronged
productization approach will allow us to more quickly reach
commercialization, while best leveraging each partner's
respective area of expertise, continued
third quarter represented another quarter of foundation building
and we believe the company is now positioned to succeed and achieve
all stated goals. With the renewal of our global collaboration
agreement with GE Healthcare, the global ultrasound market leader,
and continued adoption of our legacy Nexus 128 pre-clinical imaging
system by top research institutions worldwide, I have never been
more confident in ENDRA's go-forward business
continue to meet key milestones on-time, while keeping our monthly
cash burn at a level that should provide ample runway to
commercialize our TAEUS liver product in 2018.
key milestones for ENDRA's Fatty Liver application in 2018
am confident that we will continue to create value for our
shareholders, and look forward to sharing more on our developing
story at the upcoming LD Micro Institutional Investor Conference on
December 6, 2017 in Los Angeles, California, concluded
Third Quarter 2017 Financial Results
totaled $0.3 million in Q3 2017 with associated direct costs of
$0.1 million. The revenue was a result of the sale of a Nexus 128
system for use in pre-clinical applications.
expenses increased to $1.1 million in Q3 2017 from $0.6 million in
Q3 2016. The increase in operating expenses was primarily due to
higher research and development expenses, and general &
administrative expenses associated with an increase in headcount,
as well as one-time advisory and accounting fees related to the
company's initial public offering.
September 30, 2017 totaled $7.0 million, as compared to $0.1
million at December 31, 2016. The increase of cash as of September
30, 2017 compared to December 31, 2016 is a result of the net
proceeds of $8.6 million from the company's initial public
offering in May 2017.
loss totaled $0.9 million, or ($0.23) per basic and diluted share,
in Q3 2017, compared to a net loss of $1.0 million, or ($1.35) per
basic and diluted share, in Q3 2016.
CEO Francois Michelon, CFO David Wells and CTO Michael Thornton
will host a conference call, followed by a question and answer
access the call, please use the following information:
Wednesday, November 15, 2017
4:30 p.m. ET, 1:30 p.m. PT
dial-in number: 1-877-397-0292
dial-in number: 1-719-457-2644
call the conference telephone number 5-10 minutes prior to the
start time. An operator will register your name and organization.
If you have any difficulty connecting with the conference call,