Full Press Release Details
ENDRA Life Sciences Reports
Third Quarter 2020 Financial Results and Provides Business Update
Conference call begins at 4:30 p.m. Eastern time today
ANN ARBOR, MI / ACCESSWIRE / November 16, 2020
/ ENDRA Life Sciences
Inc. ("ENDRA") (NASDAQ:NDRA),
the pioneer of Thermo Acoustic Enhanced UltraSound
today reported financial results for the three months ended
September 30, 2020 and provided a
business update. Highlights of the third quarter of 2020 and
recent weeks include:
Installed the first TAEUS system at Rocky Vista
University College of Osteopathic Medicine (RVUCOM), one of three
research partnerships for ENDRA. The data from the RVUCOM study,
along with other announced and future studies, will bolster the
clinical evidence base and support the clinical utility of the TAEUS system in
patients with non-alcoholic fatty liver disease (NAFLD) and
inflammation (NASH) to support current
and future commercialization efforts.
clinical evaluation reference site in Germany and advanced two more
European sites to final legal review,
which the Company expects to execute before the end of the year.
The Company also continued efforts to build out its strategic
salesforce with key hires in the U.K. and Germany, while also
identifying leading candidates in other major European
Showcased TAEUS technology at important
clinical conferences and trade shows,
including The Digital International Liver Congress (ILC), hosted by
the European Association for the Study of the Liver (EASL),
and The Liver Meeting, sponsored by the American Association
for the Study of Liver Diseases (AASLD). ENDRA's
participation in these conferences helped to expand its qualified sales pipeline to more than
4,000 global clinicians,
highlighting its unique position where there are no other
practical clinical tools currently available.
Increased its intellectual property portfolio to
76 assets, up from 64 at the end of 2019, including adding key
platform patents in the United States, Europe and China to
protect current and future clinical applications of the
Company's technology.
Received approximately $5 million from the early
exercise of common stock warrants. These proceeds extend
through key business inflection points, including establishing
evaluation reference sites and initial sales in Europe, as well as
the potential receipt of FDA clearance to begin commercialization
Remained on track to execute key milestones of establishing additional clinical
evaluation reference sites in Europe in the fourth quarter
on the quarter and recent weeks, Francois Michelon, chairman and
chief executive officer of ENDRA, said, "I'm pleased with our
continued progress to keep the company on track during these
challenging times, including advancing our key European
commercialization initiatives, as well as installing the first
TAEUS system at Rocky Vista. In addition, we continue to work with
the U.S. Food and Drug Administration to respond to questions
related to our 510(k) Premarket Notification submission, with
expectations that TAEUS will receive clearance.
Maloberti, chief commercial officer, added, "The global pandemic is
not tempering the enthusiasm of clinicians for our TAEUS solution
to the growing NAFLD/NASH challenge, which impacts more than 1
billion people globally. We continue to make meaningful progress
toward our first TAEUS system sale.
Financial Results for Quarter Ended September 30, 2020
Operating expenses increased to $3.3 million in
the third quarter of 2020, up from $2.6 million in the same period
in 2019. The increase was primarily due to expenses related to the
development of the TAEUS
product line, regulatory submissions, and costs associated
with TAEUS pre-commercialization
Net loss in the third quarter of
2020 was $3.3 million, or ($0.15) per share, compared with a net loss of $3.4 million, or ($0.46) per share,
in the third quarter of 2019.
cash and cash equivalents of $3.8 million as of September 30, 2020, compared with
$6.2 million as of December 31, 2019, with no long-term
Conference Call and Webcast Access
Management will host a conference call and webcast today at 4:30
p.m. ET to discuss these results and provide an update on recent
corporate developments.
U.S./Canada Dial-in Number: 844-369-8774
International Dial-in Number: 862-298-0844
Replay Dial-in Number: 877-481-4010
Replay International Dial-in Number: 919-882-2331
Replay Passcode: 38486
A telephone replay will be available from November 16, 2020 through
4:30 p.m. ET on November 23, 2020.
A live 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.
ENDRA Life Sciences is the pioneer of Thermo Acoustic Enhanced
UltraSound (TAEUS), a ground-breaking technology being developed to
visualize tissue like MRI, but at 1/50th the cost and at the point
of patient care. TAEUS is designed to work in concert with the over
one million ultrasound systems in use globally today. TAEUS is
initially focused on the measurement of fat in the liver as a means
to assess and monitor Non-Alcoholic Fatty Liver Disease (NAFLD) and
inflammation (NASH), chronic liver conditions that affect over one
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