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Beyond Air® Reports Financial Results for First Quarter of Fiscal Year 2024
GARDEN CITY, N.Y., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Reported commercial sales for LungFit® PH for the treatment of term and near-term neonates with hypoxic
About this update from Beyond Air, Inc.
[{"type":"text","content":"GARDEN CITY, N.Y., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Reported commercial sales for LungFit® PH for the treatment of term and near-term neonates with hypoxic respiratory failure Currently have in excess of $1 million in annual commercial LungFit PH contracts Secured up to $40 million in debt financing from Avenue Capital Reached agreement with FDA to run a U.S. clinical study in patients hospitalized with viral community acquired pneumonia (VCAP), which will be performed in the 2023-24 winter season Expanded pipeline with addition of pre-clinical program for selective neuronal nitric oxide synthase (nNOS) inhibitors for the treatment of autism spectrum disorder and other indications Conference call scheduled for 4:30 p.m. ET today, August 10th Beyond Air, Inc. (NASDAQ: XAIR) (“Beyond Air” or the “Company”), a commercial stage medical device and biopharmaceutical company focused on harnessing the power of endogenous and exogenous nitric oxide (NO) to improve the lives of patients suffering from respiratory illnesses, neurological disorders and solid tumors (through its affiliate Beyond Cancer, Ltd. (“Beyond Cancer”)), today announced financial results for its fiscal quarter ended June 30, 2023. “We concluded the first quarter of our fiscal year 2024 with LungFit PH adopted as the nitric oxide system of choice at several hospitals in the United States. Our commercial team has implemented training programs and support at each of these hospitals, and report that LungFit PH has been well received. The initial success of the LungFit PH commercial rollout has allowed our team to hone their sales and support processes and move into the second phase of the commercial launch which has resulted in annual contracted revenue in excess of $1 million at this time,” said Steve Lisi, Chairman and Chief Executive Officer of Beyond Air. “In addition to our commercial accomplishments, we presented promising preclinical data for our ultra-high concentration nitric oxide (UNO) program to treat solid tumors, expanded our R&D pipeline to include selective nNOS inhibitors for the treatment of autism spectrum disorder and came to an agreement with FDA on a VCAP protocol to conduct a clinical study in the U.S. this winter. We believe that each of these programs are positioning Beyond Air to provide improved treatment options for various patient populations...