Business
Beyond Air® Reports Financial Results for Fourth Quarter and Fiscal Year-End 2023
Successfully completed phase 1 of U.S. commercial launch, with multiple hospitals contracted, and have initiated phase 2 of launch for LungFit® PH for the
About this update from Beyond Air, Inc.
[{"type":"text","content":"Successfully completed phase 1 of U.S. commercial launch, with multiple hospitals contracted, and have initiated phase 2 of launch for LungFit® PH for the treatment of term and near-term neonates with hypoxic respiratory failure Presented positive preclinical data for ultra-high concentration nitric oxide (UNO) therapy in solid tumors during the American Association for Cancer Research (AACR) 2023 annual meeting Licensed commercial rights to selective neuronal nitric oxide synthase (nNOS) inhibitors for the treatment of autism spectrum disorder and other indications from Hebrew University of Jerusalem Secured up to $40 million debt financing Conference call scheduled for 4:30 p.m. ET today, June 22nd GARDEN CITY, N.Y., June 22, 2023 (GLOBE NEWSWIRE) -- 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.), today announced financial results for its fiscal fourth quarter and year ended March 31, 2023. “We successfully completed our phase 1 limited commercial launch of LungFit PH in the United States signing multiple hospitals to contracts. We are pleased with the hard work and dedication demonstrated by our commercial team, and as planned, we have shifted into phase two where we are making significant progress in our efforts to expand the team and our geographic reach,” said Steve Lisi, Chairman and Chief Executive Officer of Beyond Air. “We are the leader in nitric oxide research as evidenced from our robust pipeline of revolutionary LungFit systems, the development of ultra-high concentration NO to treat solid tumors, and now the development of nNOS inhibitors to treat autism and potentially other neurological conditions,” continued Mr. Lisi. Recent Highlights and Upcoming Milestones Secured up to $40 million in debt financing Term length: Four years (interest only for up to 36 months)Coupon: Greater of 12.00% or WSJ Prime plus 3.75%$17.5 million funded at closing (Tranche 1 of a potential 3)233,843 warrants issued to purchase shares of Borrower's common stock at a price of $5.88 LungFit® PH Successfully completed phase 1 (limi...