Business
Biomerica Reports Fiscal 2021 Second Quarter Financial Results and Provides Business Update
Biomerica expects completion of enrollment of its Irritable Bowel Syndrome Diagnostic-Guided Therapy clinical trial by end of April, 2021 FDA actively
About this update from Biomerica, Inc.
[{"type":"text","content":"Biomerica expects completion of enrollment of its Irritable Bowel Syndrome Diagnostic-Guided Therapy clinical trial by end of April, 2021 FDA actively reviewing Company’s EUA submission for its first of its kind “at-home” Blood Collection kit used with the Biomerica COVID-19 IgG ELISA Lab Test system Simple to use 15-minute COVID-19 Antigen Rapid Test, which now has CE Mark, receives first large orders IRVINE, Calif., Jan. 15, 2021 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA), a global provider of advanced medical products, today announced financial results for its second quarter of fiscal year 2021, which ended November 30, 2020. The Company reported second quarter worldwide revenue of $1.373 million as compared to $1.596 million for the same period in the previous year. The decrease in sales during the quarter was primarily due lower sales in Asia. However, sales in Asia have substantially increased in the first half of the third fiscal quarter. Net loss was $1.485 million for the second fiscal quarter compared to a net loss of $0.485 million for the same period in the previous fiscal year. The increase in net loss was primarily due to higher research and development expense, largely related to the development of several COVID-19 tests, and higher general and administrative expenses, mainly due to increases in legal fees, reserves and personnel/consulting costs. Cash and cash equivalents were $5.684 million, and current assets were $11.947 million, at the end of the second fiscal quarter. The Company announced that the U.S. Food and Drug Administration (“FDA”) is now actively reviewing the Company’s Emergency Use Authorization (“EUA”) application for its COVID-19 IgG ELISA Test along with the Company’s professional use and at-home Whole Blood Collection Card system. If EUA clearance is granted, it would be the first for an in-home blood sample collection system combined with an ELISA test kit. This collection system offers the simplicity of a finger-prick blood sample which can be easily collected in multiple settings such as homes, schools, workplace, community care and healthcare settings, and have these samples sent back to a lab to be run on the Company’s highly accurate ELISA test. In clinical studies, the finger-prick blood collected samples demonstrated 100% specificity for detecting IgG antibodies to the spike pr...