Business
ENDRA Life Sciences Provides Business Update and Reports Third Quarter 2019 Financial Results
Conference call scheduled for 4:30 p.m. ET todayANN ARBOR, MI / ACCESSWIRE / November 13, 2019 / ENDRA Life Sciences Inc. ("ENDRA") (NASDAQ:NDRA), a pioneer
About this update from Endra Life Sciences Inc.
[{"type":"text","content":"Conference call scheduled for 4:30 p.m. ET todayANN ARBOR, MI / ACCESSWIRE / November 13, 2019 / ENDRA Life Sciences Inc. (\"ENDRA\") (NASDAQ:NDRA), a pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS™), today provided a business update and reported third quarter 2019 financial results.\"ENDRA has made important clinical and operational progress this quarter as we move towards commercialization during 2020,\" said Francois Michelon, chairman and chief executive officer. \"Completion of part two of the feasibility study at Robarts Research Institute represented a major milestone in the advancement of our pioneering TAEUS technology. Initial findings support our belief that TAEUS is positioned to be a practical tool for use with other biomarkers in the management of NAFLD and NASH at the point of patient care, and we are moving ahead with additional clinical study sites and regulatory filings. We also continue to engage with our key clinical audiences as we ramp up commercialization efforts heading into 2020.\"Business HighlightsReported top level findings from part two of the feasibility study at Robarts Research Institute.Showcased the pre-production TAEUS liver device[1] for the first time at the Annual 2019 AASLD Liver Meeting.Hosted Key Opinion Leader (KOL) event in conjunction with the Annual 2019 AASLD Liver Meeting featuring a presentation by Dr. Raza Malik, M.D., Ph.D. Director of Hepatology and Associate Chief, Division of Gastroenterology at Tufts Medical Center.Increased intellectual property (IP) portfolio to 60 assets defined, filed and issued.Financial Results for Quarter Ended September 30, 2019Operating expenses increased to $2.6 million in the third quarter of 2019, up from $2.4 million in the third quarter of 2018. The increase in operating expenses was primarily due to expenses related to the development of our TAEUS product line, and costs associated with the pre-commercialization of TAEUS.Net loss in Q3 2019 totaled $3.4 million, or ($0.46) per basic and diluted share, as compared to a net loss of $2.8 million, or ($0.70) per basic and diluted share in Q3 2018.Cash at September 30, 2019 totaled $2.3 million, as compared to $6.5 million at December 31, 2018, with no long-term debt outstanding.Conference Call and Webcast AccessManagement will host a conference call and webcast at 4:30 p.m. ET to discuss the...