Business
H-CYTE Issues Letter to Shareholders
H-CYTE Issues Letter to Shareholders.
About this update from Innoveren Scientific Inc.
[{"type":"text","content":"\n TAMPA, Fla., Jan. 21, 2020 (GLOBE NEWSWIRE) -- H-CYTE Inc. (OTCQB: HCYT) the owner and operator of innovative medical technology products and services including LungCYTE and Lung Health Institute, today issued the following letter to shareholders from its CEO Bill Horne. Dear Fellow Shareholders, We have made significant progress toward our dramatic strategic goals due to the support of our gracious and accomplished investors. They share our vision for the future of the state of medicine. They understand that focusing on serving our patients is the best way possible to create significant shareholder value. The way forward to help more patients is to continue to work through our investigational new drug process with the FDA. Most recently, a $6 million investment in H-CYTE was led by a group that includes Todd Wagner, a co-founder of Broadcast.com and Rex Farrior and Preston Farrior, prominent philanthropists and University of Florida benefactors. The new funding will be used to advance the company’s development of our industry-leading investigational medical treatment for chronic lung diseases such as chronic obstructive pulmonary disease (COPD). Last year, Chris Sullivan and Bob Basham, co-founders of Outback Steakhouse, also made considerable investments into the company. On the heels of the recent financing, we have taken steps to reduce operating expenses so we can focus on pushing forward with FDA approval requirements. With these initiatives, we are currently seeing the previous gap in spending relative to revenues diminish. These newly implemented initiatives were specifically designed to result in the company achieving cashflow breakeven near term. I’m pleased with the recent progress and expect, although there can be no assurance, to realize the goal as early as this year. We’re grateful for these investors’ support and for all of your continued support. We are very excited to be working toward a new treatment to help people with chronic lung disease. Around 24 million people in the U.S. have COPD, which includes emphysema and chronic bronchitis. According to the CDC, more than 140,000 Americans die from this condition each year, and there is currently no cure. Every time I hear those facts, they remind me that we have to do everything in our power to help this extremely underserved population...