News Hub | News Direct

Syra Health Corp. (NASDAQ: SYRA) Surges Ahead: Q1 2024 Sees 47% Revenue Growth and $3.2 Million Cash Balance

Syra Health

By Kenneth Adams, Benzinga Syra Health Corp. (NASDAQ: SYRA) announced its financial results for the first quarter ended March 31, 2024. Q1 2024 Financial Highlights Revenue of $1.7 million in 1Q24 compared to $1.2 million in 1Q23. Business units excluding Healthcare Workforce grew 333% and comprised 19% of total revenues in 1Q24, versus only 7% in 1Q23. Population Health, driven by demand for epidemiology services, saw an increase of 212% compared to 1Q23. Cash balance of $3.2 million as of March 31, 2024, and no long-term debt. 2024 Financial Outlook The company anticipates full-year 2024 revenue of $9 to $11 million, representing growth of 64%-100% versus 2023. Due to the implementation cycle of customers, the company expects the majority of its contract revenues to be realized in the second half of 2024. Recent Operational Highlights Currently, it has active contracts in 19 states across the nation. Secured a one-year renewable contract with a national healthcare organization worth $660,000 to provide Healthcare Effectiveness Data and Information Set (HEDIS®) outreach and support services essential for fostering positive health outcomes and reducing costs. Announced a one-year, $480,000 contract from the Indiana Department of Health to administer public health and healthcare readiness assessments. Awarded a one-year $450,000 contract for epidemiology services with the Shelby County Health Department in Tennessee, with two additional one-year renewal options, bringing the total potential value of the contract to $1.35 million. Secured a one-year contract with Washington D.C.’s Department of Behavioral Health worth approximately $250,000. The company will conduct an epidemiological study aimed at identifying the prevalence and types of behavioral health conditions that exist among D.C. youth. Won multiple healthcare workforce contracts in states including Missouri, Nebraska and Virginia. Announced that it has been selected as a subcontractor for a contract awarded to Caduceus Healthcare, Inc. by the federal Department of Health and Human Services, Administration for Families and Children, Office of Refugee Resettlement, Medical Staffing and Support, valued at $75 billion. Revenues will be realized after the receipt of task orders. The company’s research study protocol for “Syrenity,” Syra Health’s prevention-focused mental and behavioral health platform, was approved by Pearl Institutional Review Board. The research study will be conducted by renowned university researchers and practicing psychologists who will enroll approximately 300 people with moderate or worse depression severity. Dr. Deepika Vuppalanchi, CEO of Syra Health, said, “We are proud of our impressive growth in 2024, as our revenues in the first quarter grew 47% versus last year. As such, we are confident in our 2024 revenue guidance of $9 million to $11 million, based on contracts in hand and pending implementation. The demand for our services remains strong and we believe we are properly positioned to take advantage. We are currently doing business in 19 states, and we anticipate securing new business from both the private and public sectors. We are excited about our Population Health business unit, which grew over 200% in the first quarter, driven by strong demand for our epidemiology services. Our growth remains strong in our newest business units of Digital Health and Health Education, and we are excited that our Healthcare Workforce business unit has returned to growth in 2024. Syrenity, our mental and behavioral health platform, which is focused on prevention, also holds great promise in terms of revenue for 2024 and beyond. We believe we are at the early stages of accelerating growth, which has been made possible by recent investments in our people and our technology.” Q1 2024 Financial Results Revenue for the quarter ended March 31, 2024, was $1.7 million, compared to the $1.2 million reported in the first quarter of 2023. Strong growth was driven by Population Health, which grew 212% year over year, and Healthcare Workforce, which grew 28% year over year. Digital Health had revenues of $92,250, compared to zero last year. Gross profit margin in the first quarter of 2024 was 10.2%, compared to 12.4% in the first quarter of 2023. The decrease in gross margins was due to the mix shift to Healthcare Workforce. Total operating expenses for the first quarter of 2024 were $1.6 million compared to $921,781 in the first quarter of 2023. Salaries and benefits expenses increased by 61% to support general business growth and sales. Professional fees declined 18% due to decreased legal and other professional costs as the Company completed its IPO process in the fourth quarter of 2023. Selling, general and administrative expenses increased by 87% due to increased operations. Depreciation expense was $12,545 compared to $11,763 in the first quarter of 2023, reflecting expanded office space. R&D expenses were $277,548, reflecting the development of technology-based solutions. Net Loss for the third quarter of 2024 was $1.4 million compared to a net loss of $785,892 in the first quarter of 2023. Adjusted EBITDA for the first quarter of 2024 was $(1.4 million) compared to $(762,710) in the first quarter of 2023. Cash on hand on March 31, 2024, was $3.2 million. Conference Call Management held a conference call to discuss the fiscal year's financial results at 9:00 am ET on May 9, 2024. A replay is available in the Investor Relations section of the company's website at https://ir.syrahealth.com/presentations/q1-2024-earnings-call. Non-GAAP Financial Measures In addition to financial results reported in accordance with accounting principles generally accepted in the United States of America ("GAAP"), the company has provided the following non-GAAP financial measure in this release and the accompanying tables: adjusted EBITDA. The company uses this non-GAAP financial measure internally to facilitate period-to-period comparisons and analysis of its operating performance and liquidity and believes it is useful to investors as a supplement to GAAP measures in analyzing, trending, and benchmarking the performance and value of its business. However, this measure is not intended to be a substitute for those reported in accordance with GAAP. These measures may be different from non-GAAP financial measures used by other companies, even when similar terms are used to identify such measures. For reconciliations of historical non-GAAP financial measures to the most comparable financial measures under GAAP, see the table below. Image sourced from Shutterstock Syra Health is a healthcare technology company addressing some of healthcare's most significant challenges in areas such as behavioral and mental health, digital health, and population health, by providing innovative services and technology solutions. Syra Health’s products and services are centered on prevention, improved access, and affordable care. Syra Health supplies its solutions to payers, providers, life sciences organizations, academic institutions, and government. For more information, please visit www.syrahealth.com. Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements." These statements include, but are not limited to, statements relating to the expected use of proceeds, the Company’s operations and business strategy and the Company’s expected financial results. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on management's current expectations and are subject to substantial risks, uncertainty and changes in circumstances. Investors should read the risk factors set forth in our registration statement on Form S-1 and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and, except as required by federal securities laws, the Company specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Christine Drury +1 463-345-8950 Christined@syrahealth.com Company Website https://www.syrahealth.com/

May 13, 2024 09:00 AM Eastern Daylight Time

Image

News Release

MustGrow Biologics Gains California Approval for Organic Biofertility Product, TerraSante

MustGrow Biologics Corp

MustGrow Biologics Chief Operating Officer Colin Bletsky joined Steve Darling from Proactive to share regulatory achievements for the company. MustGrow has received approval from the California Department of Food and Agriculture for its mustard plant-based TerraSante™, an organic biofertility product. Additionally, TerraSante™ has been granted organic certification specific to California requirements, supplementing its existing Organic OMRI Listed® certifications in Oregon and Washington State. Bletsky announced that with these approvals, TerraSante™ sales can now begin in California. These developments are crucial to MustGrow's strategy for commercializing its soil amendment and biofertility technologies in partnership with BioAg Product Strategies. The company, which already holds certifications in Oregon and Washington, plans to pursue further state-level registrations across the U.S. TerraSante™ is part of MustGrow's broader suite of solutions, which includes biocontrol programs targeting preplant soil fumigation, postharvest food preservation, and bioherbicides. These initiatives are advancing in collaboration with global partners such as Bayer, Sumitomo Corporation, Janssen PMP, and NexusBioAg, underlining MustGrow's commitment to sustainable agricultural practices worldwide. Contact Details Proactive North America +1 604-688-8158 na-editorial@proactiveinvestors.com

May 09, 2024 01:16 PM Eastern Daylight Time

Video

Triomics automates oncology workflows with GenAI powered platform, raises $15M

Triomics

Currently, oncology staff must manually search thousands of patient health records to find the right trials or care pathways for their patients. Triomics is today announcing it has raised $15M to help cancer centers streamline these workflows and process oncology data at scale by applying their framework to build, institution-tuned large language models (OncoLLM™) and use case-specific software. The company has raised from several Silicon Valley firms making pioneering investments in generative AI and healthcare, including Lightspeed, Nexus Venture Partners, General Catalyst and Y Combinator. Manual chart review can take hours per patient, and many health systems face significant backlogs in completing key oncology-related workflows for thousands of patients. This workload leads to clinical delays, such as patients missing out on clinical trials or biomarker-driven treatments, lagging quality reporting, and provider dissatisfaction and turnover. Triomics co-founders Sarim Khan (CEO) and Hrituraj Singh (CTO) were college friends who later worked as an MIT biotech researcher and Adobe AI researcher, respectively. They knew software existed to quickly analyze the ~20% of medical data that is stored in a uniform, structured manner, like a patient’s demographics or laboratory values. However, they realized recent advances in generative AI created the possibility of similarly analyzing the ~80% of medical data that exists in an unstructured format, like a doctor’s free-text note. “Hrituraj and I decided to partner to build solutions leveraging the advances in the field of generative AI and LLMs to help hospital staff,” said Sarim Khan, CEO of Triomicss. “We want our solutions to reason and sound like experts in oncology.” After developing an OncoLLM™ with Medical College of Wisconsin researchers, Triomics found that, in just minutes, it found 90% of eligible patients for clinical trials, which would have taken days or weeks for qualified nurses. It also extracted structured data points from unstructured notes at similar or higher accuracy to proprietary models like GPT4 or Claude while being 40 times cheaper. Triomics recently also published the results of its information retrieval engine for oncology, which they found to be 1.5-2 times better than other state-of-the-art retrieval models. “Most of the solutions on the market today claim they use GenAI, but many lack published evidence. Triomics is setting themselves apart by taking a truly collaborative approach to co-developing these models,” said Bradley Taylor, Chief Research Informatics Officer at the Medical College of Wisconsin and Director of the CTSI Center for Biomedical Informatics. Anai Kothari, a surgical oncologist at the Medical College of Wisconsin Cancer Center added: “The ability to quickly and accurately convert complex cancer data into a format that can be used to improve patient care is crucial. Triomics has been a great partner in integrating our suggestions and rigorously studying their approach to ensure safety.” OncoLLM™ powers proprietary Triomics software that integrates with health system EHRs to complete specific clinical and administrative tasks. For example, Triomics Prism aids in patient-trial matching by prescreening oncology patients with upcoming appointments to find relevant clinical trials. Triomics Harmony curates EHR data to support quality reporting, cohort analysis and precision oncology. Hrituraj Singh, CTO at Triomics, commented: “Our investments in our core areas of focus have been deliberate. We have successfully merged expertise in two complex functional areas: our AI researchers, who are specialized in customizing language models to specific domains, and our clinical staff, who have decades of oncology-specific experience. As a result, our software can complement the strengths of these advanced models while also proactively addressing potential flaws, all with the intricacies of cancer research and care in mind.” Given the heightened importance of accuracy for oncology data, Triomics partners with leading academic cancer centers and researchers to develop generative AI performance and safety benchmarks and best practices. Partners include the Collaboration for Oncology-focused LLM Training (COLT), a consortium of leaders from a dozen NCI-designated cancer centers, and the Cancer Informatics for Cancer Centers (CI4CC) Society. “We differentiate ourselves by building tailored models specifically for oncology and pairing them with GenAI native workflows,” said Sarim Khan. “While other solutions address some of the use cases we’re working on, like patient-trial matching, they are broad based solutions that use or modify legacy technologies that have proven not to have the scalability or ROI the industry is requesting.” Triomics next plans to publish additional data on OncoLLM efficacy across a diversity of settings and patient populations, and develop software that powers additional use cases. “Triomics is leveraging existing healthcare datasets and Generative AI to empower hospital staff to automate clinical trials and streamline cancer center workflows,” said Dev Khare, partner at Lightspeed. “We are excited to back Triomics in this important mission.” “With robust early results for their proprietary oncology specific LLMs and partnerships with leading cancer care and research centers, Triomics is well poised to deliver significant value to cancer care providers and patients in the U.S. and globally,” said Jishnu Bhattacharjee, managing director at Nexus Venture Partners. “We are thrilled to partner with Sarim and Hrituraj to help build a remarkably impactful company!" About Triomics Triomics uses generative AI to streamline workflows for cancer centers. Its oncology specialized generative AI model (OncoLLMTM) and use case-specific software help cancer providers process free-text health record data at scale, match patients to clinical trials, improve quality of care operations, deliver precision oncology and more. Based in San Francisco, the company has raised $15 million from leading VC investors. About Lightspeed Lightspeed is a global multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, Health, and Fintech sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 500 companies globally including Affirm, Acceldata, Carta, Cato Networks, Darwinbox Epic Games, Faire, Innovaccer, Guardant Health, Mulesoft, Navan, Netskope, Nutanix, Rubrik, Sharechat, Snap, OYO Ultima Genomics and more. Lightspeed and its global team currently manage $25B in AUM across the Lightspeed platform, with investment professionals and advisors in the U.S., Europe, India, Israel, and Southeast Asia. About Nexus Venture Partners Nexus Venture Partners is a leading early-stage venture capital firm partnering with extraordinary entrepreneurs to build product-first companies. With $2.6 billion under management, Nexus operates as one team across the US and India. Nexus portfolio includes Apollo.io, Aryaka, Clover Health, Delhivery, Druva, FingerprintJS, Hasura, H2O.ai, Infra Market, Kaltura, Mezi, MinIO, Observe.ai, Postman, Pubmatic, Quizizz, Rancher, Sibros, Snapdeal, TileDB, Turtlemint, Unacademy, and Zomato. Contact Details Triomics Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://www.triomics.com/

May 09, 2024 01:16 PM Eastern Daylight Time

Image

Texas’ Leading Hormone Provider Expands Cutting-Edge Preventative Screening Tool to All Clinics

Forum Health

Hormones by Design, a Forum Health provider and leader in hormone replacement therapy, has acquired DITI Imaging – a pioneer in digital infrared thermal imaging. This strategic move combines the expertise of both companies to offer comprehensive and preventative health care to two of its five renown Texas locations. Learn more about Hormones by Design. Digital infrared thermal imaging (DITI) is a non-invasive, radiation-free screening tool to detect early signs of inflammation and abnormal blood flow patterns, which may be precursors to various health conditions. By identifying these indicators early, patients can proactively address potential issues before they develop into more serious conditions. Phil Hagerman, Forum Health CEO: “ With 1 in 8 women diagnosed with breast cancer and chronic inflammatory diseases on the rise, early detection is paramount. This acquisition underscores our commitment to advancing personalized, integrative healthcare and providing the latest, top-of-the-line technology to help our patients achieve optimal health.” DITI is the only screening tool capable of detecting inflammation and associated heat patterns unlike X-rays, mammograms, MRIs and ultrasound tests. Some of the many health conditions DITI can screen for are: Breast cancer Early indications of asymptomatic and systemic inflammatory and degenerative processes Systemic, artery, dental, and sinus inflammation Unexplained and referred pain, including arthritis and nerve damage Fibromyalgia and digestive disorders Overactive and underactive thyroid conditions Dr. Melissa Miskell, Hormones by Design founder: "We’re thrilled to welcome DITI Imaging into the Hormones by Design family. It allows us to expand our preventative healthcare offerings, better monitor the effects of hormone therapy, more comprehensively treat patients with thyroid conditions, and help people maintain optimal health as they age.” Patients will have access to advanced screening services, including breast, full-body, and region-specific imaging, in addition to personalized BHRT options. Schedule an appointment or find a Hormones by Design location near you. About Forum Health, LLC Forum Health, LLC is a nationwide provider of personalized healthcare steeped in the powerful principles of functional and integrative medicine. Our providers take a root-cause approach to care exploring lifestyle, environment, and genetics to help each patient achieve their ultimate health goals. Members have access to advanced medical treatments and technology, with care plans informed by data analytics and collaborative relationships. For more, visit www.forumhealth.com. Contact Details Forum Health Britt Wittelsberger +1 410-852-0738 bwittelsberger@forumhealth.com Company Website https://forumhealth.com

May 09, 2024 08:50 AM Eastern Daylight Time

6.7 Million Americans Live With Alzheimer’s – IGC Pharma Believes They Deserve Treatment Options Without Black Box Warnings

IGC Pharma, Inc. (IGC)

By Faith Ashmore, Benzinga Over 6.7 million Americans aged 65 and older are living with Alzheimer’s disease (AD) and this number is predicted to grow to 13.8 million by 2060. AD is the sixth leading cause of death in the U.S. and in 2023, it was projected to cost the U.S. $345 billion. Alzheimer's disease is characterized by a gradual decline in memory, thinking, behavior and social skills; however, a lesser-known subsection of Alzheimer’s patients – despite a prevalence of 40%-80% in the patient population – suffer from Agitation in Alzheimer’s Disease (AAD). AAD is associated with higher admission rates to assisted living facilities, higher use of medications, higher rates of long-term hospitalizations and higher mortality rates for Alzheimer’s patients. This brings a significant emotional and financial cost to patients and caregivers. Currently, there is no perfect treatment for AD or ADD. Otsuka’s (OTC: OSUKF) Rexulti is one of the major medications currently being explored as a potential treatment for Alzheimer's disease. It was originally developed as an atypical antipsychotic to help treat mental health illnesses, and it is believed to work by affecting the activity of certain neurotransmitters in the brain. Due to this, ongoing research is investigating its potential to address the behavioral and psychological symptoms often associated with the condition, such as agitation and aggression, but some concerns are yet to be addressed. One of the major criticisms of Rexulti is that it carries a black box warning regarding the increased risk of death in elderly patients with dementia-related psychosis. Patients have reported adverse events associated with the drug like restlessness, weight gain and sleepiness. IGC Pharma (AMEX: IGC) is looking to an alternative to existing drugs with its drug, IGC-AD1, which has been specifically designed to target the underlying causes of AAD and aims to fill the gap for a safe and effective therapy. IGC Pharma began developing IGC-AD1 in 2017, and it was approved by the FDA as an investigational new drug in 2019. IGC-AD1 is designed to target neuroinflammation and dysfunction of the CB1 receptor. This investigational drug contains THC as one of two active pharmaceutical agents. THC is the primary psychoactive compound found in the cannabis plant. IGC-AD1 is undergoing extensive clinical trials to evaluate its effectiveness and safety in treating Alzheimer's disease. After a successful phase 1 clinical trial that resulted in patent protection in the U.S., the company has moved on to phase 2 trials. The phase 2 clinical trial, begun in 2023, encompasses 20 sites across the United States and Canada. With a target of 146 participants, this trial focuses on determining the efficacy of IGC-AD1 in alleviating agitation in Alzheimer's patients. The company has just announced the results of an interim analysis of its ongoing phase 2 trial. The main objective of the study is to evaluate the change in AAD over six weeks, utilizing the Cohen Mansfield Agitation Inventory (CMAI). According to IGC Pharma, the study showed that patients who were given IGC-AD1 had a more significant reduction in agitation levels compared to those who were given a placebo, with positive effects being observed as early as week two of the trial. At the six-week mark, the difference in agitation levels between the IGC-AD1 group and the placebo group was quite noticeable, with an effect size of 0.66 according to Cohen's d measure. The mean difference in the CMAI scores between the active treatment and placebo was -10.45, which indicates a meaningful contrast. Additionally, at the two-week mark, a secondary evaluation showed a positive effect size of 0.79 for IGC-AD1 compared to the placebo. If IGC-AD1 continues to perform well in clinical trials, it could be an effective, simpler and faster treatment option for patients – and importantly, the company is aiming to deliver a product with full approval from the FDA without major black box warnings. The formula as an oral liquid solution also caters to the older population. For millions of Americans who have family members with AD or are worried about developing AD later in life, this drug could provide hope. Featured photo by Cristina Gottardi on Unsplash. IGC Pharma Inc. (IGC) is at the forefront of the fight against Alzheimer's disease, developing innovative solutions to address this devastating illness. The company's mission is to transform the landscape of Alzheimer's treatment with a robust pipeline of five promising drug candidates. IGC-AD1 and LMP target the hallmarks of Alzheimer's disease, including neuroinflammation, Aβ plaques, and neurofibrillary tangles. IGC-AD1 is currently undergoing a Phase 2b clinical trial for agitation in dementia associated with Alzheimer's (clinicaltrials.gov, CT05543681). TGR-63 disrupts the progression of Alzheimer's by targeting Aβ plaques. IGC-M3, currently in preclinical development, aims to inhibit the aggregation of Aβ plaques, potentially impacting early-stage Alzheimer's. IGC-1C, also in preclinical stages, targets tau protein and neurofibrillary tangles, representing a forward-thinking approach to Alzheimer's therapy. In addition to its drug development pipeline, IGC Pharma is actively leveraging Artificial Intelligence (AI) for Alzheimer's research. Their AI projects encompass various areas, including clinical trial optimization and early detection of Alzheimer's. These forward-looking statements are based largely on IGC Pharma’s expectations and are subject to several risks and uncertainties, certain of which are beyond IGC Pharma’s control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, the Company’s failure or inability to commercialize one or more of the Company’s products or technologies, including the products or formulations described in this release, or failure to obtain regulatory approval for the products or formulations, where required, or government regulations affecting AI or the AI algorithms not working as intended or producing accurate predictions; general economic conditions that are less favorable than expected; the FDA’s general position regarding cannabis- and hemp-based products; and other factors, many of which are discussed in IGC Pharma’s U.S. Securities and Exchange Commission ("SEC") filings. IGC Pharma incorporates by reference the human trial disclosures and Risk Factors identified in its Annual Report on Form 10-K filed with the SEC on July 7, 2023, and Quarterly Report on Form 10-Q filed with the SEC on February 14, 2024, as if fully incorporated and restated herein. Considering these risks and uncertainties, there can be no assurance that the forward-looking information contained in this release will occur. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Rosalyn Christian rchristian@imsinvestorrelations.com Company Website https://igcpharma.com/

May 09, 2024 08:45 AM Eastern Daylight Time

Image

Genflow Biosciences advances three major programs in fight against ageing diseases

Genflow Biosciences PLC

Genflow Biosciences PLC CE Dr Eric Leire tells Proactive's Stephen Gunnion the company had a successful year in 2023, allowing it to expand its research and development pipeline. Leire highlighted three main programs during an interview. The first focuses on MASH (Metabolic Dysfunction-Associated Steatohepatitis), soon progressing to clinical trials, indicating a strong move towards addressing liver diseases. The second program deals with Werner Syndrome, a progeria-related condition, where Genflow is innovating with synthetic organoids to mimic human organ function for better clinical trial predictions. The third program targets sarcopenia in collaboration with Revatis SA, aiming to combat muscle loss associated with ageing. The company has also engaged with regulatory agencies in Europe and the US, receiving positive feedback on its approach, particularly with its MASH program. It is awaiting further feedback from the FDA to decide the trial's location. In addition to a recent £715,000 fundraise, Genflow's financial strategy relies heavily on grants, with recent significant funding from the Wallonia Region in Belgium, which Leire believes positions it well to continue its work without heavy reliance on venture capital. Contact Details Proactive UK Ltd +44 20 7989 0813 uk@proactiveinvestors.com

May 09, 2024 07:37 AM Eastern Daylight Time

Video

Immunic CEO Dr Daniel Vitt discusses key Q1 advances and upcoming milestones

Immunic Inc

Immunic Inc (NASDAQ:IMUX) CEO Dr Daniel Vitt takes Proactive's Stephen Gunnion through the company's first-quarter achievements and upcoming milestones for its clinical pipeline of orally administered, small molecule therapies for chronic inflammatory and autoimmune diseases. Vitt said the quarter was notable for Immunic's successful fundraising efforts, raising up to $240 million in a three-tranche private placement aimed at furthering its Multiple Sclerosis (MS) and gastrointestinal treatments. He also highlighted the importance of the recent allowance of a fourth US patent for vidofludimus calcium, enhancing its intellectual property portfolio around MS treatments and ensuring long-term commercial exclusivity. Vitt gave an update on the status of ongoing clinical trials, including the advanced Phase 2 CALLIPER trial for MS, with significant results expected in April next year. Moreover, he touched on Immunic's gastrointestinal disorder programs, particularly for celiac disease, with the IMU-856 program showing promising results in restoring gut wall functions. The interview also covered upcoming milestones, focusing on executing current clinical trials and preparing for future phases. Contact Details Proactive North America +1 604-688-8158 NA-editorial@proactiveinvestors.com

May 09, 2024 06:58 AM Eastern Daylight Time

Video

Fusion Antibodies reports second-half rebound as new commercial strategy pays off

Fusion Antibodies PLC

Fusion Antibodies PLC (AIM:FAB) CEO Adrian Kinkaid joined Proactive's Stephen Gunnion with more on the company that specialises in various stages of antibody development, excluding GMP production for clinical trials. He described Fusion Antibodies as a collaborative research organisation that engages deeply with clients to develop therapeutic antibodies, one of the most complex scientific endeavours. Its client base includes small VC-funded biotechs and has expanded to include large organisations like the National Cancer Institute. Fusion Antibodies also explores adjacent markets such as diagnostics, family medicine, and veterinary medicine. Recently, the company faced economic challenges, particularly a decrease in venture capital for biotechs, impacting its core business. However, it responded with strategic diversifications and cost management, leading to a 47% increase in fourth-quarter 2024 sales compared to the first quarter. The order pipeline at the year's end was significantly stronger at £750,000, promising a solid foundation for future growth. Kinkaid noted that Fusion Antibodies has secured various agreements, including a notable collaboration with the National Cancer Institute to employ their OptiMAL technology platform for discovering human antibodies. This platform could potentially lead to multiple licensing opportunities due to its vast diversity. Additionally, the company raised about £1.37 million, which will fund growth initiatives, including expanding its commercial team to better reach its primary market in the USA. Contact Details Proactive UK Proactive UK +44 20 7989 0813 UKEditorial@proactiveinvestors.com

May 09, 2024 06:41 AM Eastern Daylight Time

Video

Cloud DX secures 4th Provincial Health contract for remote patient monitoring

Cloud DX

Robert Kaul, CEO of Cloud DX, discussed with Steve Darling from Proactive the new Remote Patient Monitoring Agreement for Cloud DX RPM Services, which has been secured with a Canadian Provincial Health Authority. This agreement expands Cloud DX's provision of Connected Health remote patient monitoring products and services across Canada, now including contracts with Alberta, Yukon, Prince Edward Island, and a Master Services Agreement with Mohawk Medbuy—the country's largest hospital procurement agency. Kaul shared with Proactive that the contract spans 36 months and includes options for two 12-month extensions. Each subscription under these contracts is projected to average $1,520 CAD annually, covering the costs associated with the Connected Health Kit, which includes patient-prescribed hardware, software, and connectivity solutions. Over the four months leading up to April 30, 2024, Cloud DX has announced a significant growth milestone, securing 26 new contracts. These agreements span across hospitals, paramedic services, U.S. clinics, and include two Canadian provinces, marking a significant inflection point in the company’s expansion and presence in the healthcare industry. Contact Details Proactive North America +1 604-688-8158 NA-editorial@proactiveinvestors.com

May 08, 2024 02:48 PM Eastern Daylight Time

Video