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Palm Beach, FL – July 28, 2020 – Although the recent global health crisis has hampered the growth in the home security systems market, experts predict that stronger growth is on the horizon. A report from MarketsAndMarkets projects that, the global home security systems market size, which is valued at USD 53.6 billion in 2020, is expected to reach USD $78.9 billion by 2025, at a CAGR of 8.0% during the forecast period. The growth of the home security systems market is driven by factors such as growing awareness regarding home security systems, the emergence of the Internet of Things (IoT) and wireless technologies and increasing adoption of IP cameras for video surveillance amid COVID-19 crisis. The report said: “The pandemic COVID-19 has severely impacted the growth of the global home security systems market. Global sales are expected to decline by 5–10% in this fiscal year, depending upon the progression of the virus spread. The impact of COVID-19 on major markets such as the US and China has been significantly adverse, as supply chain disruption in China has resulted in a decline in the demand for home security systems. The decrease in the number of new construction projects and the closure of manufacturing facilities are some of the factors affecting the demand in China. The market in the US is expected to show stronger growth in comparison to other countries in the Americas region.” Active companies in the markets this week include: ATWEC Technologies, Inc. (OTCPK: ATWT), ADT Inc. (NYSE: ADT), Alarm.com Holdings, Inc. (NASDAQ: ALRM), Digital Ally, Inc. (NASDAQ: DGLY), Wrap Technologies, Inc. (NASDAQ: WRTC).
The article continued: “The introduction of security solutions based on data-driven machine learning and AI is the emerging trend in the home security systems market. The intelligent virtual assistants (IVA), such as Alexa and Google, have already been integrated by companies in different home security systems. The surveillance cameras today use AI and deep learning to empower security with more reliability and accuracy… The key benefits of this new technology include human body detection, facial recognition, people counting, and vehicle management. The AI-based deep learning and computer vision predict the occurrence of a crime before the actual event. The system can recognize the owners of the house. It learns the residing family’s daily routine, especially with the families having frequent visitors, and any unusual event. AI powers the surveillance cameras enabling them to analyze live video.”
ATWEC Technologies, Inc. (OTCPK: ATWT) BREAKING NEWS: ATWEC Technologies Acquires Level Three Security for Cash and Stock – ATWEC Technologies, a US-based technology company specializing in child safety, today announced it has signed a binding Letter of Intent with Level Three Security, a Memphis-based security company specializing in residential and commercial alarm services throughout the Southeast US.
Level Three agreed to be acquired for cash and stock, and will become a new business division of ATWT, adding its powerful surveillance products and services to ATWEC’s unique line of child safety and security products. Level Three’s President, Calvin Keys was enthusiastic about the deal, stating, “We utilize a robust surveillance and monitoring system to strengthen residential and workplace security in real time environments. We love being able to expand ATWEC’s target markets beyond vehicle safety, and into the homes and businesses of the community.”
The Company held a Board of Directors meeting on July 27, where the directors discussed the Company’s 2020 growth strategy, and unanimously approved the Level Three Security acquisition. The Company will immediately acquire substantially all of Level Three’s assets and liabilities, while adding new resources to assume the operations of its new security division. Specific terms of the transaction were not disclosed.
Alex Wiley, ATWEC’s President and CEO, said, “At a total projected cost of more than $1M, this acquisition is significant to our near-term financial outlook and our growth strategy. It is one of several transactions that the Board has been working on since early January, and represents the first step in our comprehensive growth by acquisition plan.” The Board likewise approved the acquisitions plan of offering the target companies cash and restricted stock, facilitated through a new liabilities funding program, scheduled to commence during 3Q 2020.
Additionally, the Company unanimously approved a plan to pursue a move from over-the-counter market to the OTCQB by 2021. The move will require financial audits and other minimum requirements, and the Company is now evaluating several PCAOB registered accounting firms to complete financial audits.
Mr. Wiley continued, “Today the Board approved a plan to get ATWEC to the OTCQB by 2021. The move will require financial audits and other specific requirements, but we are confident that we can get there quickly. This will be another milestone in our development from startup company to major player in security technology, working to make the world a safer place.” Read this entire release and more news for ATWT at: https://quotemedia.com/portal/news?qm_symbol=ATWT
Other recent developments in the markets include:
ADT Inc. (NYSE: ADT) recently announced that, via ADT Commercial, its commercial channel, it is joining forces with Dollar Tree, Inc (DLTR), to help provide protection to its retail locations nationwide. ADT Commercial, a premier provider of commercial security, fire, life safety and risk consulting services in the U.S., will provide comprehensive and innovative security solutions and monitoring services at the majority of Dollar Tree and Family Dollar locations across the U.S.
“In these rapidly evolving times, we’re thrilled to be partnering with Dollar Tree for what marks the largest contract to-date for ADT Commercial,” said Jim DeVries, President and CEO of ADT. “Dollar Tree has shown itself to be a true industry leader by seeking out some of the most groundbreaking, enterprise-level security solutions on the market.”
Alarm.com Holdings, Inc. (NASDAQ: ALRM) has recently won a New Product Showcase Award from the Security Industry Association (SIA), earning recognition in two categories for 2020. The Alarm.com Smart Water Valve+Meter, which redefines water management in smart homes and businesses, won the Smart Home Solutions category. On-Site Wrap Up, an Alarm.com MobileTech application that helps validate partner-defined installation procedures and improve customer satisfaction, was selected for the Design, Diagnostic and Installation Tools category.
“SIA’s recognition of our On-Site Wrap Up feature and Smart Water Valve+Meter underscores our commitment to creating innovative products and solutions that help our partners provide world-class service,” said Alarm.com Chief Product Officer Dan Kerzner. “We understand the value of having integrated devices controlled by a single platform. Equally important is making sure they’re simple to install and easy to use. Especially in today’s environment, we want to enable technicians to be as thorough and efficient as possible, so they can deliver the best professional service to customers using our technology.”
Digital Ally, Inc. (NASDAQ: DGLY) recently announced the receipt of notable orders for its Asset Tracking Unit (ATU) from zTrip, Inc. (“zTrip”) and Gila River Emergency Medical Transportation Services (Gila River). These two orders total over 600 ATUs with revenue exceeding $300,000 over the lifetime of the contracts.
The Company’s ATU features 4G cellular connectivity, allowing the unit to serve as a mobile hotspot and upload crucial video evidence and data directly to the cloud when the vehicles are in use. Additional features include GPS tracking, fuel consumption reports, and other customizable data.
Wrap Technologies, Inc. (NASDAQ: WRTC) recently reported another successful deployment of the BolaWrap remote restraint device on a noncompliant suspect. BolaWrap is carried by more than 150 police agencies across the United States and has been used to safely end dangerous police encounters in various cities across Texas, California, Florida, Minnesota, and now, New Mexico.
“We are pleased to see the BolaWrap continue to serve its purpose in the field on real subjects,” said Mike Rothans, Chief Operating Officer at Wrap Technologies and retired Assistant Sheriff of the Los Angeles County Sheriff’s Department. “When you think about the potential outcome of this encounter in light of recent events in Atlanta and Minneapolis, you can appreciate the outstanding policework done by Bernalillo County Sheriff’s Office and the potential life saved when they chose to use the BolaWrap.
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Trxade Group (NASDAQ: MEDS), an integrated drug procurement, delivery and healthcare platform, on Monday provided its financial results for the second quarter ended June 30, 2020. Among the highlights, Trxade reported record revenues and an increase in growth profit. “The second quarter financial results, which showcased a 244% increase in revenues to a record $6.6 million and 72% increase in gross profit to $2.0 million,” Suren Ajjarapu, chairman and CEO of Trxade Group, stated in the news release. “This growth was driven by Personal Protective Equipment sales, such as N95 masks and sanitizer products through our Integra Pharma unit. As we move through the second half of 2020, we are better positioned than ever to execute upon our vision of continued growth of the platform, driven by new independent pharmacies, new suppliers and distributors.”
To view the full press release, visit http://nnw.fm/i9WhO
About Trxade Group, Inc.
Headquartered in Tampa, Florida, Trxade Group, Inc. (NASDAQ: MEDS) is an integrated drug procurement, delivery and healthcare platform that fosters price transparency, thereby improving profit margins for both buyers and sellers of pharmaceuticals. Trxade Group operates across all 50 states with the central mission of making healthcare services affordable and accessible. Founded in 2010, Trxade Group is comprised of four synergistic operating platforms: (1) the Trxade B2B trading platform with 11,725 registered pharmacies, (2) Integra Pharma Solutions, Trxade Group’s virtual wholesale division, (3) the Bonum Health platform offering affordable telehealth services, and (4) the DelivMeds app, which coordinates a nationwide distribution network through independent pharmacies or mail order delivery. For additional information, please visit www.Trxade.com, www.DelivMeds.com and www.BonumHealth.com.
NOTE TO INVESTORS: The latest news and updates relating to MEDS are available in the company’s newsroom at http://nnw.fm/MEDS
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The naked mole-rat (“NMR”) has the same size as the normal mouse and is also a burrowing rodent. The hairless rodent has been attracting a lot of attention from scientists due to its capability to resist cancer, its impressive ability to survive without oxygen for 18 minutes, and its unusually long lifespan.
One of the researchers has decided to research to determine the mechanisms behind the naked rat’s remarkable resistance to cancer.
The naked mole-rat has a very minimal case of cancer among all mammals, and more knowledge about this cancer-resistant trait will give more insights into how cancer develops in human beings. It may lead to discovering new ways of preventing and treating disease in human beings. The scientists emphasize the importance of minimal cancer incidence in this rodent and that one in birds. However, the scientists are interested in a naked mole-rat since it falls in the group of mammals, just like human beings.
Before the experiment, it was believed that the Naked Mole Rat cells were resistant to cancer. However, after the research, it was proven that after subjecting its cells to oncogenes that cause cancer in mice, the naked mole-rat cells were also affected. The researchers concluded from other advanced studies that the naked mole-rat cell can also become cancerous the same way human or rat cells can be affected. It was in contradiction with the original research from other researchers who had performed the same experiment. The conclusion was that the NMR cells could become cancerous.
There are different types of cancer, and certain types are treated better than others are. Researchers are aiming to identify the mechanisms that are suppressing cancer in the NMR. Those mechanisms could, therefore, be translated into human beings to help prevent disease. The aim is to get some immune cells that can kill cancer cells in early stages; then boost their efficiency in humans. In this way, scientists are hoping to come up with something transformational in preventing cancer. By studying the NMR as it’s the only mammal with exceptional cancer signs, hopefully, there will be some breakthrough.
It has been proven that NMR cells can become cancerous, but why are the animals themselves resistant? That’s what needs to be unraveled. Other areas also need to be investigated. For instance, it is either the mammal’s immune system that is extra attentive in noting and killing off cancerous cells or the environment where its cells live stops cancerous cells from penetrating.
A lot still needs to be done to come up with concrete evidence and facts behind NMR resistance to cancer. For instance, does the NMR immune system change in a way that the human immune system cannot? However, all the research has demonstrated that there is no straightforward way to prove why the NMR is resistant to cancer. Therefore, research must continue for a better understanding of why the NMR appears to be immune to cancer. It wouldn’t be surprising if companies like Predictive Oncology (NASDAQ: POAI) come up with solutions that utilize what is learned by studying the naked mole rat.
About BioMedWire
BioMedWire (BMW) is a bio-med news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with BMW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled visibility, recognition and brand awareness. BMW is where news, content and information converge.
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Modern-day mobile technology is making strides in the medical device industry and is opening up new avenues for both physicians and patients. However, for these devices to be successful, they need approval from the FDA. Initially, mobile technology was only referred to as the device that was implanted into patients and communicated directly to clinicians within the hospital’s confines.
This has now changed, and the trend is “wearables.” The wearable can be directly worn on the body or clothing as accessories. Currently, the wearables are being used mostly by athletes to monitor heart rates and other parameters. Your devices need to be approved for medical use, and here are the facts that you must consider to get this approval:
The FDA Must Clear the mHealth Apps
Mobile applications have become more common for people who are seeking to improve their overall health. These apps are used by consumers to track their daily calories, exercise, and other vital signs. Some of these consumer wearables are not medical devices and should not be considered products that can diagnose and treat. Furthermore, they cannot restore the health of an individual who has been impaired by infections.
Must Have Reliable Data
A suitable mobile device must empower physicians with reliable data and the physicians should be able to extract vital patient’s information from the device. Moreover, a first medical device should allow medics to monitor timings of dosages and frequency in a simpler way in form of charts and graphs.
The data should also be available to physicians from any place at the swipe of their fingers to determine possible treatment. Health data is very crucial in analyzing, treating, and caring for the patient. It is therefore critical for the FDA to validate the accuracy of the data.
Failure in the Software can Create Big Frustrations
The integration of software to control medical devices has evolved with the evolution of new technology. On the other hand, software failures have become the most significant cause of medical device recalls by the FDA. It is, therefore, necessary for medical device manufacturers to ensure effectiveness in medical software. Good software should be reliable and safe for medical use.
The Manufacturing Process of your Device is Essential to the FDA
The fruitful submission of your mHealth device to the FDA will depend on not only the accuracy of your data but also the reliability of the software. Therefore, your device needs to go through thorough validation, verification, and proper documentation by the FDA. Successful inspection from the FDA will confirm the safety and reliability of your medical equipment.
As mobile medical devices start playing a major role in the delivery of healthcare, the high stakes involved aren’t lost on biomedical firms like Genprex Inc. (NASDAQ: GNPX).
About BioMedWire
BioMedWire (BMW) is a bio-med news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with BMW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled visibility, recognition and brand awareness. BMW is where news, content and information converge.
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DarioHealth (NASDAQ: DRIO), a global digital-therapeutics company serving its users with dynamic mobile-health solutions, will begin serving Europeans with its health-monitoring solution through a strategic partnership with Williams Medical. Under the partnership, the DarioHealth Remote Patient Monitoring (“RPM”) digital therapeutics platform will be made available to healthcare professionals across the United Kingdom and Ireland. A recent article quotes DarioHealth COO Dror Bacher on this move, where Bacher states, “We are very excited about this partnership between DarioHealth and Williams Medical as this aligns with our international growth initiative by offering our world-class RPM platform to physicians outside of the United States. Williams’ in-depth understanding of the UK and Irish healthcare markets and strong presence in the primary care arena creates an ideal opportunity for us to deliver a best-in-class RPM solution to general practices and patients.”
To view the full article, visit: http://ibn.fm/vmzl1
About DarioHealth Corp.
DarioHealth is a leading, global, digital-therapeutics company revolutionizing the way people with chronic conditions manage their health. By delivering evidence-based interventions that are driven by data, high-quality software and coaching, the company empowers individuals to make healthy adjustments to their daily lifestyle choices to improve their overall health. The company’s cross-functional team operates at the intersection of life sciences, behavioral science and software technology to deliver highly engaging therapeutic interventions. Dario offers one of the highest-rated diabetes solutions in the market, and its user-centric MyDario(TM) mobile app is loved by tens of thousands of consumers around the globe. DarioHealth is rapidly moving into new geographic markets to address chronic conditions using a performance-based approach to improve the health of users managing chronic disease. To learn more about DarioHealth and its digital health solutions, visit www.DarioHealth.com.
NOTE TO INVESTORS: The latest news and updates relating to DRIO are available in the company’s newsroom at http://ibn.fm/DRIO
About BioMedWire
BioMedWire (BMW) is a bio-med news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with BMW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled visibility, recognition and brand awareness. BMW is where news, content and information converge.
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Q2 2020 Revenues Increase 244% to Record $6.6 Million; Continues Nationwide Platform Expansion
TAMPA, FL, July 27, 2020 — Trxade Group, Inc. (NASDAQ: MEDS), an integrated drug procurement, delivery and healthcare platform, has provided its financial results for the second quarter ended June 30, 2020.
Selected Financial Highlights
$ in millions |
Q2
2020 |
Q2
2019 |
% Increase (Decrease) |
Revenues |
$6.6 |
$1.9 |
244% |
Gross Profit |
$2.0 |
$1.2 |
72% |
Gross Margin |
30.4% |
60.7% |
(50%) |
Net Income (Loss) |
$(0.5) |
$0.1 |
(1,036%) |
Adjusted EBITDA1 |
$0.5 |
$0.08 |
525% |
1) Adjusted EBITDA is a non-GAAP financial measure and is described in relation to its most directly comparable GAAP measure under “Use of Non-GAAP Financial Information” below.
Second Quarter 2020 Financial Summary
- Revenues for the second quarter of 2020 increased 244% to a record $6.6 million, compared to revenue of $1.9 million in the same quarter last year. Sequentially, this represents an increase of 199% when compared to revenues of $2.2 million in the first quarter of 2020. The increase in revenue was primarily due to a significant increase in personal protective equipment (PPE) sales by the Company’s Integra Pharma segment as a response to the COVID-19 pandemic.
- Gross profit in the second quarter of 2020 increased 72% to $2.0 million, or 30.4% of revenues, compared to gross profit of $1.2 million, or 60.7% of revenues, in the same quarter last year. The increase in gross profit was at lower margins, which was primarily due to lower-margin sales of PPE, such as N95 masks and sanitizers.
- Operating expenses in the second quarter of 2020 were $2.5 million compared to $1.0 million in the same quarter last year. This increase is primarily due to non-cash stock-based compensation expenses.
- Net loss in the second quarter of 2020 was $(0.5) million, or $(0.07) per basic and diluted share outstanding, compared to net income of $0.1 million, or $0.01 per basic and diluted share outstanding, in the same quarter last year.
- Adjusted EBITDA, a non-GAAP financial measure, increased 525% to $0.5 million, compared to $0.08 million in the same quarter last year.
- Cash and cash equivalents were $4.2 million as of June 30, 2020, compared with $7.7 million as of March 31, 2020.
More information regarding the Company’s Q2 2020 results of operations can be found in the Quarterly Report on Form 10-Q which the Company plans to file July 27, 2020 with the Securities and Exchange Commission.
Management Commentary
“The second quarter financial results, which showcased a 244% increase in revenues to a record $6.6 million and 72% increase in gross profit to $2.0 million,” said Suren Ajjarapu, Chairman and Chief Executive Officer, who continued, “This growth was driven by Personal Protective Equipment sales, such as N95 masks and sanitizer products through our Integra Pharma unit.”
“Our affiliated service offerings also continue to expand, with Bonum Health proving to be a critical healthcare service to thousands of customers throughout the United States. To accelerate the growth of this telemedicine division, which we see a significant opportunity as more consumers look for innovative healthcare solutions, we recently appointed senior healthcare executive Ashton Maaraba as President of Bonum Health. As a seasoned leader, we look forward to leveraging his decades of relevant expertise to grow this segment.”
“As we move through the second half of 2020, we are better positioned than ever to execute upon our vision of continued growth of the platform, driven by new independent pharmacies, new suppliers and distributors,” concluded Mr. Ajjarapu.
Second Quarter 2020 and Subsequent Operational Highlights
- Trxade continued to expand its platform nationwide, adding 325 new independent pharmacies in Q2 2020, bringing the total registered pharmacy members to over 11,725.
- Appointed senior healthcare executive Ashton Maaraba as President of Bonum Health, the Company’s telemedicine subsidiary.
- Supplied multiple employers with COVID-19 rapid test kits for employees and families, providing a diagnosis within 15 minutes at the point of care.
- Engaged international investor relations specialists MZ Group to expand the Company’s comprehensive strategic investor relations and financial communications program across all key markets.
Conference Call and Webcast
Management will host a conference call today, July 27, 2020 at 5:00 p.m. EDT to discuss Trxade Group’s 2020 second quarter financial results. The call will conclude with a Q&A from participants. To participate, please use the following information:
Q2 2020 Conference Call and Webcast
Date: Monday, July 27, 2020
Time: 5:00 p.m. Eastern Daylight time
U.S. Dial-in: 1-877-425-9470
International Dial-in: 1-201-389-0878
Conference ID: 13707025
Webcast: http://public.viavid.com/index.php?id=140780
Please dial in at least 10 minutes before the start of the call to ensure timely participation.
A playback of the call will be available through August 27, 2020. To listen, call 1-844-512-2921 within the United States or 1-412-317-6671 when calling internationally. Please use the replay pin number 13707025. A webcast will also be available for 30 days on the IR section of the Trxade Group website or by clicking the webcast link above.
About Trxade Group, Inc.
Headquartered in Tampa, Florida, Trxade Group, Inc. (Nasdaq: MEDS) is an integrated drug procurement, delivery and healthcare platform that fosters price transparency, thereby improving profit margins for both buyers and sellers of pharmaceuticals. Trxade Group operates across all 50 states with the central mission of making healthcare services affordable and accessible. Founded in 2010, Trxade Group is comprised of four synergistic operating platforms; (1) the Trxade B2B trading platform with 11,725 registered pharmacies, (2) Integra Pharma Solutions, Trxade Group’s virtual wholesale division, (3) the Bonum Health platform offering affordable telehealth services; and (4) the DelivMeds app, which coordinates a nationwide distribution network through independent pharmacies or mail order delivery. For additional information, please visit us at www.trxade.com, www.delivmeds.com, and www.bonumhealth.com.
Use of Non-GAAP Financial Information
This earnings release discusses EBITDA and Adjusted EBITDA. These measurements are not recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative to GAAP measures of performance. EBITDA represents net income before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before stock-based compensation expense and gain (loss) in equity investment. EBITDA and Adjusted EBITDA are presented because we believe they provide additional useful information to investors due to the various noncash items during the period. EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are: EBITDA and Adjusted EBITDA do not reflect cash expenditures, future requirements for capital expenditures, or contractual commitments; EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments. Although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Additionally, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than Trxade Group, Inc. does, limiting its usefulness as a comparative measure. See also “Reconciliation of Net Income attributable to Trxade Group, Inc., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA”, below.
Forward-Looking Statements
This press release may contain forward-looking statements, including information about management’s view of Trxade’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in the preceding discussion, the words “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Trxade, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in filings made by Trxade with the Securities and Exchange Commission, including, but not limited to, in the “Risk Factors” sections in its Form 10-Ks and Form 10-Qs and in its Form 8-Ks, which we have filed, and file from time to time, with the U.S. Securities and Exchange Commission. These reports are available at www.sec.gov. Other unknown or unpredictable factors also could have material adverse effects on Trxade’s future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. Trxade cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Investor Relations:
Luke Zimmerman
Senior Vice President
MZ Group – MZ North America
(949) 259-4987
MEDS@mzgroup.us
www.mzgroup.us
Trxade Group, Inc.
Consolidated Balance Sheets
June 30, 2020 and December 31, 2019
(unaudited)
|
|
June 30, 2020 |
|
|
December 31, 2019 |
|
Assets |
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
4,151,044 |
|
|
$ |
2,871,694 |
|
Accounts Receivable, net |
|
|
3,544,381 |
|
|
|
792,050 |
|
Inventory |
|
|
1,818,874 |
|
|
|
56,761 |
|
Prepaid Assets |
|
|
300,067 |
|
|
|
82,452 |
|
Deposits for Inventory purchases |
|
|
309,000 |
|
|
|
– |
|
Total Current Assets |
|
|
10,123,366 |
|
|
|
3,802,957 |
|
|
|
|
|
|
|
|
|
|
Property Plant and Equipment, Net |
|
|
151,397 |
|
|
|
174,987 |
|
|
|
|
|
|
|
|
|
|
Other Assets |
|
|
|
|
|
|
|
|
Deposits |
|
|
21,636 |
|
|
|
21,636 |
|
Deferred Offering Costs |
|
|
– |
|
|
|
88,231 |
|
Right of use leased assets |
|
|
709,911 |
|
|
|
757,710 |
|
Goodwill |
|
|
725,973 |
|
|
|
725,973 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
11,732,283 |
|
|
$ |
5,571,494 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts Payable |
|
$ |
272,148 |
|
|
$ |
334,614 |
|
Accrued Liabilities |
|
|
349,850 |
|
|
|
98,852 |
|
Current Portion Lease Liabilities |
|
|
94,253 |
|
|
|
87,350 |
|
Customer Deposits |
|
|
3,574 |
|
|
|
– |
|
Total Current Liabilities |
|
|
719,825 |
|
|
|
520,816 |
|
|
|
|
|
|
|
|
|
|
Long Term Liabilities |
|
|
|
|
|
|
|
|
Notes Payable – Related Parties |
|
|
225,000 |
|
|
|
225,000 |
|
Other Long-term Liabilities – Leases |
|
|
636,081 |
|
|
|
685,461 |
|
Total Liabilities |
|
|
1,580,906 |
|
|
|
1,431,277 |
|
|
|
|
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
Series A Preferred Stock, $0.00001 par value; 10,000,000 shares authorized; none issued and outstanding as of June 30, 2020 and December 31, 2019, respectfully |
|
|
– |
|
|
|
– |
|
Common Stock, $0.00001 par value; 100,000,000 shares authorized; 8,062,337 and 6,539,415 shares issued and outstanding, as of June 30, 2020 and December 31, 2019, respectively |
|
|
81 |
|
|
|
65 |
|
Additional Paid-in Capital |
|
|
18,909,083 |
|
|
|
12,535,655 |
|
Retained Deficit |
|
|
(8,757,787 |
) |
|
|
(8,395,503 |
) |
Total Shareholders’ Equity |
|
|
10,151,377 |
|
|
|
4,140,217 |
|
Trxade Group, Inc.
Consolidated Statements of Operations
For the Three and Six Months Ended June 30, 2020 and 2019
(unaudited)
|
|
Three months ended |
|
|
Six months ended |
|
|
2020 |
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
6,592,637 |
|
$ |
1,916,414 |
|
|
$ |
8,795,957 |
|
$ |
3,428,935 |
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales |
|
4,587,865 |
|
|
753,138 |
|
|
|
5,151,049 |
|
|
1,118,977 |
|
Gross Profit |
|
2,004,772 |
|
|
1,163,276 |
|
|
|
3,644,908 |
|
|
2,309,958 |
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
General and Administrative |
|
2,540,049 |
|
|
1,030,571 |
|
|
|
3,991,958 |
|
|
2,005,494 |
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss) Income |
|
(535,277 |
) |
|
132,705 |
|
|
|
(347,050 |
) |
|
304,464 |
|
|
|
|
|
|
|
|
|
|
|
Investment Loss |
|
– |
|
|
(58,850 |
) |
|
|
– |
|
|
(87,822 |
) |
Interest Expense |
|
(7,310 |
) |
|
(15,874 |
) |
|
|
(15,234 |
) |
|
(33,432 |
) |
Net (Loss) Income |
$ |
(542,587 |
) |
$ |
57,981 |
|
|
$ |
(362,284 |
) |
$ |
183,210 |
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income per Common Share – Basic: |
$ |
(0.07 |
) |
$ |
0.01 |
|
|
$ |
(0.05 |
) |
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income per Common Share – Diluted: |
$ |
(0.07 |
) |
$ |
0.01 |
|
|
$ |
(0.05 |
) |
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average Common Shares Outstanding – Basic |
|
7,580,977 |
|
|
5,621,082 |
|
|
|
7,324,512 |
|
|
5,591,055 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average Common Shares Outstanding – Diluted |
|
7,580,977 |
|
|
6,058,977 |
|
|
|
7,324,512 |
|
|
6,058,959 |
|
|
|
|
|
|
|
|
|
|
|
Trxade Group, Inc.
Consolidated Statements of Cash Flows
For the Six months ended June 30, 2020 and 2019
(unaudited)
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
Operating Activities: |
|
|
|
|
|
|
|
|
Net (Loss) Income |
|
$ |
(362,284 |
) |
|
$ |
183,210 |
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation Expense |
|
|
2,500 |
|
|
|
2,500 |
|
Options expense |
|
|
245,903 |
|
|
|
99,990 |
|
Warrant Expense |
|
|
100,383 |
|
|
|
– |
|
Stock Grants |
|
|
829,867 |
|
|
|
– |
|
Bad Debt Expense |
|
|
9,000 |
|
|
|
– |
|
Share in Equity Losses in Investment |
|
|
– |
|
|
|
87,822 |
|
Amortization of right to use asset |
|
|
47,799 |
|
|
|
43,939 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts Receivable |
|
|
(2,761,331 |
) |
|
|
(279,852 |
) |
Prepaid Assets and other Current Assets |
|
|
(217,615 |
) |
|
|
(70,119 |
) |
Inventory |
|
|
(1,762,113 |
) |
|
|
(466,850 |
) |
Deposits for Inventory purchases |
|
|
(309,000 |
) |
|
|
– |
|
Lease Liability |
|
|
(42,477 |
) |
|
|
(36,276 |
) |
Accounts Payable |
|
|
(17,871 |
) |
|
|
362,599 |
|
Customer Deposits |
|
|
3,574 |
|
|
|
– |
|
Accrued Liabilities and Other Liabilities |
|
|
250,988 |
|
|
|
(6,652 |
) |
Net Cash (used in) operating activities |
|
|
(3,982,667 |
) |
|
|
(79,689 |
) |
|
|
|
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
|
|
(23,505 |
) |
|
|
– |
|
Purchase of equity method investment |
|
|
– |
|
|
|
(250,000 |
) |
Net Cash (used in) investing activities |
|
|
(23,505 |
) |
|
|
(250,000 |
) |
|
|
|
|
|
|
|
|
|
Financing Activities: |
|
|
|
|
|
|
|
|
Payment of Stock Issuance Costs |
|
|
(732,355 |
) |
|
|
– |
|
Proceeds from exercise of Warrants |
|
|
22,952 |
|
|
|
166 |
|
Proceeds from exercise of Stock Options |
|
|
501 |
|
|
|
– |
|
Proceeds from Issuance of Common Stock |
|
|
5,994,424 |
|
|
|
– |
|
Net Cash provided by financing activities |
|
|
5,285,522 |
|
|
|
166 |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in Cash |
|
|
1,279,350 |
|
|
|
(335,628 |
) |
Cash at Beginning of the Year |
|
|
2,871,694 |
|
|
|
869,557 |
|
Cash at June 30, 2020 and 2019 |
|
$ |
4,151,044 |
|
|
$ |
533,929 |
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information |
|
|
|
|
|
|
|
|
Cash Paid for Interest |
|
$ |
3,984 |
|
|
$ |
2,997 |
|
Cash Paid for Income Taxes |
|
$ |
– |
|
|
$ |
– |
|
|
|
|
|
|
|
|
|
|
Non-Cash Transactions |
|
|
|
|
|
|
|
|
Common Stock Issued for Conversion of Note and Accrued Interest |
|
$ |
– |
|
|
$ |
211,983 |
|
ROU assets and operating lease obligations recognized |
|
$ |
– |
|
|
$ |
847,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net (Loss) Income attributable to Trxade Group, Inc., to Earnings before Interest, Taxes,
Depreciation and Amortization (EBITDA) and Adjusted EBITDA*
|
|
Three months ended |
|
|
Six months ended |
|
|
2020 |
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income attributable to Trxade Group, Inc. |
$ |
(542,587 |
) |
$ |
57,981 |
|
|
$ |
(362,284 |
) |
$ |
183,210 |
|
|
|
|
|
|
|
|
|
|
|
Add (Deduct): |
|
|
|
|
|
|
|
|
|
Interest (net) |
|
7,310 |
|
|
15,874 |
|
|
|
15,234 |
|
|
33,432 |
|
Depreciation and Amortization |
|
1,250 |
|
|
1,250 |
|
|
|
2,500 |
|
|
2,500 |
|
EBITDA |
|
(534,027 |
) |
|
75,105 |
|
|
|
(375,018 |
) |
|
152,278 |
|
|
|
|
|
|
|
|
|
|
|
Add (Deduct): |
|
|
|
|
|
|
|
|
|
Investment Loss |
|
– |
|
|
(58,850 |
) |
|
|
– |
|
|
(87,822 |
) |
Stock-based Compensation |
|
1,035,373 |
|
|
64,011 |
|
|
|
1,176,153 |
|
|
99,990 |
|
Adjusted EBITDA |
$ |
501,346 |
|
$ |
80,266 |
|
|
$ |
801,135 |
|
$ |
164,446 |
|
|
|
|
|
|
|
|
|
|
|
* EBITDA and Adjusted EBITDA are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. See also “Use of Non-GAAP Financial Information”, above.
Jerrick Media Holdings (OTCQB: JMDA), a technology company and the parent company of Vocal and Creatd, is committed to disrupting the digital social media space. JMDA recently filed an amended SEC S-1A, which details the company’s plans to uplist to the NASDAQ and rebrand itself as Creatd, with the ticker symbol “CRTD”. A recent article notes that “the company has a simple plan for capturing its targeted market, once you understand it.” The article continues to point out the following noteworthy elements: “JMDA is a second-mover attempting to capitalize where others have failed to do so profitably; [t]he company has been burning cash while building its platform and is now in the early innings of the commercial stage; [a]n acquisition added a sales team and completed the company’s commercial structure; [t]here is a clear path to profitability; [t]he stock is pending approval for an uplisting to Nasdaq.”
To view the full article, visit http://nnw.fm/XjOnQ
About Jerrick
Jerrick Media Holdings, Inc. is the parent company and creator of the Vocal platform. The Company creates technology-based solutions to solve problems for the creative community. Through Vocal, Jerrick identifies and leverages opportunities within the digital platform and content monetization space. Since launching in 2016, Vocal has become home to over 600,000 content creators and brands of all shapes and sizes, attracting audiences across its network of wholly owned and operated communities. For more information, visit the company’s website at https://jerrick.media.
NOTE TO INVESTORS: The latest news and updates relating to JMDA are available in the company’s newsroom at http://nnw.fm/JMDA
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- Psychedelics have shown positive results for treatment of mental health conditions including anxiety, depression, PTSD, addiction, eating disorders, ADHD
- Big pharma failed to bring drug innovations in mental health space; psychedelics may satisfy vast unmet need
- With secured delivery mechanisms and manufacturing contract in hand, Cybin appears well positioned to capitalize on growing market trend
As big pharma has failed to bring groundbreaking drug innovations into the mental health space, new data increasingly shows that psychedelics may close this gap, creating an entirely new market of safe and effective psychedelics medicines (http://nnw.fm/ZaMw1). Cybin Corp., a leading Canada-based, life-sciences company, is focused on developing pharmaceutical-grade psychedelic products and appears ideally positioned to make the most of this groundbreaking research.
Found in certain species of mushrooms, psilocybin — the main compound of pharmaceutical psychedelic products — has shown positive results for the treatment of anxiety, depression, PTSD, addiction, eating disorders and ADHD. As a research-first, life-science company, Cybin views mushroom-derived psychedelic compounds as brain boosters that have the potential to rebuild pathways and break negative patterns.
Psilocybin offers a scientific breakthrough in treating these conditions as it is rapidly metabolized to psilocin, which impacts serotonin receptors in the brain. With an increasing number of scientific research and clinical studies documenting that this naturally occurring, nonhabit-forming, psychedelic compound offers considerable positive effects in the treatment of mental health and other conditions, the serotonergic psychedelics today are being increasingly viewed in a new light as society embraces these benefits. Leading the wave of the mushroom-based products revival, Cybin has been laying the foundation for the moment pharmaceutical psychedelics achieve recognition in North America and worldwide.
Cybin is potentially poised to be the first company to develop psilocybin-based medicine designed to target major depressive disorders. Currently involved in structuring a clinical study that will be conducted through an academic partner in the Caribbean, Cybin has already filled a patent application for a diverse set of delivery mechanisms, identified synthetic psilocybin active pharmaceutical ingredients (“API”) sources and obtained a contract with a synthetic psilocybin oral film manufacturer.
It currently takes researchers around 12 months to get psilocybin for their studies as they wait for regulatory approval. In contrast, Cybin has secured 25mg API available immediately, which is sufficient for Phase 2a and Phase 2b trials in patients with moderate depressive disorder. The company is also in the process of developing its own proprietary API for psychedelic clinical research, with an initial focus on psilocybin and with a view of expanding to other analogs found in mushrooms (http://nnw.fm/Il9X5).
Cybin operates in the functional mushroom market with a goal to develop fungi-derived psychedelic and medicinal products to treat mental illness and other health conditions. The business model of this early-stage, life-sciences company includes two wholly owned core subsidiaries: Serenity Life Sciences, focused on advancing research and development of psilocybin-based psychedelic pharmaceutical products, and Natures Journey Inc., developing medicinal nonpsychedelic nutraceutical products.
According to the World Health Organization, more than 700 million individuals around the world are affected by some type of mental illness, addiction, or eating disorder. Clearly, there is a considerable unmet medical need for effective treatments for these types of mental health conditions. Led by a proven team of professionals with extensive experience in clinical trials and commercialization of new drugs, Cybin is emerging as a leader in the psychedelics space, poised to leverage its robust scientific capabilities to capitalize on the significant psychedelics-growth potential.
For more information, visit the company’s website at www.Cybin.com.
NOTE TO INVESTORS: The latest news and updates relating to Cybin are available in the company’s newsroom at http://nnw.fm/Cybin
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SRAX (NASDAQ: SRAX), a provider of digital-marketing and consumer data-management technology solutions, is leveraging a trending demand for increased communication and transparency in an era of big information. SRAX delivers platform solutions to owners and seekers in this big data age with tools to help both consumers and brands across various industries. A recent article discussing this reads, “Along with Sequire, SRAX delivers a suite of specialized tools for other industries, delivering a digital competitive advantage for brands in the CPG, luxury goods and lifestyle verticals by integrating all aspects of the advertising experience into one platform. At a time when consumers are becoming increasingly aware of the value of their data, SRAX is more than several steps ahead with the company’s BIGtoken platform, comprising over 16 million users and providing them with compensation for their data while simultaneously creating reliable data sets that can be accessed by marketers for a fee.”
To view the full article, visit: http://nnw.fm/0xwCW
About SRAX
SRAX is a digital-marketing and consumer data-management technology company. SRAX’s technology unlocks data for brands in the CPG, investor relations, luxury and lifestyle verticals. Through its various platforms, SRAX is monetizing its data sets and growing multiple recurring revenue streams. BIGtoken is a consumer-managed data marketplace where people can own and earn from their data. The platform also provides advertisers and media companies access to transparent, verified consumer data to better reach and serve audiences. Sequire is a premier platform for investor intelligence and communication. Through Sequire, public companies can track their investors’ behaviors and trends, and use those insights to engage current and potential investors across marketing channels. For more information on SRAX and its verticals, visit www.SRAX.com.
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://nnw.fm/SRAX
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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Sigma Labs (NASDAQ: SGLB), a leading developer of quality assurance software for the additive manufacturing industry, on Thursday reported financial and operational results for the second quarter ended June 30, 2020. Among other highlights, the company reported revenue of $0.2 million for the quarter, marking a significant increase compared to revenues of $34,000 for the second quarter of 2019. SGLB attributes the revenue increase to PrintRite3D(R) unit sales, the legacy Rapid Test and Evaluation (“RTE”) program and an in-house RTE during the quarter. “Our customers are increasingly engaged with our sales staff, reaffirming what we always knew to be true – that the market momentum and increased demand for more agile manufacturing systems due to COVID has been an exciting tailwind for Sigma and our increasingly plug-and-play PrintRite3D product. On the financial front, our $1.5 million offering in April 2020 has served to fortify our balance sheet against market uncertainty resulting from the COVID-19 pandemic and subsequent macro-economic pressure. This, paired with a reduction in cash burn by over $100,000 per month, has better positioned us to weather any macro-economic storms that may arise over the coming months. Executive salary deferments and other cuts such as these stand as a testament to our team’s belief in the long-term potential of our product and our commitment to create value for our shareholders,” Sigma Labs president and CEO Mark Ruport stated in the news release.
To view the full press release, visit http://nnw.fm/SOh6I
About Sigma Labs, Inc.
Sigma Labs is a leading provider of quality assurance software to the commercial 3D metal printing industry under the PrintRite3D(R) brand. Sigma is a software company that specializes in the development and commercialization of real-time computer aided inspection (“CAI”) solutions known as PrintRite3D(R) for 3D advanced manufacturing technologies. Sigma Labs’ advanced computer-aided software product revolutionizes commercial additive manufacturing, enabling non-destructive quality assurance mid-production, uniquely allowing errors to be corrected in real-time. For more information, please visit www.SigmaLabsInc.com.
NOTE TO INVESTORS: The latest news and updates relating to SGLB are available in the company’s newsroom at http://nnw.fm/SGLB
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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Internet use in the medical industry has tremendously grown over the past years. The continual propagation of mobile medical devices and the amount of data in hospitals are trends medical device manufacturers should keep in mind. Also, tracking cyber-security trends should be the main aim of device manufacturers due to an increased number of cyber-attacks on medical devices. Since lives are at stake, the FDA has stepped in to guide manufacturers to ensure the safety of medical devices in the global internet world. It has called for the protection of these devices as hackers may hack them for malicious purposes.
How Hackers can Hack and Use Medical Devices
Most of the systems in the hospitals have high levels of security. However, medical devices may be an area of vulnerability and these medical devices are the point where the hackers may find entry into hospital systems. The main aim of hacking the systems is not to harm the patients but to have access to research data and patients’ records. In turn, the information is used by hackers to gain access to the hospital’s financial system or steal valuable patient information.
The stolen data may be used in manipulating the administrators for redemption. Hackers can also use the information to trigger malfunctions in the systems, thus indirectly harming patients. Besides, the information can also be used in creating undetectable malware that may take control of a drug pump. The malware can then cause the drug pump to inject dangerous doses of medication to patients, leading to their death.
FDA’s Opinion on Medical Devices and Cyber-Security
According to the FDA, addressing medical device cyber-security threats should be a shared responsibility. When these duties are shared, they will reduce the menace of injury, patients’ illness, and death. Besides, device manufacturers, healthcare facilities, providers, and patients must come together to curb security threats. Some of the medical device cyber-security concerns device manufacturers need to consider include:
- Every cyber-security blackmail is unique, and no single approach can address each scenario.
- Connecting medical devices through wireless or wired devices may not operate as intended, which leaves them exposed to hackers.
- The time taken to approve medical devices by the FDA is lengthy, while cyber threats are emerging daily.
The FDA has offered directives to the device manufacturers to develop cyber-security controls to ensure the devices are safe from hackers. Also, the cyber-security controls will ensure security and proper functionality of the medical devices. Some of those proposed security controls include; strong passwords, restriction of firmware, software updates, and user authentication.
Additionally, the FDA also proposes a collaboration between experts in cyber-security and medical device manufacturers to come up with strongly protected devices. It is also adding that security safeguards be implemented in the early stages of device design. To evade all these threats, cyber-security safeguards must be understood from the point of design to the risk management viewpoint.
Entities like Predictive Oncology (NASDAQ: POAI) that offer personalized medical remedies certainly take cyber threats seriously, and all sector players would do well to go above and beyond to prevent cyber-attacks from compromising their products or systems.
About BioMedWire
BioMedWire (BMW) is a bio-med news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with BMW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled visibility, recognition and brand awareness. BMW is where news, content and information converge.
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Since the outbreak of COVID-19, a lot of industries have come to a standstill and most institutions and research centers have scrambled to look for ways to control and curb this deadly pandemic. Interestingly, the pandemic has also brought a lot of regrets to some inventors. The regret comes as a result of not owning the rights of their inventions, especially now when the whole world is struggling to fight the virus.
The Handwashing Bucket Inventor is Full of Regret
Veronica Beckeo is one of the inventors who have lamented as their ideas were not patented before the outbreak of the pandemic. She came up with the idea of the handwashing bucket over three decades ago in Ghana, and this handwashing bucket has been useful to many people in rural areas where running water is a scarce commodity.
This particular model has found itself in schools, hospitals, and churches in several African countries and industries. The buckets have been of great value in preventing infections and facilitating handwashing in medical laboratories. The handwashing tool was fondly named “Veronica Buckets” as a result of the legendary inventor’s love for her invention.
As we speak, the product is gaining new interest daily in the middle of COVID-19 pandemic. However, the inventor failed in securing intellectual property protection for her work. The scientist says that her invention was the result of pure inspiration. She began by fixing a tap on aluminum utensils, which improvisation sold highly in the Ghanaian markets. They were also used as medical basins in laboratories.
It is so unfortunate that her occupation as a biological chemist took much of her time which robbed her of the opportunity to undertake the complete patent rights process. The failure to do the patenting application is therefore a significant source of regret to the enthusiastic inventor.
A Call for Recognition
“I am not taking advantage of the situation with the outbreak of COVID-19 however, my call is to inform the world that the invention is mine.” Those were her exact words as the pandemic spread far and wide. The scientist is now calling for recognition for her invention, especially now that there is mass production of those handwashing buckets by several industries.
Beckeo’s invention is a powerful tool in the fight against the pandemic as handwashing has become more critical in fighting the virus. Several plastics manufacturers have even come up with new versions of the original device and they claim this to be their innovation. It is, therefore, vital for every innovator to patent their innovations. Experts say you will not find established biomedical companies like Genprex Inc. (NASDAQ: GNPX) without sizeable legal teams to ensure that any patentable invention gets the protection it deserves before imitators have a chance to copy the idea.
About BioMedWire
BioMedWire (BMW) is a bio-med news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with BMW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled visibility, recognition and brand awareness. BMW is where news, content and information converge.
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DarioHealth (NASDAQ: DRIO), a global digital-therapeutics company serving its users with dynamic mobile-health solutions, was recently featured in a Data Bridge Market Research report. The piece highlighted DarioHealth’s advancements in digital diabetes management, a rapidly growing market expected to become the “next best thing” in the wake of the current coronavirus pandemic that has made it more difficult for patients to receive treatment. A recent article discussing the company’s standout solution reads, “With 4.9 stars on the Apple App Store and 11,000 reviews, Dario is one of the highest-rated diabetes solutions in the market, and its user-centric MyDario(TM) mobile app is a popular product with over 50,000 consumers around the globe. With a powerful commitment and contribution to chronic condition management through innovative digital-therapeutic solutions, including a novel method for chronic-disease data management, the company is rapidly moving toward addressing new chronic conditions and into new geographic markets.”
To view the full article, visit: http://ibn.fm/8xeWV
About DarioHealth Corp.
DarioHealth is a leading, global, digital-therapeutics company revolutionizing the way people with chronic conditions manage their health. By delivering evidence-based interventions that are driven by data, high-quality software and coaching, the company empowers individuals to make healthy adjustments to their daily lifestyle choices to improve their overall health. The company’s cross-functional team operates at the intersection of life sciences, behavioral science and software technology to deliver highly engaging therapeutic interventions. Dario offers one of the highest-rated diabetes solutions in the market, and its user-centric MyDario(TM) mobile app is loved by tens of thousands of consumers around the globe. DarioHealth is rapidly moving into new geographic markets to address chronic conditions using a performance-based approach to improve the health of users managing chronic disease. To learn more about DarioHealth and its digital health solutions, visit www.DarioHealth.com.
NOTE TO INVESTORS: The latest news and updates relating to DarioHealth are available in the company’s newsroom at http://ibn.fm/DRIO
About BioMedWire
BioMedWire (BMW) is a bio-med news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with BMW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled visibility, recognition and brand awareness. BMW is where news, content and information converge.
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- Pharmaceutical and health care services company Trxade Group Inc. is enjoying growing attention as it continues to roll out remote-access medical solutions that are suited to the ongoing COVID-19 pandemic and the need to prevent virus transmission
- The company will announce its second quarter financial report July 27 following the close of markets that day
- Telehealth claims to private insurers have grown by 4,347 percent year-over-year during the past few months in which the pandemic has swept the planet
- Trxade Group’s introduction of the Bonum Health Hub and online pharmaceutical ordering and delivery services has driven the company’s customer responsiveness during the pandemic
- The company’s core focus has been to sustain independent pharmaceutical and health care providers by helping them gain access to transparency in drug pricing and other aspects of business so they can be competitive with larger chains
Pharmaceutical services provider Trxade Group (NASDAQ: MEDS) has seen its star rising during recent months while working to raise awareness of its medical consultation and prescription drug solutions. As the spread of the novel coronavirus unexpectedly reached pandemic proportions and battered world economies with its infectious spread and the resulting infection-fighting policies, Trxade Group has advanced measures that help patients and providers continue to access resources through a virtual environment safe from contagion.
On July 27, Trxade Group’s management will host a conference call following the close of trading at 5 p.m. EDT to discuss the company’s 2020 second quarter financial results, which will conclude with a Q&A opportunity for participants. Details published by the company provide phone-in numbers for U.S. and international participants as well as the conference ID and the address for the webcast (http://nnw.fm/dq8Bl).
A playback of the conference call will be available through Aug. 27, as will the webcast. The webcast will also be accessible under the company website’s investor relations heading.
Trxade Group uplisted to the Nasdaq exchange earlier this year (http://nnw.fm/MSaiI) and last month it gained inclusion on this year’s Russell’s Microcap Index (http://nnw.fm/0tU7a), measures that are helping to raise the company’s profile within the investment community. Investment services firm Taglich Brothers, Inc. has begun providing coverage to Trxade through its research division as well to create and distribute research reports on the company and its market (http://nnw.fm/mkaNx).
Even before the emergence of the pandemic, Trxade Group was introducing and bolstering services that help small, independent pharmacies to shop competitively for medications, patients to have those medications delivered promptly and safely without the need for traveling to a pharmacy, as well as medical providers to be accessible through smart-tech secured telemedicine applications.
Strategic acquisition of Internet drug outlet company Community Specialty Pharmacy, LLC, (http://nnw.fm/Nzp1l) and Bonum Health (http://nnw.fm/vwdIg) has allowed the company to lay the groundwork for an increased demand on telehealth services.
During the COVID-19 crisis, telehealth services have seen astronomical expansion. Telehealth claims to private insurers have grown 4,347 percent year-over-year (http://nnw.fm/KdQP2), CVS Health saw 600 percent growth in telehealth and virtual visits through its MinuteClinics in the first quarter of 2020 (http://nnw.fm/iabaP), Blue Cross and Blue Shield of Tennessee saw 50 times more telehealth visits in May compared to their normal amount (http://nnw.fm/HoW3M) and Blue Cross of Idaho processed more than 90,500 telehealth claims between March and June, with telehealth now representing more than one-quarter of all claims (http://nnw.fm/z9xpo).
If the telemedicine services remain popular with patients and insurance providers continue to be responsive to reimbursing telehealth claims, market analysts at McKinsey & Company forecast a $250 billion market (http://nnw.fm/zYUhR) while Frost & Sullivan projects a seven-fold increase by 2025 (http://nnw.fm/eEivE).
For more information, visit the company’s website at www.TrxadeGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to MEDS are available in the company’s newsroom at http://nnw.fm/MEDS
About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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Selected by Global Manufacturer as its Preferred Monitoring Solution for 3D Metal Printers & Presented as PrintRite3D Ready
Management to Host Conference Call Today at 4:30 p.m. ET
SANTA FE, NM / July 23, 2020 / Sigma Labs, Inc. (NASDAQ:SGLB) (“Sigma Labs”), a leading developer of quality assurance software for the additive manufacturing industry, reported its financial and operational results for the second quarter ended June 30, 2020.
Key Second Quarter 2020 and Subsequent Operational Highlights
- Selected by global manufacturer as its Preferred Monitoring Solution for 3D Metal Printers:
- Partnership will provide major 3D printer manufacturer’s global customer base with industry leading 3rd party IPQA® (In-process Quality Assurance) solution for its line of 3D printers. The manufacturer will present their printers as PrintRite3D® ready;
- PrintRite3D will be actively promoted by a worldwide salesforce as their preferred monitoring solution; and
- Initial purchase orders expected in the third quarter of 2020.
- Launched @Sigma RTE program to provide potential end users and OEM’s with a fast and inexpensive way to experience the benefits of Sigma’s PrintRite3D IPQA® solution. Manufacturers worldwide will be able to experience using PrintRite3D® in real-time with their part design and chosen metal powder. Allows end users and global OEMs an opportunity to:
- Experience in-process quality assurance and melt pool analytics in action;
- Utilize Sigma’s technology to improve build efficiency;
- Learn how PrintRite3D can help ensure consistency and solve quality issue; and
- Reduce product development time from initial design and simulation to production.
- Secured Japanese Fortune Global 50 manufacturer as its first customer under the @Sigma RTE program with new purchase order for PrintRite3D.
- Collaborated with NIST to outline how to calibrate PrintRite3D sensors to a traceable temperature standard.
- Performed a first ever standards calibration with the renowned National Institute of Standards and Technology;
- Opens the door for machine to machine calibration and enables machine matching for the Additive Manufacturing industry; and
- Represents a major milestone to ensuring quality in production environments.
- Appointed Mark K. Ruport as President and Chief Executive Officer, from his prior position as Executive Chairman, to further drive formation of strategic relationships, growth and sales strategies as the company commercializes its proprietary PrintRite3D technology. John Rice remains non-executive Chairman of the Board and has entered into a consulting contract with the company.
- Fortified the balance sheet with $1.5 million in gross proceeds through an April 2020 offering of common stock and warrants, and $1.64 million in gross proceeds from the exercise of preferred warrants.
Management Commentary
“The second quarter of 2020 marks the continuation of the Company’s strategic plan – Increasing sales of PrintRite3D, driven by multiple independent revenue streams with exciting progress being made on potential breakthrough contracts at the hardware OEM level,” said Mark K. Ruport, President and Chief Executive Officer of Sigma Labs. “Thanks to our new @Sigma RTE program, we secured a Fortune Global 50 manufacturer at significantly lower cost of sales than previously possible. This new initiative shortens our sales cycle, is asset light and allows OEMs and end users to experience using our IPQA® system to improve build efficiency and ensure quality. Moreover, this initiative is an example of how Sigma adapted to the new COVID world and worked with our agent in Japan to bring a new customer to our testing lab without anyone leaving their respective office. We look forward to new announcements in the weeks to come on this front.
“Our customers are increasingly engaged with our sales staff, reaffirming what we always knew to be true – that the market momentum and increased demand for more agile manufacturing systems due to COVID has been an exciting tailwind for Sigma and our increasingly plug-and-play PrintRite3D product.
“On the financial front, our $1.5 million offering in April 2020 has served to fortify our balance sheet against market uncertainty resulting from the COVID-19 pandemic and subsequent macro-economic pressure. This, paired with a reduction in cash burn by over $100,000 per month, has better positioned us to weather any macro-economic storms that may arise over the coming months. Executive salary deferments and other cuts such as these stand as a testament to our team’s belief in the long-term potential of our product and our commitment to create value for our shareholders.
“Over the coming months, I will continue to focus my efforts on four main areas: Increasing quarter-over quarter revenue driven by multiple independent revenue streams; driving multi-unit sales of PrintRite3D Production Series by end users that have validated our technology through the @Sigma RTE program; forming new strategic alliances and OEM contracts with both additive manufacturing hardware and software companies that provide sales leverage and market validation; and continued success with R&D organizations and Universities with advanced manufacturing programs, training tomorrow’s manufacturing leaders on the value of a 3rd party, standards-based IPQA® solution for 3D printing.
“As evidenced by these new wins, the customer evolution has migrated from R&D to End Users to now OEMs. I believe that we are on the cusp of the industrialization of 3D metal printing and PrintRite3D is positioned as a critical component, or the missing link, in Additive Manufacturing’s digital chain. Today, we have initiatives in India, Japan, throughout Europe and in countries like Turkey, all accelerating their adoption of AM to lessen their dependency on other countries and increasing their ability to be self-sufficient in times of crisis.
“The macro backdrop for additive manufacturing has never been stronger and Sigma is now uniquely positioned to set the standard for quality assurance for Additive Manufacturing. Despite the COVID crisis, we have strengthened our balance sheet, preserved our cash and added additional sales and marketing resources, positioning the company for strong growth as the economy improves. We look forward to sharing more on our developing story at upcoming virtual events in the third quarter,” concluded Ruport.
Second Quarter 2020 Financial Results
Revenue for the second quarter of 2020 totaled $0.2 million. This compares to revenues of $34 thousand for the second quarter of 2019. The increase in revenue was due to a PrintRite3D® unit sale, as well as revenue recognized under the legacy Rapid Test and Evaluation (“RTE”) program and an in-house RTE during the quarter.
Gross profit for the second quarter of 2020 was $0.1 million as compared to negative $27 thousand in the second quarter of 2019.
Total operating expenses for the second quarter of 2020 were $1.53 million as compared to total operating expenses of $1.57 million for the same period in 2019.
Cash used in operating activities for the six months ended June 30, 2020 totaled $2.4 million compared to $2.7 million in the first six months ended June 20, 2019. Approximately $400 thousand of this amount was due to trade accounts payables carried over from 2019 due to a delay in financing.
Net loss for the second quarter of 2020 was $1.6 million, or $(0.49) per share, as compared to a net loss of $1.6 million, or $(1.50) per share, in the second quarter of 2019.
Cash totaled $2.5 million at June 30, 2020, as compared to $0.6 million at March 31, 2020 and $0.6 million at June 30, 2019.
Second Quarter 2020 Results Conference Call
Sigma Labs President and CEO Mark Ruport and CFO Frank Orzechowski will host the conference call, followed by a question and answer period.
To access the call, please use the following information:
Date: |
Thursday, July 23, 2020 |
Time: |
4:30 p.m. Eastern time, 1:30 p.m. Pacific time |
Toll-free dial-in number: |
1-877-407-9039 |
International dial-in number: |
1-201-689-8470 |
Conference ID: |
13706559 |
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.
The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=140600 and via the investor relations section of the Company’s website at www.sigmalabsinc.com.
A replay of the conference call will be available after 7:30 p.m. Eastern time through August 6, 2020.
Toll-free replay number: |
1-844-512-2921 |
International replay number: |
1-412-317-6671 |
Replay ID: |
13706559 |
About Sigma Labs
Sigma Labs Inc. (NASDAQ: SGLB) is a leading provider of quality assurance software to the commercial 3D metal printing industry under the PrintRite3D® brand. Sigma specializes in the development and commercialization of real-time monitoring solutions known as PrintRite3D® for 3D metal advanced manufacturing technologies. PrintRite3D detects and classifies defects and anomalies real-time during the manufacturing process and informs the production manager of quality issues. Sigma Labs’ software product is a major catalyst for the acceleration and adoption of 3D metal printing. For more information, please visit www.sigmalabsinc.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors, including, but not limited to, the uncertain effect of the COVID-19 pandemic on the Company’s business, results of operations and financial condition, which may cause the Company’s actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company’s forward-looking statements, please see the Company’s Annual Report on Form 10-K (including but not limited to the discussion under “Risk Factors” therein) filed with the SEC on March 24, 2020 and which may be viewed at www.sec.gov.
Investor Contact:
Chris Tyson
Managing Director
MZ Group – MZ North America
949-491-8235
SGLB@mzgroup.us
www.mzgroup.us
Company Contact:
Steven Gersten
Sigma Internal IR
investors@sigmalabsinc.com
Sigma Labs, Inc.
Condensed Balance Sheets
(Unaudited)
|
|
|
|
|
|
|
|
|
June 30,
2020 |
|
|
December 31,
2019 |
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
Cash
|
|
$ |
2,445,766 |
|
|
$ |
86,919 |
|
Accounts Receivable, net
|
|
|
286,405 |
|
|
|
55,540 |
|
Inventory
|
|
|
585,640 |
|
|
|
598,718 |
|
Prepaid Assets
|
|
|
118,031 |
|
|
|
199,727 |
|
Total Current Assets
|
|
|
3,435,842 |
|
|
|
940,904 |
|
|
|
|
|
|
|
|
|
|
Other Assets:
|
|
|
|
|
|
|
|
|
Property and Equipment, net
|
|
|
117,006 |
|
|
|
128,723 |
|
Intangible Assets, net
|
|
|
644,286 |
|
|
|
569,341 |
|
Investment in Joint Venture
|
|
|
– |
|
|
|
500 |
|
Long-Term Prepaid Asset
|
|
|
52,000 |
|
|
|
52,000 |
|
Total Other Assets
|
|
|
813,292 |
|
|
|
750,564 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$ |
4,249,134 |
|
|
$ |
1,691,468 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
Accounts Payable
|
|
$ |
295,220 |
|
|
$ |
727,114 |
|
Notes Payable
|
|
|
– |
|
|
|
50,000 |
|
Deferred Revenue
|
|
|
99,588 |
|
|
|
139,447 |
|
Accrued Expenses
|
|
|
272,442 |
|
|
|
122,658 |
|
Total Current Liabilities
|
|
|
667,250 |
|
|
|
1,039,219 |
|
|
|
|
|
|
|
|
|
|
Long-Term Liabilities:
|
|
|
|
|
|
|
|
|
CARES Act Deferred Payroll Tax Liability
|
|
|
22,072 |
|
|
|
– |
|
Total Long-Term Liabilities
|
|
|
22,072 |
|
|
|
– |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
689,322 |
|
|
|
1,039,219 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity
|
|
|
|
|
|
|
|
|
Preferred Stock, $0.001 par; 10,000,000 shares authorized; 333 and 0 issued and outstanding, respectively
|
|
|
1 |
|
|
|
– |
|
Common Stock, $0.001 par; 12,000,000 shares authorized; 3,926,362 and 1,403,759 issued and outstanding, respectively
|
|
|
3,926 |
|
|
|
1,404 |
|
Additional Paid-In Capital
|
|
|
33,151,829 |
|
|
|
26,746,439 |
|
Accumulated Deficit
|
|
|
(29,595,944 |
) |
|
|
(26,095,594 |
) |
Total Stockholders’ Equity
|
|
|
3,559,812 |
|
|
|
652,249 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
$ |
4,249,134 |
|
|
$ |
1,691,468 |
|
|
|
|
|
|
|
|
|
|
Sigma Labs, Inc.
Condensed Statements of Operations
(Unaudited)
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES
|
|
$ |
167,688 |
|
|
$ |
33,582 |
|
|
$ |
389,418 |
|
|
$ |
98,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF REVENUE
|
|
|
57,684 |
|
|
|
60,625 |
|
|
|
302,387 |
|
|
|
157,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT (LOSS)
|
|
|
110,004 |
|
|
|
(27,043) |
|
|
|
87,031 |
|
|
|
(59,148) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries & Benefits
|
|
|
605,295 |
|
|
|
581,356 |
|
|
|
1,257,492 |
|
|
|
1,093,916 |
|
Stock-Based Compensation
|
|
|
270,818 |
|
|
|
220,360 |
|
|
|
424,989 |
|
|
|
474,566 |
|
Operating R&D Costs
|
|
|
111,647 |
|
|
|
118,845 |
|
|
|
165,335 |
|
|
|
264,117 |
|
Investor & Public Relations
|
|
|
171,287 |
|
|
|
157,318 |
|
|
|
409,555 |
|
|
|
315,107 |
|
Legal & Professional Service Fees
|
|
|
219,007 |
|
|
|
218,919 |
|
|
|
430,515 |
|
|
|
403,489 |
|
Office Expenses
|
|
|
78,843 |
|
|
|
184,068 |
|
|
|
226,590 |
|
|
|
350,178 |
|
Depreciation & Amortization
|
|
|
17,970 |
|
|
|
49,203 |
|
|
|
35,983 |
|
|
|
97,586 |
|
Other Operating Expenses
|
|
|
51,687 |
|
|
|
38,994 |
|
|
|
135,736 |
|
|
|
77,203 |
|
Total Operating Expenses
|
|
|
1,526,554 |
|
|
|
1,569,064 |
|
|
|
3,086,195 |
|
|
|
3,076,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM OPERATIONS
|
|
|
(1,416,550 |
) |
|
|
(1,596,107 |
) |
|
|
(2,999,164 |
) |
|
|
(3,135,310 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
31 |
|
|
|
7,016 |
|
|
|
882 |
|
|
|
12,798 |
|
State Incentives
|
|
|
151,657 |
|
|
|
– |
|
|
|
151,657 |
|
|
|
51,877 |
|
Exchange Rate Gain (Loss)
|
|
|
(31 |
) |
|
|
(2,264 |
) |
|
|
(1,422 |
) |
|
|
(2,710 |
) |
Interest Expense
|
|
|
(6,244 |
) |
|
|
(2,136 |
) |
|
|
(6,675 |
) |
|
|
(4,258 |
) |
Loss on Dissolution of Joint Venture
|
|
|
(201 |
) |
|
|
– |
|
|
|
(201 |
) |
|
|
|
|
Other Income
|
|
|
361,700 |
|
|
|
– |
|
|
|
361,700 |
|
|
|
– |
|
Total Other Income (Expense)
|
|
|
506,912 |
|
|
|
2,616 |
|
|
|
505,941 |
|
|
|
57,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE PROVISION FOR INCOME TAXES
|
|
|
(909,638) |
|
|
|
(1,593,491) |
|
|
|
(2,493,223) |
|
|
|
(3,077,603) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income Taxes
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
$ |
(909,638) |
|
|
$ |
(1,593,491) |
|
|
$ |
(2,493,223) |
|
|
$ |
(3,077,603) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Dividends
|
|
|
(691,880 |
) |
|
|
– |
|
|
|
(1,007,127 |
) |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Applicable to Common Stockholders
|
|
$ |
(1,601,518) |
|
|
$ |
(1,593,491) |
|
|
$ |
(3,500,350) |
|
|
$ |
(3,077,603) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss per Common Share – Basic and Diluted
|
|
$ |
(0.49) |
|
|
$ |
(1.50) |
|
|
$ |
(1.48) |
|
|
$ |
(3.10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Shares Outstanding – Basic and Diluted
|
|
|
3,256,098 |
|
|
|
1,077,759 |
|
|
|
2,359,862 |
|
|
|
1,006,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sigma Labs, Inc.
Condensed Statements of Cash Flows
(Unaudited)
|
|
|
|
|
|
Six Months Ended |
|
|
|
June 30,
2020 |
|
|
June 30,
2019 |
|
OPERATING ACTIVITIES
|
|
|
|
|
|
|
Net Loss
|
|
$ |
(2,493,223 |
) |
|
$ |
(3,077,603 |
) |
Adjustments to reconcile Net Loss to Net Cash used in operating activities:
|
|
|
|
|
|
|
|
|
Noncash Expenses:
|
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
35,983 |
|
|
|
97,586 |
|
Stock Based Compensation
|
|
|
424,989 |
|
|
|
474,150 |
|
Securities Issued for Third Party Services
|
|
|
54,924 |
|
|
|
– |
|
Change in assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts Receivable
|
|
|
(230,865 |
) |
|
|
818 |
|
Interest Receivable
|
|
|
– |
|
|
|
27,038 |
|
Inventory
|
|
|
13,078 |
|
|
|
(330,340 |
) |
Prepaid Assets
|
|
|
81,695 |
|
|
|
(1,463 |
) |
Accounts Payable
|
|
|
(431,893 |
) |
|
|
150,567 |
|
Deferred Revenue
|
|
|
(39,860 |
) |
|
|
27,275 |
|
Accrued Expenses
|
|
|
149,785 |
|
|
|
(105,678 |
) |
NET CASH USED IN OPERATING ACTIVITIES
|
|
|
(2,435,387 |
) |
|
|
(2,737,650) |
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Purchase of Property and Equipment
|
|
|
(11,474 |
) |
|
|
(23,796 |
) |
Purchase of Intangible Assets
|
|
|
(87,736 |
) |
|
|
(107,124 |
) |
Payment Received from Notes Receivable
|
|
|
– |
|
|
|
15,000 |
|
Dissolution of Joint Venture
|
|
|
500 |
|
|
|
– |
|
NET CASH USED IN INVESTING ACTIVITIES
|
|
|
(98,710 |
) |
|
|
(115,920) |
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Proceeds from Public and Private Issuances of Securities
|
|
|
3,600,000 |
|
|
|
2,521,220 |
|
Less Offering Costs
|
|
|
(820,228 |
) |
|
|
(326,890 |
) |
Payment of Note Payable
|
|
|
(50,000 |
) |
|
|
– |
|
Proceeds from Exercise of Warrants
|
|
|
2,141,100 |
|
|
|
75,848 |
|
Deferral of Payroll Taxes under the CARES Act
|
|
|
22,072 |
|
|
|
– |
|
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
|
|
4,892,944 |
|
|
|
2,270,178 |
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN CASH FOR PERIOD
|
|
|
2,358,847 |
|
|
|
(583,392) |
|
|
|
|
|
|
|
|
|
|
CASH AT BEGINNING OF PERIOD
|
|
|
86,919 |
|
|
|
1,279,782 |
|
|
|
|
|
|
|
|
|
|
CASH AT END OF PERIOD
|
|
$ |
2,445,766 |
|
|
$ |
696,390 |
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosures:
|
|
|
|
|
|
|
|
|
Noncash investing and financing activities disclosure:
|
|
|
|
|
|
|
|
|
Issuance of Common Shares for Conversion of Preferred Shares and Preferred Dividends
|
|
$ |
3,417,967 |
|
|
$ |
– |
|
Issuance of Securities for services
|
|
$ |
62,794 |
|
|
$ |
153,000 |
|
Disclosure of cash paid for:
|
|
|
|
|
|
|
|
|
Interest
|
|
$ |
9,359 |
|
|
$ |
2,514 |
|
Income Taxes
|
|
$ |
– |
|
|
$ |
– |
|
|
|
|
|
|
|
|
|
|
SOURCE: Sigma Labs, Inc.
With the emergence of new technology, the Veterans Affairs Department in on the verge of overhauling its electronic health record system. As innovations are coming into existence, there is also a need to digitize the health records. Besides, the department wants to examine if the robotic automation of health records can work. The first deployment of the electronic health record was planned to take place at Mann-Grandstaff Medical Center in Spokane, Washington, in March. Congress later pushed the launch to July, but it did not materialize. However, the launch did not take place in July as the Veteran Affairs Department was also engaged in the fighting the COVID-19 pandemic.
Digitalization of Electronic Health Records
As the system is almost reaching its full capacity, VA staff and health care providers will have to ensure all the records are digitalized, and they will also be linked with the correct patients and clinicians. However, this process of deploying and integrating electronic health systems is always complicated if the data is not machine-readable. To manage this, The VA is adopting robotic process automation as a potential solution.
Concrete automation processes are also being investigated by the Department of Veteran Affairs to help in streamlining of the external clinical documents into its electronic health record system. The VA also plans to use the automated system to select some of the digitization backlogs since 2018. These records, if not digitized and stored in hard copies, may reach five-mile high when stored.
Besides, the VA is also planning to integrate the use of a robotic process automation system, the agency-built VistA EHR system and new Cerner Millennium to improve its records. For the successful automation of electronic health records, it needs to have the following three core values.
- Should have the ability to automate the document scanning process, including ingesting and indexing of documents in the EHR platform and connecting it to the right patient and clinician.
- Provide metrics to solve problems and help with the planning of future RPA.
- Identify documents that cannot be automatically ingested and forward them for human processing.
The success of this process will be determined by the number of documents that will be processed within a given period. Furthermore, the accuracy of the program will also be determined by the correct linking of patient documents with the caregiver. The successful digitization of health records will also be measured by the ability of the algorithm to improve and learn, especially when coversheets with relevant information are not mixed with documents.
Experts believe that this step taken by the VA will be welcomed by biomedical companies like Predictive Oncology (NASDAQ: POAI) since medical data stored in the latest digital formats can help a great deal in research and tracking trends among patients.
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- Strategic move allows for one-of-a-kind, end-to-end ‘discovery machine’ that can rapidly generate potential therapeutic candidates
- Company to offer new capability to pharmaceutical company customers in revenue-generating projects later this year
Predictive Oncology (NASDAQ: POAI), a knowledge-driven company focused on applying artificial intelligence (“AI”) to personalized medicine, has completed its acquisition of Quantitative Medicine (“QM”) (http://ibn.fm/vqmwL). POAI signed a letter of intent to acquire QM, a biomedical analytics and computational biology company, in January (http://ibn.fm/4iRTV). The strategic move should accelerate the commercialization of Predictive Oncology’s proprietary AI-driven drug discovery and development.
“This acquisition will enable us to further leverage our unique database of drug-response and genomics profiles that our subsidiary, Helomics, has gathered from more than 150,000 cancer cases over more than 10 years of clinical testing,” said POAI CEO Dr. Carl Schwartz. “Integrating QM’s proven machine-learning platform, CoRE, with our proprietary database of drug response and genomics profiles is expected to revolutionize the role of our AI-driven predictive models in the discovery and development of new anti-cancers.
“We will be able to more quickly understand how specific types of tumors react to cancer drug therapies,” Schwartz continued. “This will allow our customers to accelerate the development and commercialization of personalized patient treatments that dramatically improve patient outcomes. We intend to offer this new capability to our pharmaceutical company customers in revenue generating projects this year.”
Founded by Dr. Robert Murphy and Dr. Joshua Kangas, both of Carnegie Mellon University, QM has developed a novel, computational drug-discovery platform called CoRE. CoRE is designed to dramatically reduce the time, cost and financial risk of discovering new therapeutic drugs by predicting the main effects of drugs on target molecules that mediate disease.
“CoRE is a predictive model-building platform for drug screening and optimization campaigns that uses hybrid machine learning approaches to build predictive models rapidly and drive wet-lab experimentation,” said Schwartz. “Unlike the approach of many AI companies working purely ‘in silico,’ our approach will unite the CoRE approach with our PDx tumor-profiling platform and tumor-data database, allowing for a one-of-a-kind, end-to-end ‘discovery machine’ that can rapidly generate potential therapeutic candidates in a cost-effective manner. Therapeutic candidates developed by this iterative AI and experiment cycle can be fast-tracked, since there will already be demonstrated activity in preclinical laboratory tests rather than just a computer model.”
The acquisition was completed in an all-stock transaction valued at approximately $1.8 million, Under the terms of the purchase agreement, POAI issued 954,719 shares of common stock at a valuation of $1.833 per share.
POAI is bringing precision medicine, or tailored medical treatment using the individual characteristics of each patient, to the treatment of cancer. Through the company’s Helomics division, the company leverages its unique, clinically validated patient derived (“PDx”) smart tumor profiling platform to provide oncologists with a road map to help individualize therapy. In addition, the company is utilizing artificial intelligence and its proprietary database of over 150,000 cancer cases tumors to build AI-driven models of tumor drug response to improve outcomes for the patients of today and tomorrow
For more information, visit the company’s website at www.Predictive-Oncology.com.
NOTE TO INVESTORS: The latest news and updates relating to POAI are available in the company’s newsroom at http://ibn.fm/POAI
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BioMedWire (BMW) is a bio-med news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with BMW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled visibility, recognition and brand awareness. BMW is where news, content and information converge.
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You may have heard about machine learning and data science in different aspects of life, such as in how your insurance premiums are determined. But, did you know that machine learning and data science are playing an increasing role in public health? Read on and learn about this exciting development.
What is Big Data?
It refers to the massive amount of information, such as data from administrative health claims and biobanks, which is available to researchers in a de-identified fashion. Furthermore, it is termed as significant due to the undiluted number of people represented in hundreds of millions and also the massive amount of information of the people involved.
It contains vital information, such as their genomes and postal codes. The primary function of these datasets is not always research but for other purposes such as billing. However, one should always ask this natural question, “Are these sets of information useful for public health surveillance and health related discoveries?”
Promises of Machine Learning and Data Science in Health
Machine learning and data sciences are one of the surest ways of summering big data. Besides, the process will predict and validate the data patterns, thus making sense to both doctors, policymakers and patients. Machine learning will also analyze a complicated relationship between variables and find links between environmental or clinical factors and risk for disease.
Secondly, machine learning will also lead to improvement and accuracy in disease diagnosis from medical image analysis. For example, it leads to an improvement in automatic screening for diabetic retinopathy. Google and its collaborators have also proven that machine/deep learning can easily automate image analysis at the highest accuracy levels. Furthermore, it has also been compared to the very best physician examiners in its working processes.
Machine learning has also led to the integration of data types for better understanding of complex associations between environment, genetics and disease. For instance, Harvard University has used large datasets in trying to untangle the relationship between environment and genetics in all diseases. The study has been aided by machine learning due to the large amount of data recorded in health insurance.
Besides using biobanks, machine learning has also been used by scientists in discerning new genetic variants such as environment-wide association studies and genome-wide association studies. The studies have been conducted to help in identifying novel associations with a high-risk diseases that might be missed while studying one at a time.
Challenges Associated with Machine Learning
Machine learning may lead to limited generalization, confusion and even complex correlations between variables. Besides, new modelling using machine learning may not be easily explained by policymakers and physicians. Analysts may be faced with various challenges of the variables to model and which one to be ignored. These variables are always arbitrary and may lead to different interpretations and findings.
You can bet that companies like Genprex Inc. (NASDAQ: GNPX) are using machine learning and data science in their operations in order to bring better products to market.
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BioMedWire (BMW) is a bio-med news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with BMW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled visibility, recognition and brand awareness. BMW is where news, content and information converge.
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- SRAX Inc.’s BIGtoken platform provides big data insights, analytics derived from its over 16.7 million users
- Big data is increasingly being used by companies, advertisers to adjust their business models, products to cater to customers’ rapidly changing wants and needs
- SRAX has carried out targeted marketing campaigns for variety of large clients which have resulted in positive return on advertising spend
- Recent study by MarketsandMarkets has estimated that Big Data industry will rise to $229.4 billion by 2025, implying growth of 65% over next 5 years
SRAX (NASDAQ: SRAX), a digital marketing pioneer focused on providing consumer data management services, has long been focused on helping consumers gain control over and monetize their digital data footprints. Through its revolutionary BIGtoken platform, which boasted 16.7 million users as of the end of the first quarter of 2020, SRAX enables its members to provide their advertisers with access to verified consumer data which can in turn help companies better reach and serve their audiences. Now, with a recently released study showing that the ‘Big Data’ market is set to grow from $138.9 billion in 2020 to $229.4 billion in 2025, implying a compounded annualized growth rate of 10.6% (http://nnw.fm/rAKIN), SRAX’s commercial prospects look more promising than ever before.
Big data and its ability to depict online consumer behavior have long been used by companies seeking deeper insights into their customers. Netflix, the world’s largest video-on-demand streaming platform has been one of the early and most avid users of big data analytics. As early as 2009, Netflix famously launched a contest offering a prize of $1 million to the group which could come up with the best algorithm for predicting how customers would like a movie based on previous ratings. Today, the company’s film and TV show recommendation system is said to influence about 80% of the content which is streamed on the company’s platform (http://nnw.fm/7Ddph). In this scenario, the use of big data analytics and the insights derived from Netflix’s hundreds of millions of users has allowed the company to tailor their content to match customer expectations, license or produce new movies and TV shows based on the expected customer response, and ensure that their marketing campaigns are resulting in an adequate return on advertising spend (“ROAS”).
SRAX’s BIGtoken platform has sought to capitalize on the growing demand for big data analytics through its broad user base as well as its extensive range of functionalities. Towards the end of 2019, the platform introduced the BIGtoken Lightning Insights functionality – a revolutionary tool which allows SRAX’s customers to instantly activate research and surveys about virtually any topic and pose it to BIGtoken’s extensive user base. Companies can choose to address their queries to BIGtoken’s extremely wide and diverse user base or opt to target extremely niche demographic and socio-economic sectors through the product’s over 25,000 points of segmentation and receive actionable audience insights within a matter of mere hours (http://nnw.fm/BNGxp).
The platform’s unique capabilities were recently highlighted during a campaign which the Company carried out for the Kraft Heinz Co. Through the use of SRAX’s BIGtoken tool, Kraft was able to launch a targeted marketing campaign which resulted in a 6.6% return on ad spend (http://nnw.fm/lWT6q). SRAX’s management highlighted the potential of their proprietary marketing solution by contrasting the Kraft campaign to those recently carried out by Walmart and Evite, which delivered flat and negative returns, respectively. Moreover, the company also revealed that the positive returns from the marketing campaign had prompted the client to subsequently follow through with a “really big purchase”.
With the use of big data increasingly becoming a priority for any advertiser, SRAX’s BIGtoken platform has devised a method by which it can provide its customers with near instantaneous and actionable intel on-demand, thereby allowing companies to forgo the oftentimes significant investment needed to create an in-house analytics team and rather focus their attention solely on transforming the data gleaned through BIGtoken into productive marketing campaigns. With the big data industry set to nearly double in size over the next 5 years, SRAX and its proprietary platform seem well-positioned to benefit from the swelling tide of growth.
For more information, visit the company’s website at www.SRAX.com.
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://nnw.fm/SRAX
About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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SRAX’s (NASDAQ: SRAX) investor-intelligence platform, Sequire, is rapidly becoming an essential digital tool during a largely unprecedented time in global markets. A recent article discussing this reads, “With companies unable to carry out their traditional investor relations agendas, digital exchanges with investors have increasingly become a priority for corporate management teams. The Virtual Roadshow feature allows companies to host video and audio meetings with both new investors and existing shareholders, while also allowing them to track their meeting attendees’ investments following the event. With investors progressively resorting to digital means to research and interact with new investment opportunities, Sequire and its diverse portfolio of services appear to be in greater demand than ever before.”
To view the full article, visit: http://nnw.fm/JRZtk
About SRAX
SRAX is a digital-marketing and consumer data-management technology company. SRAX’s technology unlocks data for brands in the CPG, investor relations, luxury and lifestyle verticals. Through its various platforms, SRAX is monetizing its data sets and growing multiple recurring revenue streams. BIGtoken is a consumer-managed data marketplace where people can own and earn from their data. The platform also provides advertisers and media companies access to transparent, verified consumer data to better reach and serve audiences. Sequire is a premier platform for investor intelligence and communication. Through Sequire, public companies can track their investors’ behaviors and trends, and use those insights to engage current and potential investors across marketing channels. For more information on SRAX and its verticals, visit www.SRAX.com.
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://nnw.fm/SRAX
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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Genprex (NASDAQ: GNPX), today announced that Dr. George K. Gittes, MD of the University of Pittsburgh, the lead researcher that developed the company’s potentially curative diabetes gene therapy, was awarded a grant of $2.59 million from the National Institutes of Health (“NIH”) National Institute of Diabetes and Digestive and Kidney Diseases. According to the update, the grant will assist Dr. Gittes’ development for his research project titled, “Alpha Cell Conversion to Beta Cells in Non-human Primates” and build upon his accumulating groundbreaking gene therapy work toward finding a cure for diabetes. “We are excited to receive this funding to support our research in diabetic primates as we move toward human clinical trials,” Dr. George Gittes, Co-Scientific Director and Professor of Surgery at the University of Pittsburgh Medical Center (“UPMC”) Children’s Hospital of Pittsburgh and the lead researcher behind the diabetes gene therapy. “We saw encouraging data in our preclinical mice studies, where the gene therapy reprogrammed pancreatic cells to restore normal blood glucose levels in diabetic mice for approximately four months, which could translate to decades in humans. More recently, preliminary results in non-human primates (monkeys) has also been very promising.”
To view the full press release, visit http://ibn.fm/lIvvG
About Genprex, Inc.
Genprex is a clinical-stage gene therapy company developing potentially life-changing technologies for patients with cancer and diabetes. Genprex’s technologies are designed to administer disease-fighting genes to provide new treatment options for large patient populations with cancer and diabetes who currently have limited treatment options. Genprex works with world-class institutions and collaborators to in-license and develop drug candidates to further its pipeline of gene therapies in order to provide novel treatment approaches. The company’s lead product candidate, “GPX-001” (“quaratusugene ozeplasmid”), is being evaluated as a treatment for non-small cell lung cancer (“NSCLC”). GPX-001 has a multimodal mechanism of action that has been shown to interrupt cell signaling pathways that cause replication and proliferation of cancer cells; re-establish pathways for apoptosis, or programmed cell death, in cancer cells; and modulate the immune response against cancer cells. GPX-001 has also been shown to block mechanisms that create drug resistance. In January 2020, the U.S. Food and Drug Administration granted Fast Track Designation for GPX-001 for NSCLC in combination therapy with osimertinib (AstraZeneca’s “Tagrisso(R)”) for patients with “EFGR” mutations whose tumors progressed after treatment with osimertinib alone. For more information, please visit the company’s website at www.Genprex.com
NOTE TO INVESTORS: The latest news and updates relating to GNPX are available in the company’s newsroom at http://ibn.fm/GNPX
About BioMedWire
BioMedWire (BMW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) BioMedNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. BMW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled visibility, recognition and brand awareness. BMW is where news, content and information converge.
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Energy Fuels (NYSE American: UUUU) (TSX: EFR), the leading uranium producer in the United States, looks to be well positioned to capitalize on recent attention to nuclear power. Two major international organizations, the International Energy Association (“IEA”) and OECD Nuclear Energy Agency, are key drivers of this recent push, recognizing immense benefits of nuclear energy for both economic recovery and post-COVID-19, energy-supply resilience. A recent article discussing the company reads, “With more uranium production facilities and capacity, as well as more in-ground resources, than any other company in the country, UUUU has produced more than one-third of all U.S. uranium over the past 15 years (http://nnw.fm/5yeCI). The Colorado-based diversified miner has been focused on building a rock-solid balance sheet through a strategy of reducing the debt burden over the past several years. UUUU has recently announced the plan to pay off half of its debt by mid-July 2020, expecting to become debt free by the end of 2020 (http://nnw.fm/k1RzY). The company is also seeking to bring rare earth element production back to the U.S. With an unparalleled ability to swiftly increase low-cost U.S. uranium production, Energy Fuels is well positioned to capitalize on the growing role of the nuclear energy in the years to come.”
To view the full article, visit: http://nnw.fm/LRcq0
About Energy Fuels Inc.
Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The company also produces vanadium from certain of its projects, as market conditions warrant. Its corporate offices are near Denver, Colorado, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the United States today, has a licensed capacity of over 8 million pounds of U3O8 per year and has the ability to produce vanadium when market conditions warrant. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also currently on standby. In addition to the above production facilities, Energy Fuels has one of the largest NI 43-101 compliant uranium resource portfolios in the United States, including several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol UUUU; the company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol EFR. For more information, visit the company’s website at www.EnergyFuels.com.
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://nnw.fm/UUUU
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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Wrap Technologies (NASDAQ: WRTC), an innovator of modern policing solutions, today announced another successful deployment of the BolaWrap(R) remote restraint device on a noncompliant suspect. According to the update, New Mexico-based Bernalillo County Sheriff’s Office (“BCSO”) on Monday issued a press release containing the full account of its successful BolaWrap deployment. “Every day the women and men of BCSO boldly place their lives on the line to keep our children, families and businesses safe, it is absolutely imperative we equip them with the most effective public safety technology,” BCSO Sheriff Manuel Gonzales Ill stated in the news release. “After several months of successful evaluation and testing, I am pleased to announce that the new BolaWrap Restraint was effectively and safely deployed in the field for the first time. This technology affords our deputies another option to apprehending non-complying offender(s) safely. It also reduces the risk of potential minor injuries to combative suspects.”
To view the full press release, visit http://nnw.fm/C8y5h
About Wrap Technologies (NASDAQ: WRTC)
Wrap Technologies is an innovator of modern policing solutions. The Company’s BolaWrap 100 product is a patented, hand-held remote restraint device that discharges an eight-foot bola style Kevlar(R) tether to restrain an individual at a range of 10-25 feet. Developed by award winning inventor Elwood Norris, the Company’s Chief Technology Officer, the small but powerful BolaWrap 100 assists law enforcement to safely and effectively control encounters, especially those involving an individual experiencing a mental crisis. For information on the Company please visit www.WrapTechnologies.com. Examples of recent media coverage are available as links under the “Media” tab of the website.
NOTE TO INVESTORS: The latest news and updates relating to WRTC are available in the company’s newsroom at http://nnw.fm/WRTC
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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Personal planning and health preparedness are an essential component for everyone. However, it is more critical for individuals with bleeding problems. Some bleeding disorders, such as von Willebrand disease and hemophilia, are as a result of one lacking a specific clotting protein factor in the blood.
Due to that, people with bleeding disorders are always experiencing excessive bleeding after trauma or injury. Sometimes, they may bleed for no apparent reason at all. In emergency scenarios, their health still depends on easy access to treatment products and prescriptions, proper care and personal needs.
Infusions are always used as a way to help them manage and treat bleeding disorders. The injection helps in clotting of blood, thus stopping the bleeding. Patients with bleeding disorders are always supplied with infusion tools such as needles, tourniquets and syringes. Some of the personal preparedness tips that people with bleeding disorders need to implement for better health include:
Preparing Your Health
Bleeding may occur any time at work, home or during a disaster. It is therefore essential for people with bleeding disorders to have a “go bag.” The go-bag should contain the supplies and medicine they need in treating and managing a bleed when it occurs. People with bleeding disorders should always have the following items in their go-bags:
- Relevant paperwork such as health insurance records, updated medical information and travelling letter describing your bleeding disorder and drugs you take.
- A list of hemophilia treatment centers or hospitals and their contacts along with your designated preferences.
- Diluent, such as normal saline or sterile water, to mix with factor powder.
Helping Others to Help
It is of the essence to identify a caregiver that may help you in times of emergencies. A caregiver is very essential, especially when you are unable to treat yourself. It is also vital to share your diagnosis when you have a bleeding disorder. Moreover, it would be best if you also showed your friend, relatives and workmates the directions on how to respond to your bleeding to save you in emergency cases. Some of the ideas you can share with them may include:
- Teach them about giving the factor by mixing the clotting factor into a syringe and injecting it in the vein.
- Keep a manual book with relevant medical information, such as up-to-date infusion and treatment.
- Post significant phone numbers in various places in the car, around the house and at work.
Talk to Others About Your Diagnosis
It is essential for individuals with bleeding disorders to be actively involved in managing themselves. Parents with children having these disorders also need to train them and also other people on the health and safety of their children. The more people are informed about your health, the better they will care for you. You can use some of these ways to educate people about your bleeding disorders:
- Complete and carry an emergency care letter that shows your diagnosis, treatment guidelines and any other medications.
- Create an in Case of Emergency contact on your phone.
- Put on medical alert ID bracelet engraved with relevant information for healthcare providers and emergency responders.
By following the highlighted measures, people living with health disorders will have a better way of managing their conditions, hence minimum injuries and bleeding. Analysts say it is the plight of patients, such as those with bleeding disorders, which keep biomedical companies like DarioHealth Corp. (NASDAQ: DRIO) working day and night to come up with helpful remedies so that patients can have a better quality of life.
About BioMedWire
BioMedWire (BMW) is a bio-med news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with BMW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled visibility, recognition and brand awareness. BMW is where news, content and information converge.
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DarioHealth (NASDAQ: DRIO), a pioneer in the global digital therapeutics market, today announced its entry into a new strategic partnership with Williams Medical to make the DarioHealth Remote Patient Monitoring (“RPM”) digital therapeutics platform available to Healthcare Professionals (“HCPs”) across the United Kingdom and Ireland. According to the update, Dario’s turn-key RPM solution integrates the company’s existing open platform, application technology, and the DarioEngage coaching platform, to allow Healthcare Professionals to monitor their patients remotely. “We are very excited about this partnership between DarioHealth and Williams Medical, as this aligns with our international growth initiative by offering our world-class RPM platform to physicians outside of the United States,” Dror Bacher, COO of DarioHealth, stated in the news release. “Williams’ in-depth understanding of the UK and Irish healthcare markets and strong presence in the primary care arena creates an ideal opportunity for us to deliver a best-in-class RPM solution to general practices and patients, which we believe leads to reduced HCP workload while enhancing patient care and clinical outcomes.”
To view the full press release, visit http://ibn.fm/EnSTL
About DarioHealth Corp.
DarioHealth Corp. (NASDAQ: DRIO) is a leading, global digital therapeutics company revolutionizing the way people with chronic conditions manage their health. By delivering evidence-based interventions that are driven by data, high-quality software and coaching, DarioHealth empowers individuals to make adjustments to their daily lifestyle choices to improve their overall health. Its cross-functional team operates at the intersection of life sciences, behavioral science and software technology to deliver highly engaging therapeutic interventions. Dario is one of the highest-rated diabetes solutions in the market, and its user-centric MyDario(TM) mobile app is loved by tens of thousands of consumers around the globe. DarioHealth is rapidly moving into new chronic conditions and geographic markets, using a performance-based approach to improve the health of users managing chronic disease. To learn more about DarioHealth and its digital health solutions, visit www.DarioHealth.com
NOTE TO INVESTORS: The latest news and updates relating to DRIO are available in the company’s newsroom at http://ibn.fm/DRIO
About BioMedWire
BioMedWire (BMW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) BioMedNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. BMW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled visibility, recognition and brand awareness. BMW is where news, content and information converge.
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Youngevity International (NASDAQ: YGYI), a leading multi-channel lifestyle company, today announced the declaration of its regular monthly dividend of $0.203125 per share of its 9.75% Series “D” Cumulative Redeemable Perpetual Preferred Stock (NASDAQ: YGYIP) for each of July, August and September 2020. According to the update, the dividend will be payable on August 17, September 15, and October 15, 2020 to holders of record as of July 31, August 31 and September 30, 2020. The dividend will be paid in cash.
To view the full press release, visit http://nnw.fm/ysfWq
About Youngevity International
Youngevity International, Inc. ( NASDAQ: YGYI ) is an multi-channel lifestyle company operating in three distinct business segments including a commercial coffee enterprise, a commercial hemp enterprise, and a multi-vertical omni direct selling enterprise. The Company features a multi country selling network and has assembled a virtual Main Street of products and services under one corporate entity, YGYI offers products from the six top selling retail categories: health/nutrition, home/family, food/beverage (including coffee), spa/beauty, apparel/jewelry, as well as innovative services. For investor information, please visit www.YGYI.com.
NOTE TO INVESTORS: The latest news and updates relating to YGYI are available in the company’s newsroom at http://nnw.fm/YGYI
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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Trxade Group (NASDAQ: MEDS) recently released a corporate presentation that highlights the company’s major milestones, increased revenues and earnings, and the growing popularity of its pharmaceutical platform (http://nnw.fm/O6uf8). An article that discusses the presentation, as well as the company’s achievements as they stand today and since its inception, reads, “Founded in 2010 by MEDS CEO Suren Ajjarapu along with MEDS COO and President Prashant Patel, the Trxade Group spent its first three years working on the technology that would underlie its innovative pharmaceutical platform. Dedicated and passionate, Ajjarapu and Patel bootstrapped early development with some $5.5M of their own funds. Their efforts began to bear fruit in 2013, when the first client came aboard. Not resting on its laurels, the company launched a second service that year — a highly structured single platform — for pharmaceutical distributors to make sourcing supplies easier.”
To view the full article, visit: http://nnw.fm/NT0Lj
About Trxade Group Inc.
Headquartered in Tampa, Florida, Trxade Group is an integrated drug procurement, delivery and healthcare platform that fosters price transparency, thereby improving profit margins for both buyers and sellers of pharmaceuticals. Trxade Group operates across all 50 states with the central mission of making healthcare services affordable and accessible. Founded in 2010, Trxade Group is comprised of four synergistic operating platforms: (1) the Trxade B2B trading platform with 11,400 registered pharmacies, (2) Integra Pharma Solutions, Trxade Group’s virtual wholesale division, (3) the Bonum Health platform offering affordable telehealth services, and (4) the DelivMeds app, which coordinates a nationwide distribution network through independent pharmacies or mail order delivery. For additional information, please visit www.Trxade.com, www.DelivMeds.com and www.BonumHealth.com.
NOTE TO INVESTORS: The latest news and updates relating to MEDS are available in the company’s newsroom at http://nnw.fm/MEDS
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NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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The most common cause of hereditary colorectal (colon) cancer is Lynch Syndrome (“LS”). People with Lynch Syndrome have a 70% higher risk of developing colorectal cancer in their lifetime than the general population, and colorectal cancer is the leading cause of death among cancer cases in the U.S. Additionally, people with LS often develop colorectal cancer at much younger ages compared to the healthy population. However, there are no specific drugs that cure cancer, but following the set guidelines by the National Institute for Health and Care (“NICE”) in the UK, there may be some significant news. The information discussed below may offer a sigh of relief to the people suffering from colorectal cancer (“CRC”).
Clinical Trials by NICE
Recent clinical trials indicated that taking Aspirin for more than two years reduces the risk of colorectal cancer among people with Lynch Syndrome. In a clinical trial, only 4% of those who were taking daily Aspirin developed CRC as compared to the 7% under placebo group in a sample of 861 people with LS. However, adverse events did not vary significantly between the two groups. Furthermore, further studies are needed to establish the optimum dose and duration of daily Aspirin intake. It will also lead to more understanding of potential long-term effects.
Daily Benefits of Aspirin Might Outshine Harms Among People with Lynch Syndrome
The regular use of Aspirin among people with colorectal cancer and cardiovascular diseases has been a subject of discussion for decades. When Aspirin is used within the broader population, both the benefits and harms must be weighed in comparison. Some of the injuries, such as haemorrhagic stroke and gastrointestinal bleeding, must also be put into consideration. The available evidence is against the use of daily Aspirin, especially for people with average risk. However, for people with Lynch Syndrome, the benefits of using daily Aspirin supersedes the potential harms.
A Potential New Tier-1 Application
If the anticipated draft guidance becomes formalized, it will be the new CDC Tier-1 genomic guideline. Furthermore, it is expected to maintain most of the recommendations by NICE. The proposal has been defined as having a significant and positive impact on public health.
What Next for People with Lynch Syndrome?
For people with Lynch Syndrome, the NICE draft guidance provides an optimistic outlook towards their health. As the final NICE guidelines are on the verge of completion, patients with Lynch Syndrome can talk to health care workers about the ongoing clinical trials. People with Lynch Syndrome should encourage their relatives to go for earlier screenings and interventions because they have higher risks of contracting the disease. The earlier the interventions, the better as prevention is better than cure.
This news is likely to give Lynch Syndrome sufferers lots of hope, and it is such suffering people that keep companies like Predictive Oncology (NASDAQ: POAI) working hard to come up with breakthroughs that change lives.
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Jerrick Media Holdings (OTCQB: JMDA), a technology company and the parent company of Vocal, recently shared additional insights and information from the question and answer session of its first annual virtual shareholder meeting. The update reads, “After evaluating the data with the host platform for our shareholder meeting, Issuer Direct, we broke an attendance record for an OTCQB company shareholder meeting. Along with that, we received a record amount of questions and felt compelled to both elaborate on those we were able to address on the call and add a number of other interesting insights and questions we received from the rest of our investor community.”
To view the full article, visit http://nnw.fm/Ej8AX
About Jerrick
Jerrick Media Holdings, Inc. is the parent company and creator of the Vocal platform. The Company creates technology-based solutions to solve problems for the creative community. Through Vocal, Jerrick identifies and leverages opportunities within the digital platform and content monetization space. Since launching in 2016, Vocal has become home to over 600,000 content creators and brands of all shapes and sizes, attracting audiences across its network of wholly owned and operated communities. For more information, visit the company’s website at https://jerrick.media.
NOTE TO INVESTORS: The latest news and updates relating to JMDA are available in the company’s newsroom at http://nnw.fm/JMDA
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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The coronavirus crisis has dealt the economy a blow it will take years to recover from. Industries that were especially hit by shut down orders like airlines, restaurants, and tourism are looking at a long, tough road before they can get back to pre-pandemic levels. With all but the most essential businesses shut down and commerce brought to an almost complete standstill, states have lost millions in tax revenues over the past few months. However, proponents for marijuana legalization have argued that marijuana sales could help stimulate the economy as it recovers.
In the weeks before the shutdowns began, cannabis dispensaries saw a spike in sales, and the industry has consistently reported increasing sales, in some cases even breaking monthly records, during the course of the pandemic. The governor of New Jersey believes the state would get a major economic boost from legalizing marijuana. On top of that, he adds it will promote racial justice, especially as countrywide protests against the aggressive policing of black and Hispanic communities continues.
New Jersey Governor Phil Murphy was recently interviewed on the Jim Kerr Anytime radio show, and the state’s ailing economy was discussed. He recognized that the state will have to be innovative to generate more revenue as the coronavirus crisis rages on, and he concurred with a co-host’s assessment that cannabis could be part of the solution. “As you probably know, I’ve been on that from day one. The legislature hasn’t been able to get there yet, but absolutely,” he said.
“That’s, to me, an incredibly smart thing to do. We’re not inventing marijuana, it exists. It’s got a huge social justice piece for me. The overwhelming percentage of persons nailed in our criminal justice system are persons of color. It’s a no brainer in that respect. It’s a job creator, it’s a tax revenue raiser, and it checks a lot of boxes. I hope we’ll get there sooner than later.”
New Jersey allows medical marijuana, and the state recently announced that cannabis dispensaries would now be able to deliver products to their customers. Although the legislature has so far been unable to pass a recreational marijuana legalization bill, they approved legislation to put a referendum on the issue in the November ballot. Additionally, the state Assembly passed a cannabis decriminalization bill last month that would make possession of up to two ounces of cannabis a civil penalty without the threat of jail time.
The sentiments expressed by Gov. Phil Murphy echo what the entire industry, including Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF), has always said about the economic benefits of having a regulated cannabis industry.
About CNW420
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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