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BMRA-News
BMRA-Events
Biomerica Completes Private Placement of 1,393,705 Shares, Raising Approximately $2.23M
Biomerica announced that it has entered into definitive agreements with institutional and individual investors for a private placement of 1,393,705 unregistered shares of the company's common stock at a price of $1.60 per share, expected to provide approximately $2.23M in gross proceeds to the company. The financing was priced at $1.60 at the time the definitive agreements were entered into and includes no warrants or discounted securities. Participation in the financing included B. Riley Principal Capital , certain executives and employees of B. Riley Securities, the company's Chief Executive Officer, and all members of the company's Board of Directors, reflecting meaningful alignment between outside investors and company leadership. Following the closing of the financing, the company expects to have approximately 4,588,968 shares of the company's common stock outstanding on a pro forma basis, with the shares issued in the financing representing approximately 30.4% of pro forma shares outstanding. The company intends to use the proceeds to strengthen its balance sheet and fund operations as its Board of Directors continues to evaluate a range of potential strategic opportunities intended to maximize shareholder value.
Biomerica Engages B. Riley as Financial Advisor
Biomerica announced that it has engaged B. Riley as its exclusive financial advisor in connection with the evaluation and potential pursuit of potential strategic opportunities. Under the engagement, B. Riley may assist the company in reviewing, evaluating and negotiating potential acquisitions, mergers, joint ventures, partnerships, spin-offs and other strategic combinations.
Biomerica Enters Service Agreement with Life Sciences Company, Contract Exceeds $1.75M
Biomerica announced it has entered into a master services agreement with a confidential life sciences company to develop proprietary in vitro diagnostic assays. The engagement carries an initial contract development target fee of over $1.75M, to be earned across multiple statements of work under the MSA. Biomerica was chosen following a competitive evaluation in which multiple CDMO organizations were assessed. The MSA establishes an initial three-year term with automatic one-year renewals. All development work will be performed at Biomerica's FDA-licensed, ISO 13485-certified facility in Irvine, California. Revenue will be recognized on a milestone-completion basis as individual SOW deliverables are accepted.
Biomerica Confirms inFoods IBS Test Eligible for Medicare Coverage
Biomerica announced that the Medicare Administrative Contractor, MAC, responsible for processing inFoods IBS claims has confirmed to the Company's CLIA-certified laboratory partner, Ethos Laboratories, that the test is eligible for Medicare coverage on an individual, claim-by-claim basis. This confirmation is consistent with established CMS policy for other similar diagnostic tests, which provides that in the absence of a formal Medicare coverage policy, claims are reviewed individually by the MAC to determine whether all coverage requirements have been met. This development represents an important step toward scalable, near-term revenue for Biomerica.
Biomerica Receives First Commercial Order for Hp Detect
Biomerica announced it has received its first commercial order for Hp Detect, its Helicobacter pylori diagnostic stool antigen test, from one of the largest clinical laboratory chains operating across Europe. The initial order is for the United Kingdom market, where Hp Detect received registration from the UK Medicines and Healthcare products Regulatory Agency, or MHRA in February. This commercial order represents a significant step in Biomerica's commercialization of Hp Detect throughout Europe. The customer's position as one of the leading clinical laboratory networks in Europe provides Biomerica with a high-profile account that the Company believes will support future distribution discussions across the broader EU market. H. pylori is one of the most prevalent bacterial infections worldwide, estimated to infect 45% of the population across Europe's five largest countries. It is the strongest known risk factor for gastric cancer and is designated by the WHO as a Class 1 carcinogen. The WHO also lists H. pylori among the 16 antibiotic-resistant bacteria posing the greatest threat to human health, increasing the urgency for accurate, timely diagnostics to guide appropriate treatment.
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