05/16/2021 | Press release | Distributed by Public on 05/17/2021 18:30
• Anticipate Emergency Use Submission for SARS-CoV-2 Antibody Biosensor Test in the Second Half of 2021.
•$14 Million in Cash, Cash Equivalents, and Marketable Securities as of March 31, 2021, Provides Runway into the Second Half of 2022.
• Established a Point-of-Care Test Commercialization Ecosystem withWorld-Class Healthcare Institutions.
• University of Newcastle, The Wyss Institute for Biologically Inspired Engineering and John Hopkins University.
NEW YORK, May 14, 2021 (GLOBE NEWSWIRE) - GBS Inc. (Nasdaq: GBS), a life sciences company developing non-invasive, real-time diagnostic testing for patients and their primary health practitioners at point-of-care, today announced its financial results for the first quarter of 2021, and summarized recent business highlights.
'We continued to execute across the business this quarter as we further developed our commercialization plans for both the COVID-19 test and glucose monitoring on the Biosensor Platform technology,' Chief Executive Officer of GBS Inc. (GBS), Harry Simeonidis said.
'Our clinical chemistry and infectious disease programs are progressing as we continue the design for manufacturing of our Saliva Glucose Biosensor. In addition, we are integrating Harvard University's eRapid technology with our Biosensor for SARS-Cov-2 antibody tests, and are working with best-in-class commercialization experts across novel sensing technology and salivary diagnostics to decentralize and democratize diagnostics.'
Chief Executive Officer of The iQ Group Global Group, Dr. George Syrmalis said, 'Despite the extensive vaccination rollout in most of the developed parts of the world, we have yet to generate real patient data assessing the levels of immunity of vaccinated people, over time. We have yet to understand how long the vaccine protects people and when reimmunization is necessary. Thus, we remain committed to bringing an oral point-of-care diagnostic and antibody monitoring test to market once EUA authorized.'
Recent Operational Developments
Point-of-Care Test Commercialization Ecosystem Established
COVID-19 Testing Key Developments
Glucose Testing Key Developments
Financial Discipline
Anticipated Events and Targeted Milestones for 2021
First Quarter 2021 Financial Results
The Company reported a net loss of approximately $2.6 million, for the first quarter of 2021, compared to a net loss of approximately $0.11 million, for the first quarter of 2020. This overall increase was largely attributable to further progression on regulatory and development milestones and increased expenditure on general and administrative expenses with funding secured by the IPO.
As of March 31, 2021, the Company's cash, cash equivalents, and marketable securities totaled approximately $14.2 million, compared to approximately $19.8 million on December 31, 2020.
GBS believes that based on the current operating plan and financial resources, its cash equivalents and marketable securities will be sufficient to cover expenses and capital requirements through at least the second quarter of 2022.
About GBS Inc.
GBS Inc. is a life sciences company developing non-invasive, real-time point-of-care (POC) diagnostic tests for patients and their primary health practitioners ('GBS'). For more information about the Company, please visit our corporate website at gbs.inc.
About The iQ Group Global
The iQ Group Global is a bioscience investment consortium that finds, funds and develops bioscience discoveries to create life-changing medical innovations.
Visit our website: theiqgroupglobal.com
Forward-Looking Statements
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, GBS Inc.'s ability to develop and commercialize its diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although GBS, Inc. believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. GBS Inc. has attempted to identify forward-looking statements by terminology including 'believes,' 'estimates,' 'anticipates,' 'expects,' 'plans,' 'projects,' 'intends,' 'potential,' 'may,' 'could,' 'might,' 'will,' 'should,' 'approximately' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, included in the Company's public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. We undertake no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
For more information, please contact:
Investor Contact:
LifeSci Advisors, LLC
Jeremy Feffer - Managing Director
212-915-2568
[email protected]
Company Contact:
The iQ Group Global
James Gorman, Communications Manager
+61 2 8239 5400
[email protected]
Register for email alerts for the latest on the Biosensor Platform and GBS Inc.