Source: Spectral Medical.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Spectral Medical (EDT) released its financial results for the second quarter ended June 30, 2022
  • Revenue for the three-months ended June 30, 2022, was $286,000 compared to $559,000 for the same three-month period in the prior year
  • Operating costs for the three-months ended June 30 were $3,241,000, compared to $3,080,000 for the same period in the preceding year, a 5 per cent increase of $161,000
  • The company anticipates its operating costs to increase throughout 2022 as its Tigris trial enrolment is also expected to increase
  • Spectral Medical Inc. (EDT) is down 2.00 per cent, trading at C$0.49 per share at 12:45 pm ET

Spectral Medical (EDT) released its financial results for the second quarter ended June 30, 2022.

Revenue for the three-months ended June 30, 2022 was $286,000 compared to $559,000 for the same three-month period in the prior year.

For the six-months ended June 30, 2022, revenue was $770,000 compared to $1,305,000 for the same period in 2021, representing a 41 per cent decrease of $535,000. The decrease in product revenue was mainly due to the timing of orders in addition to supply chain constraints related to sourcing materials for a diagnostic device.

Operating costs for the three-months ended June 30, 2022, were $3,241,000, compared to $3,080,000 for the same period in the preceding year, a 5 per cent increase of $161,000. For the six-months ended June 30, 2022, operating costs were $6,413,000 compared to $5,471,000 for the same period in 2021, an increase of $942,000.

The company anticipates its operating costs to increase throughout 2022 as its Tigris trial enrolment is also expected to increase, combined with incremental costs associated with the upcoming usability trial for DIMI under its subsidiary Dialco, and the increase in field resources for the marketing and commercialization activities of its renal replacement therapy (RRT) devices.

Spectral CEO Chris Seto explained that the team continues to advance the Tigris trial, evaluating PMX for endotoxemia and septic shock. PMX is a therapeutic hemoperfusion device that removes endotoxin, which can cause sepsis, from the bloodstream.

“To date, we have randomized 40 patients out of the total 150 patients required and we have 14 active trial sites enrolling patients. We are also working with the FDA in order to potentially permit an increase in the maximum number of participating sites from 15 to 25 in order to accelerate patient enrollment. Based on the encouraging data received thus far, we believe PMX has the potential to address a significant unmet medical need that is currently estimated at $1.6 billion in the United States alone, as well as provide hope for the approximately 120,000 patients each year who suffer from endotoxemic septic shock with an estimated 50% mortality rate. Importantly, the FDA recently granted PMX Breakthrough Device Designation, which is expected to help expedite the regulatory review process. We are also working closely with Baxter, our exclusive commercial partner in the U.S. and Canada, in order to prepare for commercialization.”

Spectral is a Phase 3 company seeking U.S. FDA approval for its unique product for the treatment of patients with septic shock, Toraymyxin (PMX). 

Spectral Medical Inc. (EDT) is down 2.00 per cent, trading at C$0.49 per share at 12:45 pm ET.


More From The Market Herald
Resverlogix Corp. - SVP of Clinical Development, Dr. Michael Sweeney.

" Resverlogix (TSX:RVX) focuses drug development on COVID-19

Clinical development of Resverlogix’s (RVX) candidate apabetalone will remain focused on preventing and treating post-COVID-19 conditions.

" No pain, no blood: BETTER Type 2 diabetes testing is coming to market

Over the past two years, reporting on the Covid-19 pandemic has dominated media airwaves.
The Market Herald Video

" BioVaxys (CSE:BIOV) expands vaccines intellectual property portfolio

BioVaxys Technology Corp. (BIOV) has broadened patent coverage for its viral vaccine platform.

" Lumiera Health (TSXV:NHP) partners with natural health industry leader

Lumiera Health (NHP) has signed an MoU to explore a strategic partnership with one of Quebec’s leaders in the natural health industry.