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Tivic Health announced its Q1 2024 financial results and subsequent events, marking significant progress in the bioelectronics field. The company reported a gross profit increase of 48% and a reduction in operating loss by nearly 30% year-over-year. Net loss decreased to $1.5 million from $2.1 million in Q1 2023. Despite an 11% drop in revenue to $334 thousand, gross margin improved to 50% from 30%.
Significant milestones included the completion of patient enrollment in a vagus nerve stimulation study and the launch of ClearUP 2.0. A recent public offering raised $4 million, boosting cash reserves to $4.7 million as of May 14, 2024.
Key developments also included a major distribution agreement and positive clinical trial results demonstrating the efficacy of their non-invasive vagus nerve stimulation technology. The company continues to invest in its intellectual property portfolio.
Tivic Health, trading under the ticker TIVC, will announce its Q1 2024 financial results on May 15th via a pre-recorded conference call and webcast. The call is scheduled for 1:30 PM PT / 4:30 PM ET. The company specializes in developing and commercializing bioelectronic medicine. Stakeholders can join the call using the provided toll-free and international numbers, or view the webcast online.
Tivic Health Systems announced the closing of a $4.0 million public offering. The offering included 4,710,000 shares of common stock, Series A warrants for 4,710,000 shares, and Series B warrants for 7,065,000 shares, all priced at $0.85 per share. The Series A warrants are exercisable immediately and expire in one year, while the Series B warrants also exercisable immediately, expire in five years. Maxim Group served as the sole placement agent. The gross proceeds before fees and expenses amounted to $4.0 million. The offering was made through a registration statement declared effective by the SEC on May 9, 2024. Investors can access the final prospectus on the SEC website.
Tivic Health Systems, a health tech company, announced the pricing of a public offering consisting of common stock and warrants, expecting to raise approximately $4.0 million. The offering includes Series A and Series B warrants with different terms and exercise prices. The closing is scheduled for May 13, 2024, subject to customary conditions. Maxim Group is the sole placement agent for the offering.
Tivic Health announced successful completion of a pilot research study showing the effectiveness of their non-invasive vagus nerve stimulation approach in inducing responses in the autonomic, cardiac, and central nervous systems. Results included a 97% increase in heart rate variability and changes in brain activity consistent with reduced arousal and anxiety. The company aims to improve bioelectronic medicine and expand into new market segments. VNS is a growing market with significant potential in various medical conditions.
