Biomerica provides update on inFoods® IBS expansion
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Insights
As the demand for non-pharmaceutical interventions for irritable bowel syndrome (IBS) rises, Biomerica's strategic expansion into additional regions and physician networks is a significant move. The company's success in doubling the rate of physician adoption each quarter suggests a robust market acceptance and a potential for revenue growth. The expansion not only targets traditional gastroenterologists but also ventures into non-GI physician groups, which broadens the market reach.
Furthermore, the intellectual property advancements with 25 issued/allowed patents globally underscore the company's commitment to innovation and provide a competitive moat. These patents can act as barriers to entry for potential competitors, securing Biomerica's market position. As a strategy, this may attract investors who see the potential for long-term dominance in the IBS diagnostic market, especially considering the chronic nature of the condition and the sizeable patient population.
The inFoods IBS product is a pivot from conventional IBS treatments that often rely on pharmaceuticals. Its adoption and clinical study results highlight a growing trend toward personalized medicine in gastrointestinal health. The reported significant improvement in Abdominal Pain Intensity (API) in a substantial clinical trial provides a foundation for the product's efficacy claims, potentially leading to higher trust and increased utilization among physicians and patients alike.
Given the ACG's report that IBS affects 1 in 20 Americans and entails substantial direct medical costs annually, the non-pharmaceutical approach could resonate well with cost-conscious healthcare providers and patients looking for alternative therapies. This, combined with the product's scalability due to its non-pharmacological nature, could very well translate into a significant market share within the IBS management sector.
Biomerica’s announcement indicates a company in its growth phase, with a clear operational strategy and potential for increasing its product revenue streams. With the high prevalence of IBS and the associated economic burden, the expansion and diversification of the prescriber base coupled with intellectual property protection could be pivotal in the company's financial trajectory.
Investors will note not just the current state of affairs but the implication of sustained growth rates in prescriber adoption—a leading indicator of market penetration and future sales. By serving an underserved market with a novel solution, Biomerica may be positioning itself favorably for a potential upside in stock valuation as the market reacts to tangible growth prospects and the mitigation of risks through patent protection. However, investors should monitor the execution of market expansion and sales initiatives in line with the company's projections.
- Expansion into new offices within current major groups, including Northeast and Ohio; Expansion into new major group in Texas.
- Average quarterly increase in physicians prescribing inFoods more than doubled each quarter over the past 12 months.
- Biomerica in discussions for launch of inFoods IBS with large non-GI physician groups opening new market for the product.
- Company receives notice of allowance for five new patents in Europe, Canada and Japan; the inFoods technology now has 25 Issued/allowed patents.
IRVINE, Calif., April 15, 2024 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA), (the “Company”) a global provider of advanced medical products is pleased to announce advancements in the roll out of the inFoods IBS product.
Expansion Into New Offices and Physician Engagement:
Biomerica has expanded its reach with adoption by new offices in targeted regions, including the Southeast, Northeast and Midwest. The Company's new salesforce has activated over 30 new Gastrointestinal (GI) physician groups, each with multiple GI physicians, and these new practices have begun recommending the Company's revolutionary inFoods® IBS Product to their IBS patients. Furthermore, the average increase in the number of physicians prescribing inFoods more than doubled each quarter over the past 12 months, reflecting growing adoption and trust within the GI medical community.
The Company is also in discussions with large non-GI physician groups for utilization of the inFoods IBS test. This advances the strategic effort to expand to non-GI physicians to provide cutting-edge non-pharmaceutical care options for individuals grappling with chronic IBS conditions.
This continued expansion demonstrates growing recognition and adoption of the inFoods IBS test in the medical community, broadening Biomerica's influence in providing innovative solutions for irritable bowel syndrome (IBS) while positioning the Company for product revenue growth over the coming quarters.
Biomerica Advances Intellectual Property Portfolio:
Biomerica has also been issued notices of allowance on five new patents in Japan, Canada and the EU, for a total of 25 pending/issued patents worldwide. These allowed/issued patents cover the Company’s inFoods Technology and validate the novelty of this technology.
Patient Testimonials:
- "Using the inFoods IBS product has led to a life changing outcome for me. The relief from symptoms has significantly improved my daily life and I am immensely grateful" - Sarah.
- “My test results showed I needed to eliminate soy and eggs. Upon eliminating these two foods from my diet, I felt better within days. Weeks later when I accidentally ate soy again, the symptoms returned. I was surprised how exact the test results were. So happy to have found this test, the relief has been amazing" - Jane.
Robert Carlson, Chief Commercial Officer, added, “We are on a mission to introduce a new, cost effective, non-pharmaceutical option for the management of IBS symptoms by helping patients identify foods that are possibly causing their IBS symptoms.”
The American College of Gastroenterology (ACG) reports that IBS impacts 1 in 20 Americans and that up to
The inFoods IBS product has been studied in a prospective double blinded, placebo-controlled endpoint study at several prominent medical centers including Mayo Clinic, Beth Israel Deaconess Medical Center Inc. – a Harvard Medical School Teaching Hospital, Houston Methodist Hospital, and the University of Michigan. The study results demonstrated a significant improvement in Abdominal Pain Intensity (API) (trial participants with >
Biomerica remains at the forefront of innovative GI solutions, with the inFoods IBS product exemplifying its dedication to improving patient lives. The Company remains steadfast in its mission to enhance gastrointestinal care, reduce healthcare costs, and improve the quality of life of approximately 750 million individuals suffering from IBS around the world.
About Biomerica (NASDAQ: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global biomedical technology company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products used at the point-of-care (in home and in physicians' offices) and in hospital/clinical laboratories for detection and/or treatment of medical conditions and diseases. The Company's products are designed to enhance the health and well-being of people, while reducing total healthcare costs. Biomerica primarily focuses on gastrointestinal and inflammatory diseases where the Company has multiple diagnostic and therapeutic products in development.
About inFoods®
The inFoods IBS test is designed to assess a patient’s above normal immunoreactivity to specific foods utilizing a simple finger-stick blood sample. Instead of difficult to manage broad dietary restrictions, physicians can now use the inFoods IBS information to make targeted, patient-specific recommendations about trigger foods that, when removed from the diet, may alleviate IBS symptoms such as pain, bloating, diarrhea and constipation. The inFoods IBS test and clinical outcomes were studied at several prominent centers including Mayo Clinic, Beth Israel Deaconess Medical Center Inc. - a Harvard Medical School Teaching Hospital, Houston Methodist Hospital, and the University of Michigan. The clinical results for improvement in the Abdominal Pain Intensity (API) responder endpoint of >
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica) contains statements that are forward-looking, such as statements relating to the Company’s current and future sales, revenues, overhead, expenses, cost of goods, operations and earnings, efficacy of the Company’s products and tests, FDA and/or international regulatory authorization for the Company’s products to be marketed and sold, including the inFoods IBS product, and the Company’s other current and future products, the possible expansion in to other markets, uniqueness of the Company’s products, accuracy of the Company’s tests and products, expected completion of clinical studies, pricing of the Company’s test kits, domestic and/or international market adoption and acceptance and demand for the Company’s products, future use of the Company's products by physicians to treat their patients, potential revenues from the sale of current or future products. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results, in the future, including, without limitation: earnings and other financial results; results of studies testing the efficacy of the Company’s inFoods tests and other products; regulatory approvals necessary prior to commercialization of the Company’s products; availability of the Company’s test kits and other products; capacity, shipping logistics, resource and other constraints on our suppliers; dependence on our third party manufacturers; dependence on international shipping carriers; governmental import/export regulations; demand for our various tests and other products; competition from other similar products and from competitors that have significantly more financial and other resources available to them; governmental virus control regulations that make it difficult or impossible for the company to maintain current operations; regulatory compliance and oversite, and the Company’s ability to obtain patent protection on any aspects of its diagnostic or therapeutic technologies. Accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. Additionally, potential risks and uncertainties include, among others, fluctuations in the Company's operating results due to its business model and expansion plans, downturns in international and or national economies, the Company's ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company's dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release.
Corporate Contact:
Zack Irani
949-645-2111
investors@biomerica.com
Source: Biomerica, Inc.
FAQ
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