electroCore, Inc. - ECOR STOCK NEWS

electroCore, Inc. (Nasdaq: ECOR) has announced the successful completion of the sale of its tax benefits through the New Jersey Economic Development Authority’s program for fiscal year 2021. The company received approximately $445,000 in non-dilutive cash from selling its net operating loss (NOL) tax benefits. This marks the third consecutive year of benefiting from this program, which supports investment in sales and marketing to enhance awareness of its product gammaCore. The NOL program aids eligible NJ-based tech companies by converting tax losses into cash for operational funding.

electroCore, Inc. (Nasdaq: ECOR) announced the publication of the SAVIOR-1 trial results in Frontiers in Neurology, evaluating non-invasive vagus nerve stimulation (nVNS) therapy in COVID-19 patients. Conducted from April 2020 to February 2021, the trial involved 110 patients and highlighted significant decreases in inflammatory biomarkers, such as C-reactive protein (CRP) and procalcitonin, in the nVNS group. With no major adverse events reported, the findings suggest nVNS may improve COVID-19 symptoms alongside standard care, potentially validating the technology's relevance.

On April 19, 2022, electroCore (Nasdaq: ECOR) announced that its gammaCore™ nVNS device has been selected for further study under the US Department of Defense's BOOST program. This program aims to assess nVNS's effectiveness in enhancing training for intelligence, surveillance, and reconnaissance. Early findings indicate gammaCore nVNS improved training speed by 20% and memory retention by 35%. The project, funded by the Department of Defense and DARPA, will run until September 2023, with potential deployment of devices to the USAF in the latter half of 2023.

electroCore reported strong first quarter 2022 results with $1.9 million in product sales, up 60% year-over-year and 27% sequentially. The revenue from government channels reached $1.26 million, demonstrating 47% growth from Q4 2021, while commercial channels generated $300,000, up 11% from Q4 2021. However, international sales fell by 20% compared to Q1 2021 due to COVID impacts. The company ended the quarter with a cash balance of $29.9 million, down from $34.7 million at year-end 2021.

electroCore has entered an exclusive licensing agreement with Teijin Limited to commercialize its non-invasive vagus nerve stimulation (nVNS) technology in Japan for treating primary headache disorders. The deal includes a non-refundable upfront payment, milestone payments upon product commercialization, and an annual license fee starting after the first anniversary. Teijin will cover regulatory costs and can negotiate additional licenses for other indications. This collaboration aims to improve healthcare for headache sufferers and supports electroCore's global expansion efforts.

electroCore, Inc. (NASDAQ: ECOR) announced that its co-founder and Chief Medical Officer, Dr. Peter Staats, will keynote the Fifth Annual Bioelectronic Medicine Forum on April 5, 2022, in New York City. This event will focus on bioelectronic medicine technologies and their applications across various medical fields, including cardiovascular and gastrointestinal disorders. Dr. Staats holds significant leadership roles in multiple medical societies and is dedicated to advancing non-invasive vagus nerve stimulation therapy aimed at improving patient outcomes in treating migraine and cluster headaches.

electroCore announced that CEO Dan Goldberger will present at the 2022 Maxim Virtual Growth Conference from March 28-30, 2022. The presentation will be available on-demand, providing insights into the company's advancements in bioelectronic medicine. electroCore focuses on non-invasive vagus nerve stimulation therapy for the treatment of conditions like migraines and cluster headaches. The company's solutions aim to improve patient outcomes in neurology. Stakeholders can access the presentation and more information via the provided link.

electroCore reported a significant 56% increase in full-year net sales for 2021, totaling approximately $5.5 million, compared to $3.5 million in 2020. The fourth quarter recorded net sales of $1.5 million, marking a 61% growth year-over-year. Cash balances stood at $34.7 million as of December 31, 2021. The company has launched new online purchasing platforms and achieved a 69% increase in sales to the VA and DoD. However, a GAAP net loss of $17.2 million was reported for the year, down from $23.5 million in 2020.

electroCore, Inc. (Nasdaq: ECOR) announced the appointment of Julie Bruzzone Goldstein and Tricia Wilber to its Board of Directors, effective March 15, 2022. This move aims to bolster the company's marketing and brand strategy as it focuses on direct-to-consumer initiatives. The appointments follow the resignation of Dr. Stephen Ondra, who is transitioning to a new role, and Michael Atieh, who will not seek re-election. Both Goldstein and Wilber bring extensive marketing expertise from leading organizations, including Disney and JIVE Records, which could enhance electroCore’s growth prospects.