SeaStar Medical Strengthens Financial Position with Elimination of All Long-Term Debt
SeaStar Medical Holding (Nasdaq: ICU), a commercial-stage medical device company, has eliminated all long-term debt, strengthening its financial position. The company, which develops proprietary solutions to reduce hyperinflammation's impact on vital organs, reported over $9 million in convertible notes and long-term interest-bearing debt at the end of 2023. This debt retirement will be reflected in the balance sheet for the quarter ending September 30, 2024. CEO Eric Schlorff stated that SeaStar Medical is now in its strongest financial position since going public nearly two years ago, enhancing its ability to advance its business plan and deliver potentially life-saving solutions to critically ill patients.
SeaStar Medical Holding (Nasdaq: ICU), un'azienda di dispositivi medici in fase commerciale, ha eliminato tutto il debito a lungo termine, rafforzando la sua posizione finanziaria. L'azienda, che sviluppa soluzioni proprietary per ridurre l'impatto dell'iperinfiammazione sugli organi vitali, ha riportato oltre 9 milioni di dollari in note convertibili e debito a lungo termine con interessi alla fine del 2023. Questa eliminazione del debito sarà riflessa nel bilancio per il trimestre che termina il 30 settembre 2024. Il CEO Eric Schlorff ha dichiarato che SeaStar Medical si trova ora nella sua posizione finanziaria più forte da quando è diventata pubblica quasi due anni fa, migliorando la sua capacità di promuovere il piano aziendale e fornire soluzioni potenzialmente salvavita ai pazienti in condizioni critiche.
SeaStar Medical Holding (Nasdaq: ICU), una empresa de dispositivos médicos en etapa comercial, ha eliminado toda la deuda a largo plazo, fortaleciendo su posición financiera. La empresa, que desarrolla soluciones propietarias para reducir el impacto de la hiper inflamación en los órganos vitales, reportó más de 9 millones de dólares en notas convertibles y deuda a largo plazo con intereses al final de 2023. Esta eliminación de la deuda se reflejará en el balance general para el trimestre que termina el 30 de septiembre de 2024. El CEO Eric Schlorff declaró que SeaStar Medical se encuentra ahora en su posición financiera más sólida desde que salió a bolsa hace casi dos años, mejorando su capacidad para avanzar en su plan de negocios y proporcionar soluciones potencialmente salvavidas a pacientes gravemente enfermos.
SeaStar Medical Holding (Nasdaq: ICU)은 상업 단계의 의료 기기 회사로, 모든 장기 채무를 삭제했습니다, 재정적 위치를 강화했습니다. 이 회사는 필수 장기에 대한 과도 염증의 영향을 줄이는 데 필요한 독창적인 솔루션을 개발하고 있으며, 2023년 말 기준으로 900만 달러 이상의 전환사채 및 장기 이자 부채를 보고했습니다. 이 부채 상환은 2024년 9월 30일 종료 분기 재무제표에 반영될 것입니다. CEO Eric Schlorff는 SeaStar Medical이 상장된 이후 가장 강력한 재정적 위치에 있다고 밝혔으며, 이는 사업 계획을 진행하고 중증 환자에게 생명을 구할 수 있는 솔루션을 제공할 수 있는 능력을 향상시킵니다.
SeaStar Medical Holding (Nasdaq: ICU), une entreprise de dispositifs médicaux en phase commerciale, a éliminé toutes les dettes à long terme, renforçant ainsi sa position financière. L'entreprise, qui développe des solutions propriétaires pour réduire l'impact de l'hyper-inflammation sur les organes vitaux, a déclaré avoir plus de 9 millions de dollars en notes convertibles et en dettes à long terme portant intérêt à la fin de 2023. Cette suppression de dettes sera reflétée dans le bilan du trimestre se terminant le 30 septembre 2024. Le PDG Eric Schlorff a déclaré que SeaStar Medical est maintenant dans sa position financière la plus solide depuis son introduction en bourse il y a près de deux ans, renforçant sa capacité à faire avancer son plan d'affaires et à fournir des solutions potentiellement salvatrices pour les patients gravement malades.
SeaStar Medical Holding (Nasdaq: ICU), ein Unternehmen für medizinische Geräte in der Handelsphase, hat alle langfristigen Schulden vollständig beseitigt, was seine finanzielle Lage stärkt. Das Unternehmen, das eigene Lösungen zur Reduzierung der Auswirkungen von Hyperinflammation auf lebenswichtige Organe entwickelt, meldete zum Ende des Jahres 2023 über 9 Millionen Dollar an wandelbaren Schuldverschreibungen und langfristigen verzinslichen Schulden. Diese Tilgung der Schulden wird im Abschlussbericht für das am 30. September 2024 endende Quartal reflektiert. CEO Eric Schlorff erklärte, dass SeaStar Medical sich jetzt in seiner stärksten finanziellen Position seit dem Börsengang vor fast zwei Jahren befindet, was die Fähigkeit zur Weiterentwicklung des Geschäftsplans und zur Bereitstellung potenziell lebensrettender Lösungen für schwerkranke Patienten verbessert.
- Elimination of all long-term debt, improving financial stability
- Stronger balance sheet position compared to previous years
- Enhanced ability to advance business plans and product development
- None.
SeaStar Medical's elimination of all long-term debt marks a significant financial milestone. This move strengthens the company's balance sheet, potentially improving its debt-to-equity ratio and overall financial health. The retirement of
- Reduced interest expenses, positively impacting future earnings
- Improved financial flexibility for R&D and commercialization efforts
- Enhanced attractiveness to investors and potential partners
However, it's important to understand how this debt was retired. If it was through equity issuance, it might have led to dilution. If through cash reserves, it could impact short-term liquidity. The improved financial position could be a catalyst for growth, but investors should watch for the company's ability to generate revenue and achieve profitability in the coming quarters.
SeaStar Medical's improved financial position could have significant implications for its medical device development and commercialization efforts. The company's focus on reducing hyperinflammation's impact on vital organs addresses a critical need in intensive care settings. With a stronger balance sheet, SeaStar can potentially:
- Accelerate R&D for its proprietary solutions
- Expand clinical trials to gather more data on efficacy and safety
- Invest in manufacturing and distribution infrastructure
However, the medical device market is highly competitive and regulated. While financial stability is crucial, SeaStar's success will ultimately depend on the clinical effectiveness of its products and its ability to navigate the complex regulatory landscape. Investors should closely monitor upcoming clinical results and regulatory milestones.
DENVER, Sept. 04, 2024 (GLOBE NEWSWIRE) -- SeaStar Medical Holding Corporation (Nasdaq: ICU) (SeaStar Medical), a commercial-stage medical device company developing proprietary solutions to reduce the consequences of hyperinflammation on vital organs, reports that it has now retired all long-term debt, which will be reflected on its balance sheet for the quarter ending September 30, 2024.
“At the end of 2023, we reported more than
About SeaStar Medical
SeaStar Medical is a commercial-stage medical technology company that is redefining how extracorporeal therapies may reduce the consequences of excessive inflammation on vital organs. SeaStar Medical’s novel technologies rely on science and innovation to provide life-saving solutions to critically ill patients. The Company is developing and commercializing cell-directed extracorporeal therapies that target the effector cells that drive systemic inflammation, causing direct tissue damage and secreting a range of pro-inflammatory cytokines that initiate and propagate imbalanced immune responses. For more information visit www.seastarmedical.com or visit us on LinkedIn or X.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1955. These forward-looking statements include, without limitation, SeaStar Medical’s expectations with respect to the amount and timing of future QUELIMMUNE commercial sales; commercial acceptance of QUELIMMUNE; the ability of SCD to treat patients with AKI and other diseases; the expected regulatory approval process and timeline for commercialization; and the ability of SeaStar Medical to meet the expected timeline. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside SeaStar Medical’s control and are difficult to predict. Factors that may cause actual future events to differ materially from the expected results include, but are not limited to: (i) the risk that SeaStar Medical may not be able to obtain regulatory approval of its SCD product candidates; (ii) the risk that SeaStar Medical may not be able to raise sufficient capital to fund its operations, including current or future clinical trials; (iii) the risk that SeaStar Medical and its current and future collaborators are unable to successfully develop and commercialize its products or services, or experience significant delays in doing so, including failure to achieve approval of its products by applicable federal and state regulators, (iv) the risk that SeaStar Medical may never achieve or sustain profitability; (v) the risk that SeaStar Medical may not be able to access funding under existing agreements; (vi) the risk that third-parties suppliers and manufacturers are not able to fully and timely meet their obligations, (vii) the risk of product liability or regulatory lawsuits or proceedings relating to SeaStar Medical’s products and services, (viii) the risk that SeaStar Medical is unable to secure or protect its intellectual property, and (ix) other risks and uncertainties indicated from time to time in SeaStar Medical’s Annual Report on Form 10-K, including those under the “Risk Factors” section therein and in SeaStar Medical’s other filings with the SEC. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SeaStar Medical assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Investor Contact:
LHA Investor Relations
Jody Cain
(310) 691-7100
Jcain@lhai.com
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