Sigyn Therapeutics Announces Filing of 2022 Annual Report on SEC Form 10-K

Rhea-AI Summary

Sigyn Therapeutics, Inc. (OTCQB: SIGY) announced the filing of its Form 10-K annual report for the year ending December 31, 2022. The Company reported a net loss of approximately $2.9 million, consistent with the previous year's loss. In 2022, Sigyn advanced its Sigyn Therapy™ towards clinical studies, targeting pathogen-associated inflammatory disorders like sepsis and renal disease, and expanded its intellectual property and corporate team. Additionally, a cancer treatment system to enhance chemotherapy delivery was initiated. The Company utilized approximately $1.8 million in net cash for operating activities during the year.

Positive

• Advancement of Sigyn Therapy towards first-in-human studies.
• Broadening of intellectual property portfolio.
• Initiation of a cancer treatment system to enhance chemotherapy delivery.

Negative

• Operating loss of approximately $2.1 million, marginally increasing from 2021.
• Net loss consistent with previous year at approximately $2.9 million.

SAN DIEGO, CA, March 31, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Sigyn Therapeutics, Inc. (OTCQB: SIGY) (“Sigyn Therapeutics” or the “Company”), a development-stage company that creates blood purification technologies to address unmet needs in global health, announced today the filing of its Form 10-K annual report with the United States Securities and Exchange Commission ("SEC") for the year ended December 31, 2022. 

During the course of 2022, the Company continued its advancement of Sigyn Therapy™ toward first-in-human studies. Based on a demonstrated ability to deplete viral pathogens, bacterial toxins and inflammatory cytokines from human blood plasma, Sigyn Therapy establishes a strategy to address pathogen-associated inflammatory disorders that are not treatable with drug therapies. Candidate treatment indications include endotoxemia and inflammation in end-stage renal disease patients, sepsis (leading cause of hospital deaths), community acquired pneumonia (a leading cause of death among infectious diseases), and emerging pandemic threats.

During 2022, the Company also designed and initiated the development of a cancer treatment system to enhance the delivery of chemotherapy and reduce its toxicity. Additionally, Sigyn Therapeutics broadened its intellectual property portfolio, expanded its corporate team, strengthened its Board of Directors, added respected industry thought leaders to its Science Advisory Board, and commenced trading of its securities on the OTCQB® Venture Exchange.

Summary of 2022 Financial Results

For the year ended December 31, 2022, the Company had a loss from operations of approximately $2.1 million, compared to an operating loss of approximately $2.0 for the comparable period of 2021. The Company’s net loss for the year ended December 31, 2022, was approximately $2.9 million, or approximately $0.08 per share, compared to a net loss of approximately $3.0 million, or approximately $0.08 per share, for the comparable period in 2021. In 2022, net cash used in operating activities was approximately $1.8 million.

A copy of Sigyn Therapeutics’ annual report is available on the SEC's website at www.sec.gov, and on the Company's website at www.sigyntherapeutics.com under "Financial Info" in the Investors section.

About Sigyn Therapeutics™

Sigyn Therapeutics is a development-stage company focused on creating therapeutic solutions to address unmet needs in global health. Sigyn Therapy™, the Company’s lead product candidate, is a broad-spectrum blood purification technology designed to treat pathogen-associated inflammatory disorders that are not addressed with approved drug therapies.

Candidate treatment indications for Sigyn Therapy include endotoxemia and concurrent inflammation in end-stage renal disease patients, sepsis (leading cause of hospital deaths), community acquired pneumonia (a leading cause of death among infectious diseases), and emerging pandemic threats.

The Company’s development pipeline includes a cancer treatment system comprised of ChemoPrep™ to enhance the delivery of FDA approved chemotherapeutic agents and ChemoPure™ to reduce chemotherapy toxicity. To learn more about Sigyn Therapeutics, visit: www.SigynTherapeutics.com. 

Cautionary Note Regarding Forward-Looking Statements

This information in this press release contains forward-looking statements of Sigyn Therapeutics, Inc. (“Sigyn”) that involve substantial risks and uncertainties. All statements contained in this summary are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties.  Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "will," "projections," "estimate," "potentially" or similar expressions constitute forward-looking statements. Such forward-looking statements are subject to significant risks and uncertainties and actual results may differ materially from the results anticipated in the forward-looking statements. These forward-looking statements are based upon Sigyn's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Factors that may contribute to such differences may include, without limitation, the Company's ability to clinically advance Sigyn Therapy in human studies required for market clearance, the Company's ability to manufacture Sigyn Therapy, the Company's ability to raise capital resources, and other potential risks. The foregoing list of risks and uncertainties is illustrative but is not exhaustive. Additional factors that could cause results to differ materially from those anticipated in forward-looking statements can be found under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and in the Company's other filings with the Securities and Exchange Commission, including its quarterly Reports on Form 10-Q. All forward-looking statements contained in this report speak only as of the date on which they were made. Except as may be required by law, the Company does not intend, nor does it undertake any duty, to update this information to reflect future events or circumstances.

Contacts:

Jim Joyce
Chairman, CEO
Phone/Text: 619.368.2000
Email: jj@SigynTherapeutics.com

FAQ

What were Sigyn Therapeutics' financial results for 2022?

Sigyn Therapeutics reported a net loss of approximately $2.9 million for the year ended December 31, 2022.

What is Sigyn Therapy and what does it target?

Sigyn Therapy is designed to treat pathogen-associated inflammatory disorders not addressed by approved drug therapies, including sepsis and renal disease.

What new developments did Sigyn Therapeutics announce in 2022?

The Company initiated the development of a cancer treatment system to enhance chemotherapy delivery and reduce toxicity.

How much cash did Sigyn Therapeutics use in operating activities in 2022?

The Company used approximately $1.8 million in cash for operating activities during 2022.

What was Sigyn Therapeutics' stock symbol?

Sigyn Therapeutics is traded under the stock symbol SIGY on the OTCQB.