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Zomedica Corp. (NYSE American: ZOM) is a veterinary health company based in Ann Arbor, Michigan, focused on creating innovative products for companion animals, including dogs, cats, and horses. The company addresses the unmet needs of clinical veterinarians through its diverse product portfolio that includes diagnostic and therapeutic devices aimed at enhancing both patient and practice health.
Core Business:
Zomedica specializes in the development and commercialization of veterinary diagnostic tools and pharmaceutical products. Their flagship product, the TRUFORMA® platform, uses Bulk Acoustic Wave (BAW) technology to offer highly sensitive and accurate point-of-care diagnostics for thyroid and adrenal disorders in dogs and cats. The TRUFORMA system empowers veterinarians to make timely and precise diagnostic decisions directly within their clinics, eliminating the delays associated with sending samples to external laboratories.
Recent Achievements:
Recently, Zomedica has expanded its intellectual property portfolio to include 188 patents and 131 trademarks, offering robust protection for its innovative products. This portfolio includes newly issued patents that enhance the TRUFORMA system's capability to detect a wider array of health conditions.
Current Projects:
The company is working on expanding its product range and market reach. The recent CE certification for the VetGuardian® remote contactless monitoring system paves the way for Zomedica's expansion into the European veterinary market. Additionally, the company has launched an improved canine cortisol assay and Over-the-Air (OTA) software update capabilities for the TRUFORMA platform, making it easier for veterinarians to access the latest diagnostic tools and features.
Financial Condition:
For the first quarter of 2024, Zomedica reported a 14% increase in revenue to $6.3 million, driven by growth in both its diagnostic and therapeutic segments. The company's gross margin stood at 66%, and it holds $90.9 million in cash and available-for-sale securities as of March 31, 2024.
Market Position:
With an estimated total addressable market of $2.5 billion annually for its diagnostic and therapeutic products, Zomedica is well-positioned to capture significant market share. The company's potential customer base includes approximately 4,450 equine or mixed veterinary practices and 30,000 small animal veterinary practices in the United States alone.
Partnerships and Collaborations:
Zomedica collaborates with veterinary researchers to advance animal healthcare through continuous innovation. The company's recent expansion of its global manufacturing and distribution facilities in Roswell, Georgia, aims to support the growing demand for its products.
For more information, visit www.zomedica.com
Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) announced that its proxy solicitor, Alliance Advisors, mailed a letter urging shareholders to vote on Proposal 3 at the upcoming Annual and Special Virtual-Only Meeting on September 25, 2020. The proposal involves a reverse stock split at a ratio of 1-for-25 to 1-for-50, aimed at increasing the share price to maintain its NYSE listing. The company warns that failing to maintain this listing could result in a shift to over-the-counter trading, negatively impacting share liquidity and value. Shareholders are encouraged to vote their shares.
Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) announced that Robert Cohen, Interim CEO, and Stephanie Morley, President and CMO, will present at the H.C. Wainwright Virtual Global Investment Conference on September 14, 2020, at 4:00 pm ET. The presentation slides will be available on the company's website on the morning of the event. Zomedica focuses on creating innovative veterinary diagnostic products for companion animals, addressing unmet needs in veterinary care to enhance productivity and revenue for clinical veterinarians.
Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) has partnered with Qorvo Biotechnologies to develop three canine diagnostic assays for gastrointestinal issues: Cobalamin, cPL, and Folate. This initiative triggers a $2 million milestone payment under their agreement. These assays will enhance the TRUFORMA platform, enabling veterinarians to perform comprehensive gastrointestinal testing at the point-of-care, potentially improving diagnosis and treatment speed. The BAW sensor technology used in TRUFORMA promises laboratory-level accuracy, addressing a significant market need as GI conditions are common pet insurance claims.
Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) shares updates on its lead product, TRUFORMA, in a letter from Interim CEO Robert Cohen. With over US $50 million in cash, Zomedica aims to launch TRUFORMA with five assays, verified in partnership with Qorvo. The letter emphasizes rigorous validation and testing processes, and a hybrid sales model involving regional distributors and direct sales staff. Shareholder approval for a proposed reverse stock split is sought to comply with NYSE American requirements. Cohen expresses optimism about the company's future amidst ongoing challenges, including COVID-related adjustments.
Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) reported its second quarter financial results for the period ending June 30, 2020. The company posted a net loss of $5.3 million ($0.02 per share), an increase from $2.4 million in the same quarter last year. Research and development expenses surged 268%, totaling $3.9 million due to a milestone expense. However, cash reserves improved to $29.1 million from $510,586 at the end of 2019, aided by several equity offerings totaling $54 million. Zomedica aims to enhance its TRUFORMA™ diagnostic platform with ongoing validations and strong partnerships.
Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) announced the appointment of Robert Cohen as a member of the Board of Directors, alongside Christopher Wolfenberg from Fasken Martineau DuMoulin LLP. Cohen joined Zomedica in June 2020, bringing over 20 years of experience in medical devices and biotechnology. The company is preparing for its Annual and Special Virtual-Only Meeting on September 25, 2020, where shareholders will ratify amendments to the by-laws facilitating electronic meetings and voting.
Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) announced the resignation of Shameze Rampertab as Chief Financial Officer, effective August 14, 2020. Ann Cotter, CPA, currently the Vice President of Finance, will serve as interim CFO. Cotter has extensive experience in accounting and finance, having worked in various roles since August 2018. CEO Robert Cohen expressed gratitude for Rampertab's four years of service and looks forward to working with Cotter as the company prepares for the commercial release of its TRUFORMA™ platform, aimed at addressing unmet needs in veterinary diagnostics.
Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) has successfully implemented the first remote installations of its TRUFORMA™ diagnostic device, facilitating validation testing with partner universities despite COVID-19 challenges. The device, designed for veterinary point-of-care diagnostics, recently completed verification for canine cortisol testing and plans to add more assays. Interim CEO Robert Cohen emphasizes the company's commitment to bringing TRUFORMA to market promptly, highlighting its innovative technology and the dedication of its team.
Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) has priced a public offering of 187.5 million common shares and short-term warrants at $0.16 each, targeting approximately $30 million in gross proceeds. The offering is expected to close around July 7, 2020, pending customary conditions. Funds will primarily support the development of the TRUFORMA™ diagnostic platform and may also be used for potential repurchases of Series 1 Preferred Shares. H.C. Wainwright & Co. is the placement agent. The offering is not available to Canadian residents.
Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) has announced a public offering of its common shares and warrants, all to be sold by the company. The offering is subject to market conditions, and its specific terms, including size and completion timing, are not guaranteed. Proceeds will primarily support development of the TRUFORMA™ diagnostic platform, including milestone payments under existing agreements and general corporate needs. H.C. Wainwright & Co. is the exclusive placement agent. The offering will not be available to Canadian residents.
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