ENDRA Life Sciences Raises $8.7 Million in Gross Proceeds Through its At-The-Market Facility
April 21 2022 - 8:00AM
Business Wire
Extends cash runway into 2023
ENDRA Life Sciences Inc. (NASDAQ: NDRA), a pioneer of Thermo
Acoustic Enhanced UltraSound (TAEUS®), announces that the Company
has raised $8.7 million in gross proceeds year-to-date from the
sale of common stock through its at-the-market (ATM) equity
facility. Pursuant to its ATM equity offering sales agreement with
Ascendiant Capital Markets LLC, the Company sold approximately 20.6
million shares of common stock at an average price of $0.42 per
share.
“Our ATM facility was put in place to give us the flexibility to
raise capital on an opportunistic basis and strengthen our balance
sheet in a highly efficient manner during challenging market
conditions. As our stock experienced strong trading volume, we
utilized our ATM to capitalize the company into 2023 with the
issuance of straight common shares, without the overhang of
warrants or convertible debt," stated ENDRA's Chief Executive
Officer Francois Michelon. "Our significantly bolstered cash
position is expected to fund operations through several important
milestones, including ramping our commercial activities in Europe
and advancing the TAEUS system through the regulatory process in
the U.S.”
As of December 31, 2021, ENDRA had cash and cash equivalents of
$9.5 million and 50.4 million fully diluted shares outstanding.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities in the offering, nor
shall there be any sale of these securities in any jurisdiction in
which an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
jurisdiction.
About ENDRA Life Sciences Inc.
ENDRA Life Sciences is the pioneer of Thermo Acoustic Enhanced
UltraSound (TAEUS®), a ground-breaking technology being developed
to visualize tissue like MRI, but at 1/50th the cost and at the
point of patient care. TAEUS® is designed to work in concert with
400,000 cart-based ultrasound systems in use globally today. TAEUS®
is initially focused on the measurement of fat in the liver as a
means to assess and monitor Non-Alcoholic Fatty Liver Disease
(NAFLD) and inflammation (NASH), chronic liver conditions that
affect over one billion people globally, and for which there are no
practical diagnostic tools. Beyond the liver, ENDRA is exploring
several other clinical applications of TAEUS®, including
visualization of tissue temperature during energy-based surgical
procedures. For more information, please visit
www.endrainc.com.
Forward-Looking Statements
All statements in this press release that are not based on
historical fact 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. Forward-looking statements, which
are based on certain assumptions and describe our future plans,
strategies and expectations, can generally be identified by the use
of terms such as “approximate,” "anticipate," “attempt,” "believe,"
"could," "estimate," "expect," “forecast,” “future,” "goal,"
“hope,” "intend," "may," "plan," “possible,” “potential,”
“project,” "seek," "should," "will," “would,” or other comparable
terms (including the negative of any of the foregoing), although
some forward-looking statements are expressed differently. Examples
of forward-looking statements for ENDRA include, among others:
estimates of the timing of future events and anticipated results of
our development efforts, including the timing for receipt of
required regulatory approvals and product launches; future
financial position and projected costs and revenue; expectations
concerning ENDRA's business strategy; ENDRA’s ability to find and
maintain development partners; market acceptance of ENDRA’s
technology and the amount and nature of competition in its
industry; and ENDRA’s ability to protect its intellectual property.
Forward-looking statements involve inherent risks and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements as a result of various factors
including, among others: the ability to raise additional capital in
order to continue as a going concern; the ability to obtain
regulatory approvals necessary to sell ENDRA medical devices in
certain markets in a timely manner, or at all; the ability to
develop a commercially feasible technology and its dependence on
third parties to design and manufacture its products; the impact of
COVID-19 on ENDRA’s business plans; the ability to find and
maintain development partners; market acceptance of ENDRA’s
technology and the amount and nature of competition in its
industry; ENDRA’s ability to protect its intellectual property; and
the other risks and uncertainties described in the Risk Factors and
Management’s Discussion and Analysis of Financial Condition and
Results of Operations sections of the Company’s most recent Annual
Report on Form 10-K and in subsequent Quarterly Reports on Form
10-Q filed with the Securities and Exchange Commission. You should
not rely upon forward-looking statements as predictions of future
events. The forward-looking statements made in this press release
speak only as of the date of issuance, and ENDRA assumes no
obligation to update any such forward-looking statements to reflect
actual results or changes in expectations, except as otherwise
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220421005185/en/
Company: Irina Pestrikova Senior Director, Finance
investors@endrainc.com www.endrainc.com
Investor Relations: Yvonne Briggs LHA Investor Relations (310)
691-7100 YBriggs@lhai.com
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