- Pure-Vu EVS approved for use at 18 hospitals since launch in
March 2022 , resulting in highest quarterly revenue reported in the Company’s history - Expansion of
U.S. commercial footprint successfully driving access to new hospitals and improving support for existing customers - Announces upcoming ~1,000 patient, multi-center trial to support the Company’s pursuit of outpatient reimbursement for the Pure-Vu EVS System
“The second quarter marks the first full quarter we’ve completed since the launch of our Pure-Vu EVS in
“We are excited to announce today the design of a planned large, multi-center trial which is expected to support our strategy to secure potential reimbursement for the Pure-Vu EVS System when used in certain outpatient colonoscopies. The study will use an adaptive statistical plan with the primary endpoint designed to show a significant reduction in the number of aborted or poor-quality exams that lead to an early repeat procedure as defined by the Gastroenterology Tri-Society guidelines. We are planning for this study to be initiated before the end of 2022, signaling an exciting next step in our strategy to expand the addressable market for our Pure-Vu system,” commented
Second Quarter and Recent Business Highlights
- The first full quarter since commercial launch of the all-new Pure-Vu EVS System resulted in highest quarterly revenue in the Company’s history.
- Company exceeded initial guidance of hospital placements for Pure-Vu EVS, with 18 hospitals currently approved, versus the 12 hospitals guided in March.
- Expanded commercial footprint with 10 commercial leaders now strategically positioned across the
U.S. , establishing a presence in every major region of the country. The Company has entered several new segments of theU.S. hospital system and maintains a mix of academic, community, rural andVA hospital accounts. - Clinical Data Generation
- During Digestive Disease Week 2022 in May, the Company presented positive topline data from the European outpatient clinical study, which concluded that the Pure-Vu system provides adequate cleaning in patients with a history of poor bowel preparation. The data show that the Pure-Vu system improved the adequate cleansing rate from 31.8% to 97.7%. In addition, the study found that the Pure-Vu system might prevent repeat colonoscopies and clinical admissions for intensified bowel preparation. These data may be beneficial in the Company’s pursuit of outpatient reimbursement.
- During Digestive Disease Week 2022 in May, the Company presented positive topline data from the European outpatient clinical study, which concluded that the Pure-Vu system provides adequate cleaning in patients with a history of poor bowel preparation. The data show that the Pure-Vu system improved the adequate cleansing rate from 31.8% to 97.7%. In addition, the study found that the Pure-Vu system might prevent repeat colonoscopies and clinical admissions for intensified bowel preparation. These data may be beneficial in the Company’s pursuit of outpatient reimbursement.
- Outpatient Reimbursement Strategy
- Continue advancing a multi-pronged strategy to secure reimbursement for the Pure-Vu System procedure by both private and public payers that could accelerate use for certain outpatient colonoscopies, within a market representing approximately 4.7 million targeted outpatient procedures per year.
- Plan to initiate a large, multi-center trial designed to use an adaptive statistical plan with a primary endpoint that will show a significant reduction in the number of aborted or poor-quality exams that lead to an early repeat procedure as defined by the Gastroenterology Tri-Society guidelines. The results from this study are expected to support applications seeking reimbursement of the Pure-Vu System when used in certain outpatient colonoscopies.
- Continue advancing a multi-pronged strategy to secure reimbursement for the Pure-Vu System procedure by both private and public payers that could accelerate use for certain outpatient colonoscopies, within a market representing approximately 4.7 million targeted outpatient procedures per year.
- Product Innovation
- On track to launch the Pure Vu EVS Gastro device in the US market in the first half of 2023. This device brings upper GI capabilities to the new Pure-Vu EVS platform through key enhancements, including a larger and more powerful suction channel, more efficient irrigation jets, and a smaller profile distal tip that offers enhanced flexibility during insertion.
- Upper GI bleeds occurred in the
U.S. at a rate of approximately 400,000 cases per year in 2019, according to iDataResearch Inc. The existence of blood and blood clots in these patients can impair a physician’s view, making it difficult to identify the bleed source. Motus believes removing adherent blood clots from the field of view is a significant need in allowing a physician the ability to identify and treat the bleed source. The mortality rate of this condition can reach up to approximately 10%, as noted inThad Wilkins , MD, et al., American Family Physician (2012).
- On track to launch the Pure Vu EVS Gastro device in the US market in the first half of 2023. This device brings upper GI capabilities to the new Pure-Vu EVS platform through key enhancements, including a larger and more powerful suction channel, more efficient irrigation jets, and a smaller profile distal tip that offers enhanced flexibility during insertion.
Financial Results for the Second Quarter Ended
The Company reported revenue of
For the three months ended
During the second quarter 2022, net cash used in operating activities and for the purchase of fixed assets was
The Company reported
Condensed Consolidated Balance Sheets Highlights
(unaudited, in thousands)
As of | ||||||
June 30, 2022 | December 31, 2021 | |||||
Cash | $ | 15,757 | $ | 22,563 | ||
Working capital | 13,940 | 20,629 | ||||
Total assets | 20,082 | 26,089 | ||||
Total shareholders’ equity | 3,972 | 9,657 |
Conference Call:
The
About
For more information, visit www.motusgi.com and connect with the Company on Twitter, LinkedIn and Facebook.
Forward-Looking Statements
This press release contains certain forward-looking statements. Forward-looking statements are based on the Company’s current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms, including without limitation, risks related to the continued impact of the COVID-19 pandemic, risks inherent in the development and commercialization of potential products, possible or assumed future results of operations, business strategies, potential grow opportunities, uncertainty in the timing and results of clinical trials or regulatory approvals, maintenance of intellectual property rights or other risks discussed in the Company’s quarterly and annual reports filed with the
Investor Contact:
(518) 221-0106
twilliams@lifesciadvisors.com
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
2022 | 2021 (*) | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 15,757 | $ | 22,563 | |||
Accounts receivable | 81 | 109 | |||||
Inventory | 1,038 | 496 | |||||
Prepaid expenses and other current assets | 1,317 | 793 | |||||
Total current assets | 18,193 | 23,961 | |||||
Fixed assets, net | 1,329 | 1,428 | |||||
Right-of-use assets | 547 | 687 | |||||
Other non-current assets | 13 | 13 | |||||
Total assets | $ | 20,082 | $ | 26,089 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 2,212 | $ | 2,584 | |||
Operating lease liabilities - current | 266 | 307 | |||||
Other current liabilities | 18 | 10 | |||||
Current portion of long-term debt, net of unamortized debt discount of | 1,757 | 431 | |||||
Total current liabilities | 4,253 | 3,332 | |||||
Contingent royalty obligation | 1,823 | 1,760 | |||||
Operating lease liabilities - non-current | 280 | 385 | |||||
Convertible note, net of unamortized debt discount of | 3,862 | 3,834 | |||||
Long-term debt, net of unamortized debt discount of | 5,892 | 7,121 | |||||
Total liabilities | 16,110 | 16,432 | |||||
Commitments and contingent liabilities (Note 9) | |||||||
Shareholders’ equity | |||||||
Common stock | - | - | |||||
Additional paid-in capital | 136,677 | 132,411 | |||||
Accumulated deficit | (132,705 | ) | (122,754 | ) | |||
Total shareholders’ equity | 3,973 | 9,657 | |||||
Total liabilities and shareholders’ equity | $ | 20,082 | $ | 26,089 |
(*) Derived from audited consolidated financial statements
Condensed Consolidated Statements of Comprehensive Loss
(unaudited, in thousands, except share and per share amounts)
Three Months Ended | Six Months Ended | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Revenue | $ | 185 | $ | 100 | $ | 205 | $ | 151 | |||||||
Operating expenses: | |||||||||||||||
Cost of revenue - sales | 68 | 42 | 83 | 70 | |||||||||||
Cost of revenue - impairment of inventory | - | - | 159 | - | |||||||||||
Research and development | 1,413 | 1,508 | 2,688 | 2,853 | |||||||||||
Sales and marketing | 1,222 | 795 | 2,205 | 1,471 | |||||||||||
General and administrative | 2,075 | 2,345 | 4,189 | 4,789 | |||||||||||
Total costs and expenses | 4,778 | 4,690 | 9,324 | 9,183 | |||||||||||
Operating loss | (4,593 | ) | (4,590 | ) | (9,119 | ) | (9,032 | ) | |||||||
Loss on change in estimated fair value of contingent royalty obligation | (92 | ) | (37 | ) | (63 | ) | (117 | ) | |||||||
Finance expense, net | (359 | ) | (117 | ) | (691 | ) | (234 | ) | |||||||
Foreign currency loss | (96 | ) | 2 | (78 | ) | (8 | ) | ||||||||
Net loss | (5,140 | ) | (4,742 | ) | (9,951 | ) | (9,391 | ) | |||||||
Deemed dividends from warrant issuance | - | - | - | (6,145 | ) | ||||||||||
Net loss attributable to common shareholders | $ | (5,140 | ) | $ | (4,742 | ) | $ | (9,951 | ) | $ | (15,536 | ) | |||
Basic and diluted loss per common share: | |||||||||||||||
Net loss attributable to common shareholders | $ | (1.86 | ) | $ | (1.99 | ) | $ | (3.72 | ) | $ | (6.83 | ) | |||
Weighted average number of common shares outstanding, basic and diluted | 2,758,457 | 2,386,633 | 2,674,536 | 2,274,688 |
Source:
2022 GlobeNewswire, Inc., source