(MENAFN- Newsfile Corp) BioMark Provides Second Quarter Operational Update and Announces Extension to Warrant Exercise Term
Vancouver, British Columbia--(Newsfile Corp. - November 25, 2021) - BioMark Diagnostics Inc. (CSE: BUX) (FSE: 20B) (OTC Pink: BMKDF) ('BioMark' or the 'Company'), an advanced stage liquid biopsy company with a focus on hard to detect and treat cancers, today reports its operational update for the second quarter ended September 30, 2021. The Company also announces it intends to extend the warrant exercise term on a continuing effort to improve corporate value for its shareholders.
Highlights of the Second Quarter
- In July 2021 the family of patent related to lung cancer metabolite panel have now entered into national phase in Brazil, Canada, China, Europe, and USA.
- On August 18, 2021. Stonegate Capital Partners initiates coverage on BioMark recognizing Company's potential to generate multiple revenue streams from product supply sales, lab analysis, royalties, territorial and distribution licensing revenue.
- In September 2021, BioMark completed lab equipment purchase and commenced hiring of staff for its Quebec-based subsidiary, BioMark Diagnostic Solutions Inc ('BDS'). The Company plans to offer its liquid biopsy based metabolomic assay for early lung cancer detection from DBS by early 2023.
- More recently, BioMark submitted a J&J Quickfire application for up to $250,000 in grant funding related to Veteran Health. The application was focused on the use of BioMark's innovative liquid biopsy assay for early lung cancer detection. Decision is expected in early 2022.
Results for the Second Quarter
The Company's unaudited consolidated results of operations, financial condition and cash flows for the quarter ended September 30, 2021, and the related management's discussion and analysis (MD&A) are available on SEDAR at . Of note, Research & Development expenses increased by 238% for the six months ended September 30, 2021, compared to the same period last year. This increase in Research and Development expenses is in line with management objectives and was mainly due to resumption of research projects to advance the clinical validation of the Company's liquid biopsy platform for early lung cancer detection, monitoring and predicting response to treatment. These results also reflect investments related to the establishment of a diagnostic laboratory in Quebec announced on April 29, 20221. At the end of the quarter, cash, short-term investments and long-term investments stood at C$629,552. As of September 30, 2021, the number of issued and outstanding common shares was 77,974,229 and a total of 5,342,579 stock options and warrants were reserved for issuance.
In addition, the Company is pleased to announce that it intends to amend the term of 1,15,579 non-broker warrants (the 'Warrants') issued in relation to a private placement financing that closed on December 13, 2019. The Warrants carry an exercise price per share of C$0.45 and are scheduled to expire on December 13, 2021. The Company proposes to extend their term by one year such that the warrants will be exercisable until December 13, 2022, at an exercise price per share of C$0.45. All other terms of the warrants will remain unchanged. These Warrants are the only non-listed warrants currently outstanding, and the amendments do not apply to any Warrants issued to finders or agents as compensation.
Holders of the Warrants may contact the Company at , should they have any questions or wish to exercise their Warrants.
BioMark reminds its shareholders that the date for the Annual General Meeting (AGM) has been set for Monday, December 20, 2021. All related documents have been filed on SEDAR and are available to download from the Company website.
About BioMark Diagnostics Inc.
BioMark is developing proprietary, non-invasive, and accurate cancer diagnostic solutions which can help detect, monitor, and assess treatment for cancer early and cost-effectively. The technology can also be used for measuring response to treatment and potentially for serial monitoring of cancer survivors.
Further information about BioMark is available under its profile on the SEDAR website and on the CSE website .
For further information on BioMark, please Contact:
Rashid Ahmed Bux
President & CEO
BioMark Diagnostics Inc.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of BioMark. Forward-looking information is based on certain key expectations and assumptions made by the management of BioMark. Although BioMark believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because BioMark can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. BioMark disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.
The CSE has not reviewed, approved, or disapproved the content of this press release.
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