NEW YORK, Feb. 16, 2021 (GLOBE NEWSWIRE) -- GBS Inc. (Nasdaq: GBS), a life sciences company developing non-invasive, real-time diagnostic testing in the hands of patients and their primary health practitioners at point of care, today announced its financial results for the fourth quarter and full year 2020 and provided a corporate update.
“In part to the COVID-19 pandemic, diagnostics solutions have become of paramount importance in the clinical care continuum and accelerated the need for alternatives to the central laboratory testing model. 2020 has certainly been a pivotal year for GBS as we have made significant strides across the organization towards commercializing our novel Biosensor Platform technology and providing patients and physicians a point of care diagnostic platform solution,” said Harry Simeonidis, Chief Executive Officer of GBS. “From pipeline developments to strategic collaborations and ultimately concluding the year by extending our financial runway with a public listing on the NASDAQ Global stock market, I am proud of our achievements in 2020 and encouraged by the opportunity to advance our pipeline of more than 130 additional diagnostic tests.”
Dr. George Syrmalis, Chief Executive Officer of The iQ Group Global Group, added, “For decades we have evaluated solutions to address the challenges of diabetes as a global epidemic and now we are faced with the COVID-19 global pandemic. Rising up to this challenge and by redesigning our diagnostic platform and working with the Wyss Institute of Harvard, Newcastle University and Johns Hopkins University, School of Public Health with the aim of developing a COVID-19, IgG antibody test, that may be able to serve as a self-administered, antibody screening test and potentially as an accompanying diagnostic for people who are to be vaccinated.”
Fourth Quarter & FY Highlights and Recent Operational Developments
Pipeline Development
- Johns Hopkins University Sponsored Research Agreement to Accelerate Development of next-generation Saliva Based Diagnostic Tests
(February 2021) - Harvard University/Wyss Institute collaboration to develop a printable point-of-care SARS-CoV-2 antibody test
(May 2020)
Financial Discipline
- Initial Public Offering generated $21.6m in gross proceeds and listing on the NASDAQ Global Stock Market
(December 2020)
Commercial Development
- Cambridge Consultants Ltd. as advisors on our commercial scale manufacturing program
(March 2020)
Anticipated Events and Targeted Milestones for 2021
- Anticipate Emergency Use Approval for SARS-CoV-2 Antibody Biosensor test from FDA 2nd half of 2021
- Development of clinical protocol for FDA review for Saliva Glucose Biosensor
- Design transfer to manufacture for Saliva Glucose Biosensor and SARS-CoV-2 Antibody Biosensor
- Continue to pursue out licensing and sublicensing partnership opportunities for commercialization
Fourth Quarter and Full Year Financial Results
The Company reported a net loss of approximately $1.9 million, for the fourth quarter of 2020, compared to a net loss of approximately $0.4 million, for the fourth quarter of 2019. Government support income was $283,037 and $0 for the three months ended December 31, 2020 and 2019 respectively.
As of December 31, 2020, the Company’s cash, cash equivalents and marketable securities totaled approximately $19.8 million, compared to approximately $0.25 million on December 31, 2019. In 2020, the Company closed its initial public offering which generated approximately $19.7 million in net cash proceeds.
GBS believes that based on the current operating plan and financial resources, its cash, cash equivalents and marketable securities at December 31, 2020 will be sufficient to cover expenses and capital requirements through at least the second quarter of 2022.
About GBS Inc.
GBS Inc. is a life sciences company developing non-invasive, real-time point of care (POC) diagnostic tests for patients and their primary health practitioners (“GBS”). For more information about the Company, please visit our corporate website at gbs.inc.
About The iQ Group Global
The iQ Group Global is a bioscience investment consortium that finds, funds and develops bioscience discoveries to create life-changing medical innovations.
Visit our website: theiqgroupglobal.com
