BioLight Reports Third Quarter 2015 Financial Results

BioLight today reported operational and financial results for the third quarter ended September 30, 2015.

Operational Highlights:

  • Reported first IOPtiMate™ System sales and additional distribution agreements, both in new territories.
  • Completed enrollment into the second U.S. clinical study in which TeaRx’s effectiveness is being assessed in tears of healthy subjects as well as patients with DES.
  • Reported positive clinical study results for the identification of new genetic markers to predict risk of developing BRONJ.
  • Subsequent to the end of the third quarter, entered into a joint financing agreement pursuant to which two Asia-based venture capital firms and BioLight will make a private placement in BioLight’s IOPtima Ltd. subsidiary for an aggregate amount of US$6.0 million and US$1.2 million, respectively. The investments are being made on the basis of a US$13.5 million pre-money valuation for IOPtima.
  • Subsequent to the end of the third quarter, entered into a collaboration agreement with Axella Research LLC to advance the clinical and regulatory efforts required to commercialize the CellDetect non-invasive diagnostic test for the monitoring of bladder cancer recurrence in the United States, which includes Axella’s contribution of over US$1.0 million in funding for CRO services.

Link to Q3-2015 financial results

Link to Newsroom

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