Welcome to our dedicated page for Imac Hldgs news (Ticker: BACK), a resource for investors and traders seeking the latest updates and insights on Imac Hldgs stock.
IMAC Holdings Inc (BACK) news coverage documents the company's evolution from an integrative medicine clinic operator to a proteomics-focused biotechnology enterprise. The news feed captures material developments including corporate transformations, strategic acquisitions, research collaborations, and regulatory compliance matters that shape the company's business trajectory.
Coverage includes announcements related to Ignite Proteomics, the company's biotechnology subsidiary focused on protein analysis platforms. News about research collaborations with academic and commercial partners provides insight into the company's technology validation efforts and potential market applications. These partnerships often signal progress in developing proteomics platforms for drug discovery, biomarker identification, and precision medicine applications.
The news archive also documents the company's historical integrative medicine business, including developments related to its regenerative medicine clinics that provided non-invasive treatments for musculoskeletal conditions. This historical context helps investors understand the company's strategic pivot from direct patient care services to biotechnology research and platform development.
Regulatory filings and compliance notifications appear in the news feed, reflecting the company's obligations as a publicly traded entity on NASDAQ. Leadership transitions, executive appointments, and corporate governance changes are documented, providing transparency into management evolution during the company's business transformation. Acquisition announcements detail strategic transactions that enabled the company's entry into the proteomics sector.
Investors and analysts tracking IMAC Holdings will find news covering both operational developments in the proteomics business and corporate matters affecting shareholders. The diversity of news types—from scientific research announcements to regulatory compliance updates—reflects the multifaceted nature of a small-cap biotechnology company navigating business model transformation while maintaining public company reporting obligations.
IMAC Holdings has appointed Dr. Peter Beitsch and Dr. Matthew Schwartz to its Board of Directors, effective June 26, 2024. This strategic move aims to advance IMAC’s position in proteomics and precision medicine. Dr. Schwartz, with over 18 years of experience in radiotherapy and precision oncology, and Dr. Beitsch, with a background in surgical oncology and genomics, will contribute their expertise to guide IMAC's strategic initiatives. Their appointments align with the company's mission to revolutionize cancer treatment through proteomic technologies.
IMAC Holdings announced a major leadership transition, appointing Faith Zaslavsky as CEO, succeeding Jeff Ervin. This move aims to drive forward its newly acquired assets in the proteomics and precision medicine industry.
Zaslavsky brings 23 years of experience in the genomic space, having previously served as COO and CEO of Theralink Technologies and President of Oncology at Myriad Genetics. Her leadership is expected to enhance IMAC's mission of providing personalized treatment plans for cancer patients.
IMAC's RPPA technology, proven through clinical trials as a superior indicator for drug selection in breast cancer, is set to become an essential test for various cancers. The board now consists of three independent members following the resignation of co-founders Dr. Matt Wallis and Jeff Ervin, with Ervin continuing as a transition consultant.
IMAC Holdings, Inc. (NASDAQ: BACK) has acquired the assets of Theralink in a settlement agreement, excluding certain assets, to resolve outstanding debt issues. A merger with Theralink is no longer necessary, and a termination agreement has been entered into. The Registration Statement on Form S-4 has been withdrawn. The acquisition aims to continue the precision medicine business, focusing on advancements in breast cancer diagnostics.
IMAC Holdings reported a 14% annual revenue increase, totaling $16.1 million for FY 2022, up from $14.1 million in 2021. Patient revenue per visit rose to $105 compared to $84 in the previous year. Key initiatives include the completion of a Phase 1 clinical study for Parkinson’s disease and a merger agreement with Brain Scientific.
Despite the revenue growth, operating expenses rose significantly, leading to a higher operating loss of $18.2 million. Cash reserves dropped to $0.8 million from $7.1 million year-over-year due to a one-time $0.30/share impairment loss.
IMAC Holdings and Brain Scientific Announce Strategic Merger
On March 20, 2023, IMAC Holdings (BACK) and Brain Scientific (BRSFD) revealed a binding Letter of Intent for a merger-of-equals aimed at advancing solutions for neurological disorders like Parkinson's and Alzheimer's. The combined entity plans to leverage Brain Scientific's diagnostic technologies alongside IMAC's regenerative rehabilitation services. CEO Hassan Kotob of Brain Scientific will likely become Chairman and CEO of the newly formed company. The transaction is anticipated to close in summer 2023, pending shareholder approval and other conditions.
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