Zomedica Corp Stock Price, News & Analysis

Zomedica Corp. (NYSE American: ZOM) reported its financial results for Q3 2020, showing a net loss of $5.0 million ($0.01/share) compared to a $2.8 million loss in Q3 2019. R&D expenses surged to $2.7 million, mainly due to a milestone payment to Qorvo Biotechnologies, while total cash increased to $52.0 million from $510,586 at year-end 2019, driven by significant financing activities. Notably, net cash from financing was $28.6 million in Q3 2020, a sharp increase from previous years, partially offset by cash used in operating activities. General administrative expenses decreased by 3% and 34% for Q3 and YTD respectively.

Zomedica Corp. (NYSE American: ZOM) announced a request from Interim CEO Robert Cohen for shareholders to approve a domestication proposal at the Special Meeting on December 15, 2020. This proposal aims to reincorporate the company in Delaware, projected to save about $500,000 annually in compliance costs. Management believes this change will enhance shareholder attractiveness, particularly for institutional investors, and reflect Zomedica’s operational presence in the U.S.

Zomedica Corp. (NYSE American: ZOM), a veterinary health company, has officially changed its legal name from Zomedica Pharmaceuticals Corp., effective October 5, 2020. This decision, approved by shareholders on September 25, 2020, aims to reflect the company's focus on point-of-care diagnostic products for companion animals. Existing shareholders will not need to take any action regarding this change, although the CUSIP and ISIN numbers for shares have been updated. Interim CEO Robert Cohen expressed optimism about the company's strategic initiatives and future commercialization plans.

Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) held its 2020 Annual and Special Virtual-Only Meeting, where shareholders elected a new board of directors and approved several proposals, including the appointment of MNP LLP as auditors and amendments to company articles. Notably, a proposed reverse stock split was approved by majority but fell short of the two-thirds majority needed under Canadian law. The company reports approximately $50 million in cash, highlighting readiness for advancing its lead product, TRUFORMA™, while exploring listing options on major exchanges.

Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) announced that its proxy solicitor, Alliance Advisors, mailed a letter urging shareholders to vote on Proposal 3 at the upcoming Annual and Special Virtual-Only Meeting on September 25, 2020. The proposal involves a reverse stock split at a ratio of 1-for-25 to 1-for-50, aimed at increasing the share price to maintain its NYSE listing. The company warns that failing to maintain this listing could result in a shift to over-the-counter trading, negatively impacting share liquidity and value. Shareholders are encouraged to vote their shares.

Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) announced that Robert Cohen, Interim CEO, and Stephanie Morley, President and CMO, will present at the H.C. Wainwright Virtual Global Investment Conference on September 14, 2020, at 4:00 pm ET. The presentation slides will be available on the company's website on the morning of the event. Zomedica focuses on creating innovative veterinary diagnostic products for companion animals, addressing unmet needs in veterinary care to enhance productivity and revenue for clinical veterinarians.

Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) has partnered with Qorvo Biotechnologies to develop three canine diagnostic assays for gastrointestinal issues: Cobalamin, cPL, and Folate. This initiative triggers a $2 million milestone payment under their agreement. These assays will enhance the TRUFORMA platform, enabling veterinarians to perform comprehensive gastrointestinal testing at the point-of-care, potentially improving diagnosis and treatment speed. The BAW sensor technology used in TRUFORMA promises laboratory-level accuracy, addressing a significant market need as GI conditions are common pet insurance claims.

Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) shares updates on its lead product, TRUFORMA, in a letter from Interim CEO Robert Cohen. With over US $50 million in cash, Zomedica aims to launch TRUFORMA with five assays, verified in partnership with Qorvo. The letter emphasizes rigorous validation and testing processes, and a hybrid sales model involving regional distributors and direct sales staff. Shareholder approval for a proposed reverse stock split is sought to comply with NYSE American requirements. Cohen expresses optimism about the company's future amidst ongoing challenges, including COVID-related adjustments.

Zomedica Pharmaceuticals Corp. (NYSE American: ZOM) reported its second quarter financial results for the period ending June 30, 2020. The company posted a net loss of $5.3 million ($0.02 per share), an increase from $2.4 million in the same quarter last year. Research and development expenses surged 268%, totaling $3.9 million due to a milestone expense. However, cash reserves improved to $29.1 million from $510,586 at the end of 2019, aided by several equity offerings totaling $54 million. Zomedica aims to enhance its TRUFORMA™ diagnostic platform with ongoing validations and strong partnerships.