- Biomerica remains on track for inFoods® IBS national rollout during calendar 2024, and expects strong product revenue growth during national rollout
- Veteran Vice President of Sales and National Accounts hired along with first set of regional sales representatives
IRVINE, Calif., Nov. 08, 2023 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA), (the “Company”) a global provider of advanced medical products today announced that several new Gastrointestinal (GI) groups have signed up and begun using the Company's revolutionary inFoods® IBS Product. This expansion demonstrates growing recognition and adoption of the inFoods IBS test in the medical community, broadening Biomerica's influence in providing innovative solutions for Irritable Bowel Syndrome (IBS) while positioning the Company for product revenue growth over the coming quarters. These new groups join Gastro Health, a group with 390 GI physicians which was the Company's first large physician group customer. In addition, several additional Gastro Health office locations have started using the inFoods IBS therapy for their IBS patients.
Among the new groups, the two that represent the largest opportunity include an integrated medical system, and an additional large GI group. Within these, Biomerica has started in key offices and plans to strategically add additional locations in the future. Notably, the integrated medical system employs approximately 7,500 medical staff and had over 150,000 inpatient discharges in fiscal year 2021. The large GI group has over 90 physicians in 60 locations and offers advanced treatment options for GI diseases.
The inFoods IBS product has been studied extensively, showcasing notable clinical outcomes in a double blinded, placebo-controlled study at several prominent medical centers including Mayo Clinic, Beth Israel Deaconess Medical Center Inc. – a Harvard Medical School Teaching Hospital, Houston Methodist Hospital, and the University of Michigan. The clinical results demonstrated a significant improvement in Abdominal Pain Intensity (API) (trial participants with >30% reduction in pain) for IBS patients in the treatment diet arm compared to those in the placebo diet arm (p-value of 0.0246) in the clinical trial. These improvements were not only deemed clinically significant but also in the case of certain endpoints, comparable or even superior to certain FDA cleared IBS drugs in the market.
Dr. Charles Randall, a leading gastroenterologist, expressed, “We are excited to have the inFoods IBS product as a new tool to help alleviate the suffering we see in our IBS patients. The relief of IBS symptoms in the clinical study, which we participated in, were significant, fostering enhanced quality of life for those under our care.”
Patients have also praised the product, with one sharing, “Using the inFoods IBS product has led to a life-changing outcome for me. The relief from symptoms has significantly improved my daily life, and I am immensely grateful.”
Salesforce Strengthened and Expanded to Meet Expected Demand for inFoods IBS
To support this marketing and sales expansion, Biomerica has strengthened its salesforce by adding a veteran Vice President of Sales and National Accounts, along with key Territory Managers. These hires will drive broader adoption by physician groups and allow seamless integration of the inFoods IBS product within the clinical workflow of new groups offering the product to their patients.
“We are enthusiastic about the positive reception and response of our inFoods IBS product among these new GI groups,” said Zackary Irani, CEO of Biomerica.
Robert Carlson, CCO added, “We have now completed the back-end and operational set-up to allow us to launch the inFoods IBS product nationally. The product addresses the $30 billion IBS market where surprisingly little relief is currently available for patients, and where there is significant existing demand. Our dedicated team, along with our newly hired experienced sales professionals, are expected to enable the Company to achieve its revenue growth targets.”
Biomerica continues to solidify its position in innovative GI solutions, with the inFoods IBS product being a testament to improving patient lives. The Company remains steadfast in its mission to enhance gastrointestinal care, reduce healthcare costs, and improve the quality of life of approximately 750 million individuals suffering from IBS around the world.
About Biomerica (NASDAQ: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global biomedical technology company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products used at the point-of-care (in home and in physicians' offices) and in hospital/clinical laboratories for detection and/or treatment of medical conditions and diseases. The Company's products are designed to enhance the health and well-being of people, while reducing total healthcare costs. Biomerica's primary focus is on gastrointestinal and inflammatory diseases where the Company has multiple diagnostic and therapeutic products in development.
About inFoods®
The inFoods IBS test is designed to assess a patient’s above normal immunoreactivity to specific foods utilizing a simple finger-stick blood sample. Instead of difficult to manage broad dietary restrictions, physicians can now use the inFoods IBS information to make targeted, patient-specific recommendations about trigger foods that, when removed from the diet, may alleviate IBS symptoms such as pain, bloating, diarrhea and constipation. The inFoods IBS test and clinical outcomes were studied at several prominent centers including Mayo Clinic, Beth Israel Deaconess Medical Center Inc. - a Harvard Medical School Teaching Hospital, Houston Methodist Hospital, and the University of Michigan. The clinical results for improvement in the Abdominal Pain Intensity (API) responder endpoint of >30% reduction in pain, for IBS patients in the treatment diet arm was greater than patients in the placebo diet arm (p-value of 0.0246). The improvement for patients in the treatment arm versus the placebo arm is considered clinically significant and for certain endpoints is similar and, in some cases, better than the current drugs in the market. Further information about Biomerica’s patented inFoods® Technology Platform can be found at: https://biomerica.com/inFoods/our-technology/.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica) contains statements that are forward-looking, such as statements relating to the Company’s current and future sales, revenues, overhead, expenses, cost of goods, operations and earnings, efficacy of the Company’s products and tests, FDA and/or international regulatory authorization for the Company’s products to be marketed and sold, including the inFoods ISB product, and the Company’s other current and future products, the rapidity of testing results, uniqueness of the Company’s products, accuracy of the Company’s tests and products, expected completion of clinical studies, pricing of the Company’s test kits, domestic and/or international market adoption and acceptance and demand for the Company’s products, future use of the Company's products by physicians to treat their patients, potential revenues from the sale of current or future products, availability of the Company’s test kits, patent protection and freedom to operate on any of the Company’s products or technologies, future production costs and overhead, sales and administrative costs, R&D expenditures, materials costs, legal costs and other extraordinary costs. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results, in the future, including, without limitation: earnings and other financial results; results of studies testing the efficacy of the Company’s inFoods tests and other products; regulatory approvals necessary prior to commercialization of the Company’s products; availability of the Company’s test kits and other products; capacity, shipping logistics, resource and other constraints on our suppliers; dependence on our third party manufacturers; dependence on international shipping carriers; governmental import/export regulations; demand for our various tests and other products; competition from other similar products and from competitors that have significantly more financial and other resources available to them; governmental virus control regulations that make it difficult or impossible for the company to maintain current operations; regulatory compliance and oversite, and the Company’s ability to obtain patent protection on any aspects of its diagnostic or therapeutic technologies. Accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. Additionally, potential risks and uncertainties include, among others, fluctuations in the Company's operating results due to its business model and expansion plans, downturns in international and or national economies, the Company's ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company's dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release.
Corporate Contact:
Zack Irani
949-645-2111
investors@biomerica.com
Source: Biomerica, Inc.
