SALT LAKE CITY, Nov. 16, 2020 (GLOBE NEWSWIRE) — SINTX Applied sciences, Inc. (www.sintx.com) (NASDAQ: SINT) (“SINTX” or the “Firm”), an unique tools producer of silicon nitride ceramic for medical and non-medical purposes, shared particulars on its Q3 enterprise replace and new enterprise alternatives forward.
All through the pandemic, SINTX has continued to handle the impression of COVID-19 on its enterprise operations. The Firm has averted layoffs and invested within the security of its staff by new protocols and make money working from home insurance policies. As such, SINTX has been capable of keep enterprise operations as ordinary in Q3, apart from the discount in backbone gross sales which we talk about under.
“Regardless of an unpredictable yr, we really feel lucky that our enterprise has been capable of reduce the impression of COVID-19,” mentioned Dr. Sonny Bal, President, and CEO, SINTX Applied sciences. “Our enterprise has been capable of rent new staff, broaden obligatory analysis and improvement, and interact with new prospects to create a wide range of purposes utilizing our silicon nitride. As one instance, we manufactured and shipped industrial prototype elements for the primary time in our historical past. We’re wanting ahead to further progress in 2021 and aggressively pursuing the alternatives in entrance of us.”
Third Quarter Monetary Outcomes
SINTX reported income of $0.1 million for the three months ended September 30, 2020, and $0.5 million for the 9 months ended September 30, 2020. Usually accepted accounting ideas (GAAP) primary internet loss for the three months ended September 30, 2020, was $0.11 per share, in comparison with a primary internet lack of $0.68 per share for the three months ended September 30, 2019. For the 9 months ended September 30, 2020, the Firm reported a GAAP primary internet lack of $0.39 per share, in comparison with a primary internet lack of $3.00 per share for the 9 months ended September 30, 2019. The Firm’s money and money equivalents have been $27.1 million as of September 30, 2020, a rise of $25.3 million from December 31, 2019.
The Firm shipped one aerospace prototype order within the quarter. The steadiness of the income got here from gross sales of manufacturing and prototype parts to CTL Amedica.
SINTX reported a big discount within the variety of remaining unconverted most well-liked shares from the Might 2018 and February 2020 choices in addition to within the variety of unexchanged warrants. The small print may be discovered within the 10-Q.
Medical Units Replace
Total, income from medical gadgets was predictably down as a result of hospital restrictions on elective surgical procedures going down through the COVID-19 pandemic. These restrictions are anticipated to proceed to harm US gross sales to CTL Amedica of the Valeo product line. Nevertheless, CTL Amedica has gained regulatory clearance in Taiwan and future gross sales to CTL Amedica are anticipated in assist of the anticipated progress from that new alternative. Moreover, SINTX and CTL Amedica have been collaborating on the event of recent spinal implants made out of monolithic silicon nitride and SINTX’s Silicon Nitride-PEEK composite, and gross sales from these merchandise are anticipated in 2021.
The COVID-19 pandemic has additionally impacted SINTX’s collaborative efforts within the dental market. Nevertheless, SINTX’s companions have not too long ago renewed contact and people initiatives are transferring ahead. These initiatives are wanting each at monolithic silicon nitride implants in addition to coatings of silicon nitride on titanium implants. Income from these alternatives will not be anticipated for a number of years as silicon nitride is a novel materials in dental purposes, and would have a prolonged regulatory pathway to navigate.
SINTX has beforehand referenced a Materials Switch Settlement with a worldwide medical system producer and this venture can also be nonetheless energetic. Progress has been impacted by the COVID-19 pandemic in addition to by the Firm’s emphasis on analysis and improvement of novel antipathogenic purposes for the Firm’s silicon nitride.
SINTX added a brand new U.S. Patent for antibacterial applications of silicon nitride to its expertise IP portfolio in Q3. The issued US Patent 10,806,831 broadly covers a wide range of biomedical implants whereby the Firm’s silicon nitride is utilized to enhance the antibacterial traits of the implant. The primary composite product protected underneath this patent has already been developed and is predicted to be commercialized in 2021.
The Firm believes there are vital future revenue-generating alternatives within the medical system market. In assist of that perception, Michael Marcroft was recently hired as a Vice President of Enterprise Growth to establish and develop new alternatives on this market. Silicon nitride’s twelve years of profitable outcomes in spinal fusion surgical procedure present a strong basis for brand spanking new medical system purposes.
Non-Medical Product Alternatives Forward
SINTX has skilled progress of buyer curiosity in antipathogenic silicon nitride purposes. The Firm is in energetic product improvement discussions with automotive, IT system, face masks, and air filter producers. SINTX’s partnership with O2TODAY to develop a “catch-and-kill” mask that may inactivate respiratory viruses and micro organism continues to progress and is within the manufacturing course of improvement stage. SINTX continues to prioritize the product improvement of antipathogenic purposes by workforce enlargement, acquisition of prototype manufacturing and supporting laboratory tools, and the event of take a look at protocols to evaluate the antipathogenic properties of recent merchandise.
SINTX has gained the flexibility to enter the aerospace and protection markets by its not too long ago introduced AS9100D certification, which permits SINTX to produce parts instantly to those industries. The certification signifies that SINTX now meets the extremely stringent requirements of those industries and is listed within the OASIS database, utilized by aerospace suppliers like Boeing, Lockheed Martin, Raytheon, United Applied sciences, North Grumman, and the US army. The Firm has obtained orders for and shipped prototype parts to firms on this business.
With new partnership alternatives in place and a shift in enterprise focus towards antipathogenic purposes, SINTX has determined to not pursue its previously-announced relationship with Nissin.
Analysis & Growth Updates
In prior years, SINTX made a considerable funding to substantiate and perceive the osteogenic and antipathogenic properties of the Firm’s silicon nitride. The Firm has now pivoted in the direction of an R&D funding technique that’s targeted on growing merchandise for brand spanking new markets that leverage these properties.
The place acceptable, SINTX has sought further funding by highly-competitive exterior grant alternatives. Though no awards have been obtained to-date, SINTX’s strong monetary situation signifies that this has not impacted the tempo of its analysis and improvement actions.
“Our focus going into 2021 is to develop and commercialize silicon nitride-embedded materials for a wide range of purposes,” mentioned Dr. Bal. “One other focus is the commercialization of our polymer-silicon nitride composite expertise. The third space of focus is the event of silicon nitride coatings on titanium. All of those areas of focus goal a number of alternatives within the medical in addition to the non-medical markets. As well as, we’re aggressively focusing on the commercial markets for silicon nitride, together with chosen strategic alternatives in that area. We’re well-capitalized to make the required investments in personnel and tools to generate new revenues.”
About SINTX Applied sciences, Inc.
SINTX Applied sciences is an OEM ceramics firm that develops and commercializes silicon nitride for medical and non-medical purposes. The core energy of SINTX Applied sciences is the manufacturing, analysis, and improvement of silicon nitride ceramics for exterior companions. The Firm presently manufactures silicon nitride powders and parts in its FDA registered, ISO 9001:2015 licensed, ISO 13485:2016 licensed, and AS9100D licensed manufacturing facility.
For extra data on SINTX Applied sciences or its silicon nitride materials platform, please go to www.sintx.com.
This press launch comprises forward-looking statements inside the which means of the Personal Securities Litigation Reform Act of 1995 (PSLRA) which are topic to plenty of dangers and uncertainties. Dangers and uncertainties which will trigger such variations embody, amongst different issues: incorporation of silicon nitride into private protecting tools is probably not protected or efficient; volatility within the worth of SINTX’s widespread inventory; the uncertainties inherent in new product improvement, together with the associated fee and time required to commercialize such product(s); market acceptance of our merchandise as soon as commercialized; SINTX’s potential to lift further funding and different aggressive developments. Readers are cautioned to not place undue reliance on the forward-looking statements, which communicate solely as of the date on which they’re made and replicate administration’s present estimates, projections, expectations and beliefs. There may be no assurance that any of the anticipated outcomes will happen on a well timed foundation or in any respect as a result of sure dangers and uncertainties, a dialogue of which may be present in SINTX’s Danger Elements disclosure in its Annual Report on Kind 10-Ok, filed with the Securities and Change Fee (SEC) on March 26, 2020, and in SINTX’s different filings with the SEC. SINTX disclaims any obligation to replace any forward-looking statements. SINTX undertakes no obligation to publicly revise or replace the forward-looking statements to replicate occasions or circumstances that come up after the date of this report.
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