Imagin Medical Inc. (IME:CSE; IMEXF:OTCQB) recapped in a news release its fiscal year 2019 (FY19) corporate and financial results. It will hold a conference call to discuss them at 5 p.m. EST on Jan. 7, 2020.
Regarding corporate successes in FY19, specifically with respect to development of its i/Blue Imaging System, Imagin completed in February the proof of concept phase of its redesigned control unit and validated the performance of the light source and imaging modules. In April, the company finished the i/Blue system's initial functional unit. In July, Imagin moved into the design verification stage, which remains underway.
Also earlier in the year, the company met with the U.S. Food and Drug Administration (FDA) to discuss the premarket approval regulatory pathway for its product. It also obtained feedback on its prototype at the American Urology Association's annual meeting.
"With the design verification stage nearing completion, we are preparing for pilot production runs in Q1/20," President and CEO Jim Hutchens said in the release. "We are excited to build on our momentum in the new year and continue moving the i/Blue system toward commercialization."
During FY19, Chris Bleck joined Imagin as a director and bladder cancer expert Dr. Ashish M. Kamat became a member of its scientific board of advisors.
As for the year's financial results, the biotech firm posted a net loss of CA$4,457,322, or CA$0.03 per common share. This is roughly CA$3 million less than its net loss in 2018 of CA$7,958,086, or CA$0.07 per common share.
Imagin spent CA$4,499,927 on operating expenses, slightly less than in 2018, when they totaled CA$4,998,339. FY19's expenses were mainly for research and development (R&D) and general administration.
Of the total, R&D expenses accounted for CA$3,188,202, significantly higher than the total in 2018 of CA$806,849. This was due to required development, design, engineering, FDA and regulatory costs.
General administrative expenses in FY19 were CA$1,311,725, much less than the CA$3,823,486 spent in 2018. A decrease in consulting fees drove this trend.
As of Sept. 30, 2019, Imagin had CA$2,272,770 in cash.
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