Drug and medtech developer Ainos ( OTCPK:AIMD ) has updated its financial disclosures for a proposed public offering and uplisting to Nasdaq.
In its most recent filing , Ainos reported a net loss of $2.1M on revenue of $87K for the quarter ended March 31, 2022. The company attributed much of the loss to increased R&D costs. For 2021, Ainos posted a net loss of $3.9M on revenue of $596K.
Ainos first filed for the uplisting in late April. Although the company didn’t disclose the number and pricing of the units, it indicated in the filing’s fee schedule that it was seeking to raise around $9M through the unit offering and an additional $10M through the exercise of certain warrants. Each unit would consist of one share plus one warrant to buy one share.
Shares of Ainos are currently traded OTC. The company intends to uplist the shares to Nasdaq and conduct a reverse stock split.
Ainos develops diagnostic tests, monitoring breathalyzers and biologic therapies. Its COVID-19 test is currently being marketed under an emergency use authorization, or EUA, in Taiwan. The company intends to seek an FDA EUA in the second half of 2022. It also plans to seek FDA clearance for a test for sexually transmitted diseases in latter 2022.
The company’s lead drug candidate, Veldona, is a very low dose formulation of interferon alpha for the treatment of COVID-19. The company hopes to begin Phase 2/3 testing in Taiwan in mid-2022. It is also developing an mRNA vaccine for COVID-19, with clinical testing expected to begin in Taiwan in 2023.
Ainos changed its name from Amarillo Biosciences in May 2021.
For further details see:
Biotech Ainos updates financial statements for proposed offering, Nasdaq uplisting