Amedica is now in compliance with NASDAQ listing requirements after a period last year where the company's share price dipped below $1.
Here are five key notes:
1. Amedica's common share bid price has been at $1 per share or greater for 10 consecutive trading days to regain compliance with the minimum bid price requirements.
2. Amedica provided select preliminary 2014 year-end financial results, showing "significant advancements" in the ongoing initiative to improve capitalization and operational structure.
3. The full year 2015 financial results show a positive trajectory change in the fourth quarter sales, resulting in annual sales higher at the year end than previously stated at $19 million to $19.5 million.
4. There is an expected report operational cash burn reductions in excess of 30 percent as compared to the prior year. The company expects to finalize agreements with four additional private-label or OEM partners in addition to three new spine solution offerings:
• A composite cervical interbody fusion device
• An enhanced lateral lumbar interbody solution
• A next-generation cannulated pedicle screw system
5. America has approximately 11.3 million shares of common stock outstanding and around 12.2 million shares on a fully diluted basis.
"We are able to resolve the variability in our capitalization table and consolidate our share structure along with positioning ourselves to continue the trajectory from our fourth-quarter sales in 2016," says Sonny Bal, MD, chairman and CEO. "We've built strong momentum during the second half of 2015 to become a leading biomaterials company focused on commercialization and development of our silicon nitride ceramic biomaterial for spine, hip, knee, dental and other applications."
6. The company submitted novel silicon nitride composite interbody fusion device for FDA approval and passed the administrative review process. The device is in the clinical review process with the FDA and received questions regarding their 24-month clinical data.
"Going forward, Amedica will continue our unrelenting focus on innovation, improving operational efficiencies and scaling our hybrid sales model to deliver enhanced value for our shareholders, while continuing to transform healthcare with our revolutionary silicon nitride technology platform," says Dr. Bal.