The company’s net loss was less than the same period last year, when the company reported a net loss of $8 million. BioMimetic reported $54.5 million in cash, cash equivalents and investments.
During the first quarter of 2012, the company received a comprehensive post-panel response letter from the FDA related to the pre-market approval for its Augment Bone Graft. The FDA asked for additional information in its PMA application, which the company will continue working toward in the future and expects to submit by the middle of 2012. The company continues to pursue regulatory approvals for the product outside of the United States as well.
Last month the company shipped its first orders of Augmatrix Biocomposite Bone Graft, which is in the process of being stocked at hospitals and surgery centers. The product is cleared for orthopedic applications and surgeon education for the device is ongoing.
For the first quarter of 2012, the company reported $500,000 total revenues, slightly above the same period last year. Its research and development expenses were $2.8 million.
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