BioMark Diagnostics (BUX.C), a Canadian biotech firm focused on developing its advanced-stage cancer detection business, released its year-end financial statement today.
The company noted some important milestones it achieved in fiscal 2021 including the formation of an operating diagnostic laboratory in Quebec, Canada in April under the auspice of its wholly owned subsidiary, BioMark Diagnostic Solutions (BDS).
In November, BDS joined a sponsored multi-million-dollar research project to develop new screening tools utilizing AI in a prospective 4,000-patient national lung cancer screening pilot program in Quebec.
Also in that month, BDS was awarded advisory services and funding up to $169,550 CAD from the National Research Council of Canada Industrial Research Assistance Program to support research and development of its liquid biopsy assay for the early detection and screening of lung cancer.
During 2021, BioMark moved to extend its market footprint by reaching out to three major medical institutions in the United States. The ensuing dialogue is meant to explore partnerships in conducting clinical trials and create new centres of excellence for early lung cancer screening and glioblastoma.
The company is in the final phase of reviewing and signing a collaboration agreement with its first medical institution involving early lung cancer diagnosis using its proprietary metabolomics-based panel.
In late October 2021, BioMark worked to increase the depth of its IP portfolio for early detection and screening of lung cancer with the submission of a provisional patent application regarding a new therapeutic drug target from its glioblastoma studies.
BioMark also established preliminary discussions in 2021 with a French group on developing and selecting an effective business model for introducing a lung cancer screening program in Europe.
During H1 2022, BioMark solidified its efforts by formally entering into an agreement with French firm, TransDiag. Both parties are working to commence trials on a screening program for early lung cancer detection in September.
Rashid Bux, company CEO commented, “We closed out the year with great milestone accomplishment that reflects the ongoing momentum we have built toward our goal to commercialize our blood-based assay for the early detection and screening of lung cancer.”
Revenues for the year totaled $43,933 versus $0 the year before and noted a net loss of $1.45 million compared to a net loss of $359,713 last year.
The difference in loss was attributed to increased operating expenses involving the diagnostic laboratory in Quebec as well as the R&D cost in technologies validation and additional clinical trials.
BioMark recently announced that it had closed a non-brokered private placement for gross proceeds of $1.27 million as well as securing a non-dilutive $235,000 line of credit to help accelerate the commercialization of its lung cancer detection technology and advance its business development activities in the US.
The company is also looking forward to receiving results from its 300 lung and breast cancer patient trial with its Chinese partner at two renowned tumour hospitals on Canadian Health Standards.
Mr. Bux summed up, “Looking ahead in 2022, we anticipate continued progress in our commercialization initiatives related to our early lung cancer assay, expansion drive into the US, growth in our global clinical collaborations, enhancement in our patent applications and increasing our team size. All these initiatives are planned to increase the BioMark’s enterprise value.”
Currently BioMark trades at $0.27 per share for a market cap of $22.49 million.
–Gaalen Engen
