Nuo Therapeutics Inc (OTCMKTS:NUOT) a pioneer firm in biodynamic therapies announced financial numbers for FY2014. In the year, it executed a series of strategic plans to reposition as a specialized chronic wound care firm. It even went for new corporate name ‘Nuo Therapeutics’ and launched the offerings of chronic wound care under Aurix™ brand.
The deal
Nuo Therapeutics ended ‘convertible debt financing’ worth $35 million. The deal was entered with Deerfield Management Company to boost commercial strategic plans. The company stopped ‘ALD-401’ Bright Cell development process and also shut down R&D facility located in Durham, NC. NUO finalized an exclusive licensing and distribution agreement with firm Rohto Pharmaceutical Co. to produce and commercialize Aurix in Japan. It launched post-market trial of chronic wound care solutions Aurix under CMS Coverage supported by Evidence Development CED Program.
The number game
Nuo Therapeutics recorded $7.8 million as total revenue in FY2014 against $11.6 million in FY2013. The cash/cash equivalents came at approximately $15.9 million as of December 31, 2014. The net loss stood at $18.9 million versus $20.2 million in FY2013. In 4Q the revenue was $1.9 million versus $3.5 million in 4Q2013. NUO posted net income of $2.9 million against a net loss of $4.9 million in the same quarter last year. The 4Q net income covered unrealized non-cash benefit associated with change in fair value of derivative liabilities. It stood at $8.3 million versus $0.7 million in 4Q2013.
The expert speak
Martin Rosendale, the Chief Executive of Nuo stated that FY2014 was a significant year in which the company posted a considerable progress toward working on commercial strategy and establishing the necessary base for sustainable long-term growth. The FY2014 results concentrate on several key measures taken to establish the company as a strong leader in individualized wound care. The strategic plan focuses on creating a world-class firm, the conclusion of the ALD-401 R&D trial and completion of transition of the Angel® solution as per 2013 licensing agreement.
