Shares of Emmaus Life Sciences, Inc. (NASDAQ:EMMA) closed the trading at a price of $2.7700 with the positive/negative change of -38.31%. In the past session approximately 1,278,802 shares were exchanged against the average daily trading volume of 110,389 shares. The stock touched to the maximum level of $3.2500, and it reached the lower level of $2.4900 in past session.
Emmaus Life Sciences, Inc. (EMMA) recently stated importantly improved financial results at its EMI Holding, Inc. (EMI) subsidiary for the 2019 second quarter and six-months ended June 30, 2019. EMI is the company’s principal operating subsidiary.
2019 Second Quarter Financial Results of EMI
Net revenues of EMI for the 2019 second quarter increased 128% to $5.9M, up from $2.6M for the same period last year, and 11% from the first quarter of 2019. The increase was driven by the continuing roll-out and market acceptance of Endari®, the first treatment accepted by the FDA for sickle cell disease in nearly 20 years.
Total operating expenses equaled $6.3M, contrast with $5.1M for the prior-year second quarter. The increase resulted primarily from higher selling costs related to the marketing and continued commercialization of Endari, higher research and development costs associated with EMI’s pilot/phase 1 diverticulosis study, and a raise in general and administrative expenses to support the commercialization of Endari and other business operations.
Operating loss for the 2019 second quarter was reduced substantially to $0.6M, from $2.8M last year.
2019 First-Half Financial Results
EMI’s net revenues for the first six months of 2019 increased 233% to $11.2M, up from $3.4M for the same period last year.
Total operating expenses were $12.0M, contrast with $10.2M for the prior-year first half.
Operating loss for the six months ended June 30, 2019 was reduced to $1.2M, versus $7.2M last year.
As before revealed, in conjunction with and immediately previous to the merger, about $35.5M principal amount of, and accrued interest on, outstanding convertible promissory notes and notes payable of EMI were converted into shares of EMI ordinary stock and cancelled in the merger in exchange for Emmaus shares, with a resulting increase in stockholders’ equity. This conversion is predictable to save Emmaus about $3.6M in yearly interest expense, which should benefit future cash flows. Additionally, in conjunction with the merger, EMI’s outstanding 10% senior secured debentures were amended and restated to extend their maturity date by six months to October 21, 2020 and to make the debentures convertible into ordinary stock at a current conversion price of $9.52, subject to possible future adjustments.
- Received clearance on its investigational new drug application from the Food and Drug Administration (FDA) for the study of a new L-glutamine treatment for patients suffering from diverticulosis. EMI commenced a pilot/phase 1 study of the safety and efficacy of its treatment at multiple study sites, with patents accepted in the United States, the EU, China, Russia, Japan, South Korea, Mexico, Australiaand Indonesia. Emmaus has patents pending related to diverticulosis treatment in Brazil and India.
- Commenced a clinical study to determine the efficacy of the company’s pharmaceutical-grade L-glutamine in lowering blood sugar in patients with type II diabetes.
- Signed an contract with Express Scripts, one of the nation’s largest pharmacy benefits managers (PBM), and released a commercial co-payment assistance program to help ensure that patients in need have access to Endari.
- Entered into an exclusive contract with taiba Healthcare for the registration, commercialization and distribution of Endari in certain countries throughout the Middle Eastand North Africa (MENA) region.
EMMA is recorded at 0.60 and the relative strength index of the stock stands 43.62. The stock price is going above to its 52 week low with 38.15% and lagging behind from its 52 week high with -76.60%. A look on the firm performance, its monthly performance is -10.65% and a quarterly performance of -55.90%