Biomerica Announces Retirement of Chief Financial Officer (CFO), hiring of new CFO and appointment of new member to the Board...
August 31 2020 - 8:19AM
Biomerica Inc. (NASDAQ: BMRA) today announced today the retirement
of Janet Moore, the Company’s Chief Financial Officer. After many
years of dedicated service, Ms. Moore has decided to retire and
pursue personal interests. Ms. Moore will remain an employee of the
Company during a transition period to ensure a smooth transition.
Ms. Moore, who also serves as a member of the Board of Directors
(the “Board”) and Corporate Secretary, will continue to serve as a
member of the Board and as Corporate Secretary until the Company’s
Annual Meeting on December 10, 2020. At that time, Ms. Moore will
also be leaving the Board.
Biomerica also announced today the appointment
of Steve Sloan as the Company’s new CFO, effective September 3,
2020. Mr. Sloan’s background and experience includes thirteen years
at General Electric with roles in internal audit, corporate finance
and manufacturing finance. Most recently, Mr. Sloan spent ten years
with medical device maker, Medtronic. At Medtronic, Mr. Sloan
worked in four divisions, most recently serving as a divisional
finance director.
Biomerica further announced that the Board has
elected Cathy Coste as a new independent member of the Board. Cathy
will join the Board effective September 3, 2020. Ms. Coste has also
been elected by the Board to chair the Board’s Audit Committee, and
to be a member of the Nominating and Corporate Governance
Committee. Cathy Coste is a Senior Partner at Deloitte and Touche,
LLP, and is retiring in September 2020. She has spent thirty-two
years in both corporate and professional services positions leading
global finance, internal audit and operations teams. For the past
six years, Cathy has served as Deloitte’s Life Sciences Industry
Executive Leader. Ms. Coste is known for her expertise in
governance, audit, risk and controls, and compliance and has served
over 50 companies in the life science, technology, and consumer
industries.
“I personally want to thank Janet for being a
trusted advisor and leader throughout her career at the Company in
serving as CFO, Board Member and Secretary. At the same time, I’m
excited to have Steve Sloan join our executive management team as
CFO. Steve brings great knowledge, experience and energy to the
position and I am confident he will play a key role in helping us
achieve our goals of building Biomerica. Finally, on behalf of the
Board, I welcome Cathy Coste and I am looking forward to working
with her, especially given her experience in the life sciences
industry.”
“Biomerica has a bold vision of developing a
diagnostic guided therapy with its InFoods product. I’m honored to
assume the role of Audit Committee Chairman and look forward to an
exciting new fiscal year and beyond for Biomerica.” said Cathy
Coste.
“It has been my pleasure and privilege to serve
as Biomerica’s CFO. The Company has many talented, dedicated
employees and innovative products which, I believe, will ensure the
Company’s continued success.” said Janet Moore.
About Biomerica (NASDAQ:
BMRA) Biomerica, Inc.
(www.biomerica.com) is a global biomedical technology company that
develops, patents, manufactures and markets advanced diagnostic and
therapeutic products used at the point-of-care (in home and in
physicians' offices) and in hospital/clinical laboratories for
detection and/or treatment of medical conditions and diseases. The
Company's products are designed to enhance the health and
well-being of people, while reducing total healthcare costs.
Biomerica primarily focus is on gastrointestinal and inflammatory
diseases where the Company has multiple diagnostic and therapeutic
products in development.
About InFoods® The Biomerica
InFoods® IBS product is designed to allow physicians to identify
patient specific foods (e.g. eggs, broccoli, wheat, potatoes, corn,
etc.), that when removed from the diet, may alleviate or improve an
individual's IBS symptoms including, but not limited to,
constipation, diarrhea, bloating, pain and indigestion. This
patented, diagnostic-guided therapy is designed to allow for a
patient-specific, guided dietary regimen to improve Irritable Bowel
Syndrome (“IBS”) outcomes. The point-of-care product is being
developed to allow physicians to perform the test in-office using a
finger stick blood sample while a clinical lab version of the
product is expected to be the first for which the company will seek
regulatory approval. A billable CPT code that can be used by both
clinical labs and physicians' offices is already available for
InFoods® diagnostic products. Since the InFoods® product is a
diagnostic-guided therapy, and not a drug, it has no drug type side
effects. An estimated 45 million people in America currently suffer
from IBS making it a leading cause for patient doctor visits.
The Private Securities Litigation Reform Act of
1995 provides a "safe harbor" for forward-looking statements.
Certain information included in this press release (as well as
information included in oral statements or other written statements
made or to be made by Biomerica) contains statements that are
forward-looking, such as statements relating to the efficacy of the
Company’s COVID-19 test, FDA clearance, EUA clearance, the rapidity
of testing results, uniqueness of a product, pricing of the
Company’s test kits, demand for international orders, availability
of the Company’s COVID-19 test kits, and patent protection on the
test technology. Such forward-looking information involves
important risks and uncertainties that could significantly affect
anticipated results in the future, including, without
limitation: results of studies testing the efficacy of the
Company’s COVID-19 test; regulatory approvals necessary prior to
commercialization of the Company’s COVID-19 test; availability of
the Company’s COVID-19 test kits; capacity, resource and other
constraints on our suppliers; dependence on our third party
manufacturers; dependence on international shipping carriers;
governmental import/export regulations; demand for our COVID-19
test; competition from other similar products and from competitors
that have significantly more financial and other resources
available to them; governmental virus control regulations that make
it difficult or impossible for the company to maintain current
operations; regulations and the Company’s ability to obtain patent
protection on any aspects of its rapid test technology.
Accordingly, such results may differ materially from those
expressed in any forward-looking statements made by or on behalf of
Biomerica. Additionally, potential risks and uncertainties include,
among others, fluctuations in the Company's operating results due
to its business model and expansion plans, downturns in
international and or national economies, the Company's ability to
raise additional capital, the competitive environment in which the
Company will be competing, and the Company's dependence on
strategic relationships. The Company is under no obligation to
update any forward-looking statements after the date of this
release.
CONTACT INFORMATION
Company Spokesperson 949-645-2111 www.biomerica.com
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