HOUSTON, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Impact BioMedical Inc. (NYSE American: IBO), a pioneering biotechnology company dedicated to discovering, developing, and patenting innovative healthcare solutions, today announced that Frank D. Heuszel, Chairman and Chief Executive Officer of Impact BioMedical Inc., issued the following letter to Impact BioMedical shareholders regarding recent achievements, executional efficiencies and the positive outlook for the Company’s future.
Dear Impact Biomedical Inc. (IBO) Shareholders,
We closed our first quarter as a publicly traded company and wanted to address all current and future stakeholders highlighting our recent achievements, our appreciation for your support, and some additional insights into why we are excited for the future and continued success of Impact BioMedical Inc!
We are pleased to share this update on the heels of significant achievements after having just filed our quarterly report for the third quarter of 2024. Below are some of those highlights:
Successful IPO Launch and Funding in September
On September 16, 2024, IBO successfully launched its Initial Public Offering (IPO), raising $4.5 million in capital. The 1.5 million shares included in the IPO are freely tradable on the NYSE. The remaining 10 million shares issued and outstanding are restricted from trading until March 2025.
This key milestone for the company provides us with resources to accelerate our research and development initiatives, expand our market presence, and enhance shareholder value. Following the IPO, our company was officially listed on the NYSE American under the ticker IBO.
Q3 2024 Financial Performance
For the third quarter of 2024, IBO reported net income of $4,241,000, reflecting our ability to drive value. September 30, 2024 year-to-date net income stands at $2,363,000.
IBO has also made considerable progress in enhancing our financial stability and shareholder value. From June 30, 2024, to September 30, 2024, our shareholder equity increased from $28.26 million to $34.56 million, marking a $6.3 million increase. This represents growth of approximately $.54 per share.
Additionally, as of the end of the third quarter, the company’s cash position was approximately $2.66 million, positioning us well for investment in strategic initiatives and operational needs.
Strategic Debt Restructuring
As part of our ongoing efforts to optimize our capital structure, we successfully restructured our long-term debt during the third quarter. This restructuring improves our financial flexibility, enabling repayment of the debt with company equity for 24 months allowing the Company to conserve cash, which will further enhance our ability to invest in growth and innovation.
Strategic Partnerships and Product Development
We are also actively collaborating with strategic partners to advance the development and funding of key assets. These partnerships are critical to driving the commercialization and monetization of our cutting-edge technologies.
Key developments with our technologies licensed to ProPhase Labs, Inc. (NASDAQ: PRPH) include:
Equivir™:
Development and commercialization of the Equivir™ technology, with initial application planned as a health supplement. Studies are ongoing to support potential market claims, and contingent on final results, Equivir™ will be launched in the U.S. as an e-commerce and over the counter offering.
Linebacker™:
This technology is under evaluation with the initial target of solid tumors (lung, colon) in oncology. Pre-clinical studies are ongoing with results projected in 2025. Assuming successful results, these efforts would advance to IND discussions and plans to initiate a phase 1 study.
Outside of our partnership with ProPhase Labs Inc., our Laetose™ and 3F™ platforms are proven and available for immediate partnering with the potential to generate both license milestone and royalty revenue in 2025 and beyond.
Moreover, we continue our pursuit of new products that have the potential to expand our portfolio and enhance the company's value proposition. Our teams are focused on advancing these promising initiatives in the pipeline.
What’s Next? Live CEO Webinar on November 20th at 4:30 pm ET
The third quarter of 2024 was a period of sturdy growth and strategic progress for Impact BioMedical Inc. With the successful IPO, strong financial performance, improved balance sheet, and continued investment in innovation, we are well-positioned to drive long-term value for our shareholders. We remain committed to executing our strategic goals and look forward to updating you on our progress as it applies to all four of our core platform technologies (Linebacker, Equivir, 3F, and Laetose).
To further this point, we are hosting a LIVE WEBINAR on November 20th at 4:30 pm eastern time where you will have the opportunity to hear directly from myself as well as Mark Suseck (COO) and Todd Macko (CFO), where we will provide a full update on the company including our anticipated milestones and plans for the rest of 2024 and beyond. Do not miss out, sign up today with the link below and you will receive a calendar invite with all of the necessary information!
Thank you again for your continued support and we look forward to keeping you up to date on all of our progress in the coming weeks …. months … quarters … and years!
Sincerely,
Frank D. Heuszel
Chairman & CEO, Impact BioMedical Inc.
November 19, 2024
About Impact BioMedical, Inc.: Impact BioMedical Inc. (NYSE American: IBO) discovers, confirms, and patents unique science and technologies which can be developed into new offerings in biopharmaceuticals and consumer healthcare and wellness in collaboration with external partners through research, licensing, co-development, joint ventures, and other relationships.
Safe Harbor Disclosure: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date.
