AUSTIN, TX – Aspira Women's Health Inc. (NASDAQ:AWH), a company specializing in in vitro and in vivo diagnostic substances, has been chosen by the Advanced Research Projects Agency for Health (ARPA-H) to receive a substantial grant. Today, the company announced it has been awarded $10 million in funding through the Sprint for Women's Health launchpad track.
The grant, which is to be disbursed over a period of two years, is aimed at supporting later-stage health solutions.
The funding from ARPA-H is a significant endorsement of Aspira's work in women's health. The company's selection for this award underscores its role in advancing diagnostic solutions and its potential to contribute to women's health initiatives.
Aspira Women's Health has communicated the news of this award to its shareholders through a letter, which has been filed with the SEC and is attached as Exhibit 99.1 to the Form 8-K. This financial support from ARPA-H could play a critical role in the company's ongoing projects and its mission to improve diagnostic methods for women's health issues.
This news is based on a press release statement.
In other recent news, Aspira Women's Health Inc. has been warned by Nasdaq about potential delisting due to its share price falling below the required minimum. The company has been given a 180-day period to rectify the situation.
In the meantime, Aspira Women's Health has reported robust growth in its recent quarterly earnings, with OvaSuite revenue reaching $2.4 million, a 13% sequential increase. This was largely driven by the OvaWatch ovarian cancer risk assessment blood test, part of the OvaSuite product line.
In addition, Cantor Fitzgerald has maintained a neutral stance on Aspira, citing the company's need to secure additional funding and the uncertain revenue potential of OvaWatch.
The company is also exploring non-dilutive financing options and has appointed a new interim CFO.
In recent developments, Aspira has made progress in contracting with Anthem plans and adding Blue Cross Blue Shield and Superior Plan to their coverage. Despite a quarterly burn rate of $30 million, the company has been successful in reducing its cash burn over the past 2.5 years.
These are some of the recent developments at Aspira Women's Health.
InvestingPro Insights
The recent $10 million grant awarded to Aspira Women's Health Inc. (NASDAQ:AWH) by ARPA-H comes at a critical time for the company. According to InvestingPro data, AWH has a market capitalization of $15.74 million, which puts the grant's significance into perspective. The company's revenue for the last twelve months as of Q2 2023 stood at $8.92 million, with a gross profit of $5.16 million and a gross profit margin of 57.84%.
Despite the positive news of the grant, InvestingPro Tips highlight some challenges facing the company. AWH is currently not profitable over the last twelve months and is quickly burning through cash. This context makes the ARPA-H funding even more crucial for the company's operations and research initiatives.
Interestingly, AWH has seen a significant return over the last week, with a 14.93% price increase, and a strong 24.68% return over the last month. This recent uptick could be attributed to market anticipation of the grant announcement and its potential impact on the company's future prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for AWH, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.