THE WOODLANDS, TX - Autonomix Medical (TASE:PMCN), Inc. (NASDAQ: AMIX), a medical device company specializing in nervous system diseases and currently valued at $3.3 million in market capitalization, today announced the completion of its Application Specific Integrated Circuit (ASIC) microchip design. According to InvestingPro analysis, the company's stock has experienced significant volatility, with shares currently trading at $2.86, showing a year-to-date decline of nearly 24%. This development follows successful in vivo preclinical testing and extensive bench testing. The company is now proceeding with manufacturing the ASIC microchip for human use and is preparing to submit an Investigational Device Exemption (IDE) to the FDA. If approved, Autonomix will begin a pivotal clinical trial, a key step toward seeking De Novo FDA approval for their technology.
The ASIC microchip is integral to Autonomix's intellectual property and is designed to detect nerve signals with significantly higher sensitivity than existing technologies. While the company maintains a strong liquidity position with a current ratio of 4.26 and more cash than debt on its balance sheet, InvestingPro data indicates the company is rapidly burning through its cash reserves as it advances its development programs. CEO Brad Hauser stated, "This design lock represents a significant milestone in the advancement of our innovative technology, placing us another step closer to commencing a pivotal clinical trial in the United States, planned in 2025." He further emphasized the potential impact of the technology on patients with pancreatic cancer, noting the need for improved treatment options that could alleviate pain and enhance quality of life.
Autonomix's first-in-class platform technology includes a catheter-based microchip sensing array that could potentially diagnose and treat diseases involving the peripheral nervous system. The company aims to revolutionize the treatment of pain, initially focusing on pancreatic cancer pain, a condition with limited reliable treatment options. While the technology is still investigational and not yet cleared for marketing in the U.S., Autonomix envisions a wide range of future applications, including in cardiology, hypertension, and chronic pain management.
This announcement contains forward-looking statements regarding the potential of the technology and the timing of the clinical trial. These statements are subject to risks and uncertainties, and actual results may differ. Investors should note that the company's next earnings report is scheduled for February 26, 2025. For comprehensive financial analysis and additional insights, including 8 more exclusive ProTips, consider subscribing to InvestingPro. The company does not assume any obligation to update any forward-looking statements as required by law. The information in this article is based on a press release statement from Autonomix Medical, Inc.
In other recent news, Autonomix Medical has been in the spotlight for a range of developments. The company completed a one-for-twenty reverse stock split, reducing the number of outstanding shares from approximately 23 million to about 1.15 million. However, an inquiry has been initiated into the share count related to this reverse stock split due to concerns over the number of additional shares requested.
Autonomix Medical has also reported positive preliminary results from its ongoing clinical trial for pancreatic cancer pain management. The first five patients in the trial showed a significant reduction in pain and were able to completely discontinue opioid use.
In an effort to maintain its listing on the Nasdaq, the company ratified Forvis Mazars, LLP as its independent registered public accounting firm for the fiscal year ending March 31, 2025, and re-elected its board of directors.
Autonomix also secured a license from RF Innovations for the Apex 6 Radiofrequency Generator technology, aimed at pain management, and is working with NoiseFigure Research, Inc. to enhance its ASIC microchip. These recent developments highlight Autonomix Medical's continued commitment to advancing its technology and improving treatments for neurological disorders.
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