IRVINE, Calif. - Biomerica, Inc. (NASDAQ:BMRA), a diagnostic solutions provider with a market capitalization of $6.4 million and showing a notable 16.6% year-to-date stock return, has received approval from the United Arab Emirates Ministry of Health and Prevention for its Fortel® Prostate Specific Antigen (PSA) Screening Test. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics. This test, which delivers results in 10 minutes from a simple finger-prick blood sample, is designed to detect early signs of prostate cancer by measuring elevated PSA levels.
The approval marks a significant step in Biomerica's strategic expansion in the Middle East, a region where prostate cancer is a growing public health issue. While the company maintains a strong financial position with more cash than debt and a healthy current ratio of 3.17, InvestingPro data reveals challenges with cash burn and profitability that investors should monitor. The company aims to replicate the success of its EZ Detect Colon Disease At-Home Screening Test, which is now reimbursed by government insurance in Dubai.
Studies, including one conducted at the Faculty of Medicine, Ain Shams University in Egypt, have shown the Fortel® PSA test to be highly effective, with 97.2% sensitivity, 96.2% specificity, and 96.7% accuracy.
Globally, prostate cancer is the second most common cancer in men, with 1.4 million new cases diagnosed in 2020. The disease's impact varies across different regions, ethnicities, and races, with the Middle East experiencing a notable rise in cases.
Biomerica's commitment to increasing access to diagnostic solutions in the Middle East continues as the company focuses on offering affordable and accurate tools for the early detection and treatment of diseases like prostate cancer. This initiative aligns with the company's broader vision to enhance health and well-being while reducing healthcare costs.
The information reported is based on a press release statement from Biomerica, Inc. For deeper insights into Biomerica's financial health and growth prospects, InvestingPro subscribers have access to over 30 additional financial metrics and exclusive analysis tools.
In other recent news, Biomerica Inc (NASDAQ:BMRA). reported a series of significant developments. The company's annual meeting of stockholders resulted in the election of five nominees to the board of directors and the approval of key proposals, including the continuation of Haskell & White LLP as the company's independent registered public accounting firm and the possibility of conducting a reverse stock split. Biomerica also secured three patent notices of allowance from the European Patent Organization for treating Gastroesophageal Reflux Disease, Crohn's Disease, and Ulcerative Colitis using its inFoods® Technology, which represents a combined market potential of over $8 billion in Europe.
Further, the company received an extension from Nasdaq until May 2025 to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market. Biomerica's Fortel® Prostate Screening Test was approved by the Saudi Food and Drug Authority, marking a significant step in the company's expansion into the Middle East. Additionally, the company initiated a pilot program for its inFoods IBS product and secured an exclusive distribution agreement in the United Arab Emirates for its at-home cancer screening products.
Lastly, Biomerica announced the immediate resignation of its Board Chairman, Jack Kenny, due to personal reasons, and the successor is yet to be named. These are the recent developments in Biomerica's ongoing operations.
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