August 28, 2015
Amedica Corporation recently announced financial results for the second quarter 2015.
Among the highlights of the report was a 37% year-over-year decrease in year-to-date operational cash burn levels, cash and cash equivalent sum of $12.4 million, and net cash use in operational activities in the half-year decreased by $3.1 million from the span in 2014. Amedica also signed an original equipment manufacturer (OME) letter of intent supply agreement with a leading orthopedic device design and manufacturing company, according to a company release.
The company also noted product revenue fell by $1.1 million in the second quarter 2015, 18% of the same span in 2014.
“During this past quarter, we continued to make progress on our strategic initiatives,” B. Sonny Bal, MD, JD, MBA, chairman and chief executive officer of Amedica, stated in the release. “We continue our focus on financial discipline, and I am very pleased with the private label and OEM partner progress we’ve made this past quarter. Despite sales declines since our necessary restructuring in the first half of this year, we remain confident in our strategy of becoming a biomaterials company. With the appropriate changes made, and based on valuable feedback, we anticipate increased adoption of our material going forward.