Expanded Partnership with Fortune Global 500 Provider of Transformational Medical Technologies and Services to Develop Thermo-Acoustic Enhanced UltraSound (TAEUS™) Platform
ANN ARBOR, MI / ACCESSWIRE / May 18, 2017 / ENDRA Life Sciences Inc. ("ENDRA") (NASDAQ: NDRAU), a developer of photo- and thermo-acoustic medical technologies, has renewed its global collaboration agreement to develop ENDRA's clinical platform, Thermo-Acoustic Enhanced UltraSound (TAEUS™) with GE Healthcare (NYSE: GE), a provider of transformational medical technologies and services shaping a new age of patient care.
ENDRA's TAEUS™ technology is being developed to enable existing ultrasound systems to visualize tissue function and composition, and monitor a variety of therapeutic interventions at the point of care. ENDRA believes these capabilities could have broad potential clinical applications, including non-invasively quantifying fat in the liver for early diagnosis and monitoring of Non-Alcoholic Fatty Liver Disease (NAFLD), which affects over one billion people worldwide. According to The LANCET, NAFLD has become the most common chronic liver disease, affecting 15–40% of the general adult population, and an important cause of cirrhosis and liver cancer worldwide.
Once approved, ENDRA's multiple TAEUS™ clinical applications would have the potential to address a $12 billion global ultrasound market opportunity.
Under the terms of the agreement, GE Healthcare will support ENDRA's efforts to commercialize its TAEUS™ technology for use in a fatty liver application by, among other things, providing equipment and technical advice, and facilitating introductions to GE Healthcare clinical ultrasound customers. In return for this assistance, ENDRA will afford GE Healthcare certain rights of first offer with respect to manufacturing and licensing rights for the target applications.
"ENDRA's mission is to bring new capabilities to ultrasound and broaden access to better healthcare," said Francois Michelon, ENDRA's CEO. "We have a great working relationship with GE, the global leader in clinical ultrasound, and we are thrilled to extend our partnership to accelerate the development and commercialization of ENDRA's TAEUS™ technology with an initial focus on liver disease."
Brian McEathron, GE Healthcare's Vice President and General Manager for Radiology and Vascular Ultrasound added, "GE has a long history of bringing meaningful innovation to the market, in healthcare and other sectors. We believe that ENDRA's technology has the potential to bring significant new capabilities to ultrasound - which aligns well with GE Healthcare's mission of increasing access to high-quality, cost-effective healthcare. We're very excited about continuing to work with ENDRA."
About the ENDRA Life Sciences May 9, 2017 Initial Public Offering
On May 12, 2017 ENDRA Life Sciences (NASDAQ: NDRAU) closed its previously announced initial public offering of 1,680,000 units, each consisting of one share of common stock and a warrant to purchase one share of common stock, at an offering price of $5.00 per unit. ENDRA's shares began trading on the NASDAQ Capital Market under the ticker symbol "NDRAU" on May 9, 2017. The common stock and warrants trade together as units during the first 60 days following the date of the prospectus pursuant to which the offering is being made (unless the underwriters' representative determines that an earlier date is acceptable) and, thereafter, the units will automatically separate and the common stock and warrants will trade separately. Following separation, each warrant will have an exercise price of $6.25 per share of common stock and will expire on the fifth anniversary of the original issuance date. Once the securities comprising the units begin separate trading, the shares of common stock and warrants are expected to be listed on the NASDAQ Capital Market under the symbols "NDRA" and "NDRAW".
About ENDRA Life Sciences Inc.
ENDRA Life Sciences Inc. (ENDRA) (NASDAQ: NDRAU) is a developer of photo- and thermo-acoustic medical technologies bringing new capabilities to existing ultrasound systems. ENDRA's Photo-Acoustic solutions currently help global medical researchers screen and modify disease models with high image quality and volume scanning speed. ENDRA has a global installed base of leading institutions using the Nexus-128 system, the only fully 3D imaging solution for imaging anatomy, physiology and labeled molecular targets. ENDRA's Thermo-Acoustic technology is being developed to enable clinicians to use their existing ultrasound equipment to clearly visualize tissue function, composition, and monitor a variety of therapeutic interventions - at the point of care. This directly aligns with current healthcare trends to improve patient access, clinical effectiveness, safety and cost. For more information, please visit www.endrainc.com.
Forward-Looking Statements
All statements in this release that are not based on historical fact are "forward-looking statements." While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our recently filed Registration Statement on Form S-1, which can be found on the SEC's website at www.sec.gov. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Company Contact:
David Wells
Chief Financial Officer
(734) 997-0464
[email protected]
www.endrainc.com
GE Healthcare Media Contact:
GE Healthcare
Elizabeth Smith
(617) 872-1214
[email protected]
Media & Investor Relations Contact:
MZ North America
Chris Tyson
Managing Director
(949) 491-8235
[email protected]
www.mzgroup.us
SOURCE: ENDRA Life Sciences Inc.