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8-K - CURRENT REPORT - ENDRA Life Sciences Inc. | ndra_8k.htm |
ANN ARBOR, MI / April 13, 2020 / ENDRA Life Sciences
Inc. ("ENDRA")
(NASDAQ: NDRA), the pioneer of Thermo Acoustic Enhanced UltraSound
(TAEUS®),
announced a series of proactive measures the company has taken to
reduce costs in response to the COVID-19 global pandemic, as well
as a business update.
The cash-conserving steps include:
●
Implementing a cash salary reduction of 33% for the company’s
management team for the remainder of 2020. In lieu of cash, the
company is paying this portion of management salaries in the form
of restricted stock units.
●
Amending its Director Compensation Policy to provide that its
non-employee directors’ annual retainers for the second,
third and fourth fiscal quarters of 2020 will be paid in the form
of restricted stock units instead of cash.
"As the
COVID-19 pandemic has unfolded, ENDRA has taken preemptive actions
to align the company's cost structure with this environment, while
also ensuring our ability to bring the TAEUS system to market in
2020," said Francois Michelon, CEO of ENDRA.
"We
continue to interact with existing and potential partners via audio
and video conferencing technology to advance our strategic plan.
With that in mind, we are implementing our European Union
commercialization plan elements, as previously outlined in our
March 17 press release and March 26 conference call, and are
advancing our 510(k) application in the United States for filing in
this quarter, which should position the company to receive
clearance in the second half of 2020," concluded
Michelon."
About ENDRA Life Sciences Inc.
ENDRA
Life Sciences is the pioneer of Thermo Acoustic Enhanced UltraSound
(TAEUS®),
a ground-breaking technology being developed to visualize tissue
like CT or MRI, but at 1/50th of the cost, at
the point of patient care. TAEUS is designed to work in concert
with the over one million ultrasound systems in use globally today.
TAEUS is initially focused on the measurement of fat in the liver,
as a means to assess and monitor Non-Alcoholic Fatty Liver Disease
(NAFLD) and inflammation (NASH), chronic liver conditions that
affect over one billion people globally, and for which there are no
practical diagnostic tools. Beyond the liver, ENDRA is exploring
several other clinical applications of TAEUS, including
visualization of tissue temperature during energy-based surgical
procedures.www.endrainc.com
Forward-Looking Statements
All
statements in this release that are not based on historical fact
are "forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements, which are based
on certain assumptions and describe our future plans, strategies
and expectations, can generally be identified by the use of
forward-looking terms such as "believe," "expect," "may," "will,"
"should," "could," "seek," "intend," "plan," "goal," "estimate,"
"anticipate" or other comparable terms. Examples of forward-looking
statements include, among others, statements we make regarding
expectations regarding the registration of our TAEUS device in
European jurisdictions and the timing of a U.S. 510(k) regulatory
submission and clearance for our TAEUS device; plans relating to
our supply chain and commercialization of the TAEUS device,
including its adoption by clinicians; and expectations concerning
ENDRA's product development and business strategy. Forward-looking
statements involve inherent risks and uncertainties which could
cause actual results to differ materially from those inthe
forward-looking statements, as a result of various factors
including, among others, the following: our ability to develop a
commercially feasible technology; receipt of necessary regulatory
approvals; our ability to find and maintain development partners,
market acceptance of our technology, the amount and nature of
competition in our industry; our ability to protect our
intellectual property; and the other risks and uncertainties
described in ENDRA's filings with the Securities and Exchange
Commission. The forward-looking statements made in this release
speak only as of the date of this release, and ENDRA assumes no
obligation to update any such forward-looking statements to reflect
actual results or changes in expectations, except as otherwise
required by law.
Company & Investor Relations Contact:
David
Wells
Chief
Financial Officer
(734)
997-0464
investors@endrainc.com
www.endrainc.com