Zomedica Corp., a veterinary health company creating point-of-care diagnostics products for dogs and cats, provided the following corporate update:
FOCUSED ON TRUFORMA® INSTRUMENT PLACEMENTS AND BUILDING DIRECT SALES ORGANIZATION
ANN ARBOR, Mich., July 06, 2021 (GLOBE NEWSWIRE) -- Zomedica Corp. (NYSE American: ZOM) (“Zomedica” or the “Company”), a veterinary health company creating point-of-care diagnostics products for dogs and cats, provided the following corporate update:
As previously announced, Zomedica’s flagship product – TRUFORMA® – is intended to have five initial assays to test for adrenal and thyroid disorders, which will be followed by many more assays to address other disease states. Three of the initial assays (TSH, tT4 and Cortisol) currently are available. While waiting for the completion of the fT4 and ACTH assays by its development partner, Qorvo Biotechnologies (“Qorvo”), Zomedica will be focused on encouraging veterinarians to install the TRUFORMA instrument in order to test and utilize the TRUFORMA platform. This effort is underway and will continue through the summer of 2021.
Zomedica also continues to recruit and hire top level sales representatives, professional services veterinarians, and support staff in order both to further the execution of the instrument placement programs and to prepare for an acceleration of its sales efforts once fT4 and ACTH are available for commercial release. The Company believes that, by the end of 2021, its sales organization will include fifteen direct sales representatives, supported by four professional services veterinarians, as well as inside sales and customer service employees.
The fT4 assay is expected to be available for commercial sale in the late September / early October time frame, with ACTH following about two months later. Development work also continues on three assays to diagnose gastro-intestinal conditions (cPL, Cobalamin and Folate). Zomedica and Qorvo are engaged in discussions regarding the development order and timing of the many additional assays that will follow those already identified. The availability of TRUFORMA in select markets outside the United States also is expected sometime during 2022.
Additionally, effective July 6, 2021, all Ann Arbor, Michigan-based Zomedica employees have returned to on-premises work. Strict masking and social distancing protocols still are being observed within all Zomedica facilities until further notice.
“While the change to our sales structure and the delay of fT4 and ACTH certainly were unexpected, we believe that these issues are being addressed effectively within and outside Zomedica. We have calibrated spending to coincide with a later adoption curve than anticipated, are working cooperatively and effectively with our partner, Qorvo, and are looking forward to delivering all of the promise of TRUFORMA later this year,” commented Robert Cohen, Chief Executive Officer of Zomedica. Mr. Cohen continued: “I also cannot tell you how much we all appreciate being able to be back in the office as COVID-19 subsides and look forward to the eventual return to normal operations of veterinarian practices across the country. It is a credit to all veterinarians that they continued to deliver top notch care to their patients throughout the pandemic.”
Cohen further commented that, “With Zomedica healthy, TRUFORMA on the market and well-positioned for adoption and growth, more than $250 million in cash and cash equivalents, and a technology roadmap established, I have notified the Board of Directors that I intend to retire as CEO at the end of the calendar year. An extensive search has been initiated to find a highly qualified successor, at which time I will retire from the CEO position while retaining my seat on the Board of Directors.”
For additional information regarding TRUFORMA®, please click on the TRUFORMA® tab at the top of the home page on the Zomedica website (www.zomedica.com).
About Zomedica
Based in Ann Arbor, Michigan, Zomedica (NYSE American: ZOM) is a veterinary health company creating products for dogs and cats by focusing on the unmet needs of clinical veterinarians. Zomedica’s product portfolio will include innovative diagnostics and medical devices that emphasize patient health and practice health. It is Zomedica’s mission to provide veterinarians the opportunity to increase productivity and grow revenue while better serving the animals in their care. For more information, visit www.ZOMEDICA.com.
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Reader Advisory
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