Autonomix Medical, Inc. Completes Transaction for Exclusive Worldwide Rights to Technology for Cardiology Field Use
31 January 2024 - 1:05AM
Autonomix Medical, Inc. (NASDAQ: AMIX) (“Autonomix” or the
“Company”) a medical device company focused on advancing innovative
technologies to revolutionize how diseases involving the nervous
system are diagnosed and treated, today announced that it has
regained exclusive worldwide rights to its technology for
cardiology field use from Impulse Medical, Inc.
In December 2021, Autonomix granted Impulse
Medical, Inc., a license to its technology for use in the field of
cardiology. In July 2023, the Company entered into a termination
agreement for the license agreement in exchange for the issuance,
upon the closing of its initial public offering, of a non-cash
warrant to purchase the number of shares of common stock based upon
a fixed value of $8 million divided by the price per share in the
offering. At the offering price of $5.00, the number of shares
underlying the warrant is 1,600,000 shares of common stock at an
exercise price of $0.001 per share. The shares underlying the
warrant will be subject to a lockup agreement for a period of six
months after the closing of this offering with respect to 12.5% of
the shares and twelve months after the closing of this offering for
the remainder of the shares.
“We have made significant progress over the
course of the past year. With the recent closing of our IPO and
listing onto Nasdaq as well as the progress we’ve made on the
preclinical development front, we continue to build momentum.
Regaining the cardiology rights to our innovative technology
broadens our development opportunities and provides further
optionality related to our development strategy moving forward.
Looking ahead, we remain focused on our pancreatic cancer pain
development program and are on track to commence our first-in-human
clinical study this quarter,” commented Lori Bisson, Chief
Executive Officer of Autonomix.
The Company’s catheter-based sensing technology
is being developed to do two things: sense neural signals
associated with pain or disease and precisely target those nerves
for treatment. Autonomix believes this technology is a better
alternative to the current approaches commonly used today, where
doctors either rely on systemic drugs like opioids that lose
effectiveness and have unwanted side effects or treat suspected
areas blindly in hopes of hitting the right nerves, an approach
that is often inaccurate and can miss the target and even cause
collateral damage to surrounding parts of the body.
For more information about the Company’s
technology, please visit autonomix.com.
About Autonomix Medical,
Inc.
Autonomix is a medical device company focused on
advancing innovative technologies to revolutionize how diseases
involving the nervous system are diagnosed and treated. The
Company’s first-in-class technology platform includes a
catheter-based microchip sensing array that has the ability to
detect and differentiate neural signals with approximately 3,000
times greater sensitivity than currently available technologies. We
believe this will enable, for the first time ever, transvascular
diagnosis and treatment of diseases involving the peripheral
nervous system virtually anywhere in the body.
We are initially developing our technology for
pancreatic cancer pain, a condition that can cause debilitating
pain and need an effective solution. However, our technology
constitutes a platform with the potential to address dozens of
indications, including in cardiology, renal denervation and chronic
pain management across a wide disease spectrum.
For more information, visit autonomix.com and
connect with the Company on X, LinkedIn Instagram and Facebook.
Forward Looking Statements
Some of the statements in this release are
“forward-looking statements,” which involve risks and
uncertainties. Such forward-looking statements can be identified by
the use of words such as ‘’should,‘’ ‘’may,‘’ ‘’intends,‘’
‘’anticipates,‘’ ‘’believes,‘’ ‘’estimates,‘’ ‘’projects,‘’
‘’forecasts,‘’ ‘’expects,‘’ ‘’plans,‘’ and ‘’proposes.‘’
Although Autonomix Medical, Inc. (or Autonomix)
believes that the expectations reflected in these forward-looking
statements are based on reasonable assumptions, there are a number
of risks and uncertainties that could cause actual results to
differ materially from such forward-looking statements. You are
urged to carefully review and consider any cautionary statements
and other disclosures, including the statements made under the
heading “Risk Factors” and elsewhere in the final offering
statement filed with the U.S. Securities and Exchange Commission
(“SEC”) on January 26, 2024. Forward-looking statements speak only
as of the date of the document in which they are contained and
Autonomix does not undertake any duty to update any forward-looking
statements except as may be required by law.
Investor and Media ContactJTC Team, LLC Jenene
Thomas 833-475-8247 autonomix@jtcir.com
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