Company ramping up marketing of VELDONA® Pet and aiming to complete clinical trials in Taiwan of its flagship AI Nose-powered POCT by the end of 2023
Ainos sees VELDONA® Pet and AI Nose-powered POCT as key drivers in transforming the company
SAN DIEGO, CA / ACCESSWIRE / June 27, 2023 / Ainos, Inc. (NASDAQ:AIMD, AIMDW) ("Ainos", or the "Company"), a diversified healthcare company focused on the development of novel point-of-care testing, low-dose interferon therapeutics, and synthetic RNA-driven preventative medicine, is pleased to provide a business update letter to shareholders from Ainos' Chairman of the Board, President, and Chief Executive Officer, Mr. Chun-Hsien (Eddy) Tsai.
As we reach the midpoint of 2023, I am delighted to share an update on Ainos' recent developments and our plans for the future. Building on our successful sales of COVID-19 test kits, we are now developing new products that will drive our evolution as a multi-product healthcare company. We are especially excited about our two near-term products, VELDONA® Pet and Ainos Flora, which will help us commercialize our research and development efforts.
Catalyzing Revenue Growth
As part of our long-term strategy to diversify our product portfolio and enter new markets, we recently launched our VELDONA® Pet cytoprotein health supplements in Taiwan. We introduced a total of five VELDONA® Pet products that address a variety of health issues for pets. In addition to our VELDONA® Pet Cytoprotein designed to support skin and gum health, we have announced several new additions to the VELDONA® Pet product line over the past few weeks. These include VELDONA® Pet Lohas, designed to support pets' emotional health; VELDONA® Pet Soothing, formulated to relieve discomfort caused by allergies; VELDONA® Pet Shiny, developed to support pets' eye health; and VELDONA® Pet Slim, developed to help weight-related health issues.
Our mission for VELDONA® Pet is to maintain immunity for millions of pets. We aim to release our VELDONA® Pet products in new markets in the coming months. This will create greater opportunities to establish ourselves as a player in the growing global pet health market. We are targeting VELDONA® Pet product revenues to reach approximately US$20 million in 2024.
Advancing Our Pipeline to Shape Our Future
We expect our AI Nose technology to be a core growth engine representing the culmination of over 10 years of research and development in digital nose sensing, telehealth, and point-of-care testing (POCT). Integrating AI with digital nose sensors, our AI Nose uses an array of digital nose sensors to detect volatile organic compounds (VOCs), and our AI digitally profiles the VOCs for health testing. VOCs are naturally released by the human body and they often correlate with the presence of specific certain medical conditions.
We are currently developing a series of non-invasive VOC point-of-care testing devices to deliver rapid, convenient, and simple testing solutions that can be used in a range of scenarios. Our flagship VOC POCT device is Ainos Flora, which is currently undergoing clinical trials in four major medical centers in Taiwan. Women who use Ainos Flora will be able to quickly detect bacteria, fungi, and certain sexually transmitted infections from the comfort of their own homes. We expect to complete our clinical research validation by the end of this year, and by then we should be well-positioned to capitalize on the STI testing market.
Having successfully launched our line of VELDONA® Pet products, we are also devoted to developing opportunities for VELDONA® for use in humans. We continue to explore out-licensing opportunities for drug candidates for six disease areas: Sjögren's Syndrome, aphthous stomatitis, chemotherapy-induced stomatitis, influenza, common cold, and oral warts in HIV-seropositive patients. Our ultimate goal is to expedite the progress of these candidates to next phase trials and eventual commercialization.
During the first quarter of the year, we received a strategic investment in the form of two convertible note purchase agreements in a principal amount of US$3 million, with a conversion price of US$1.50 per share. Going forward, we will continue to judiciously engage in strategic fundraising to bolster our financial position and drive our future development.
Capital-Efficient Business Model Creates Value
Our base in Taiwan allows us to optimize our cost structure while leveraging high-quality human capital, advanced R&D capabilities, high-tech manufacturing, and a world-class healthcare system. By harnessing our cost advantages, we create value for our shareholders, ensure the retention of our team members through economic cycles, and build the foundations for our business expansion.
Our People are Our Competitive Advantage
At Ainos, we firmly believe that our employees are the cornerstone of our success. As such, we were delighted to welcome Ms. Meng-Lin (Amanda) Sung onboard as our new CFO in May. Ms. Sung brings a wealth of expertise garnered from her extensive experience with major international accounting firms, making her an invaluable addition to our management team.
Advancing Our Business
Thus far, our portfolio of diversified technologies and resilient business model have laid a strong foundation for us to enter a new chapter of growth. Thanks to the constant dedication and unwavering commitment of our team, we are now well-positioned to enter new markets, grow our revenue streams, and deliver long-term value for our shareholders. I am proud to provide this summary of our accomplishments to date, and I am confident we will have more exciting news to share at the end of 2023.
Chun-Hsien (Eddy) Tsai
Chairman of the Board, President, and Chief Executive Officer
About Ainos, Inc.
Headquartered in San Diego, California, Ainos, Inc. is a diversified healthcare company engaged in developing innovative medical technologies for point-of-care testing and safe and novel medical treatment for a broad range of disease indications. In addition to its proprietary therapeutics using low-dose non-injectable interferon, Ainos has also expanded its product portfolio to include Volatile Organic Compounds (VOC) and COVID-19 POCTs. Powered by its AI Nose platform, the lead POCT candidate, Ainos Flora, is a telehealth-friendly POCT for women's health and certain common STIs. To learn more, visit https://www.ainos.com.
This press release contains "forward-looking statements" about Ainos within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "estimate," "approximate", "expect," "intend," "plan," "predict," "project," "target," "future," "likely," "strategy," "foresee," "may," "guidance," "potential," "outlook," "forecast," "should," "will" or other similar words or phrases. Similarly, statements that describe the Company's objectives, plans or goals are, or may be, forward-looking statements. Forward-looking statements are based only on the Company's current beliefs, expectations, and assumptions. Forward-looking statements are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. The Company's actual results may differ materially from those indicated in the forward-looking statements.
Important factors that could cause the Company's actual results to differ materially from the projections, forecasts, estimates and expectations discussed in this press release include, among others, the cost of production and sales potential of the planned drug treatments announced in this press release; the Company's dependence on projected revenues from the sale of COVID-19 test kits and our VELDONA® Pet product line; the Company's limited cash and history of losses; the Company's ability to achieve profitability; the Company's ability to raise additional capital to continue the Company's product development; the ability to accurately predict the future operating results of the Company; the ability to advance Ainos' current or future product candidates through clinical trials, obtain marketing approval and ultimately commercialize any product candidates the Company develops; the ability to obtain and maintain regulatory approval of Ainos product candidates; delays in completing the development and commercialization of the Company's current and future product candidates, which could result in increased costs to the Company, delay or limit the ability to generate revenue and adversely affect the business, financial condition, results of operations and prospects of the Company; intense competition and rapidly advancing technology in the Company's industry that may outpace its technology; customer demand for the products and services the Company develops; the impact of competitive or alternative products, technologies and pricing; disruption in research and development facilities; lawsuits and other claims by third parties or investigations by various regulatory agencies governing the Company's operations; potential cybersecurity attacks; increased requirements and costs related to cybersecurity; the Company's ability to realize the benefits of third party licensing agreements; the Company's ability to obtain and maintain intellectual property protection for Ainos product candidates; compliance with applicable laws, regulations and tariffs; and the Company's success in managing the growth. A more complete description of these risk factors and others is included in the "Risk Factors" section of Ainos' most recent Annual Report on Form 10-K and other reports filed with the U.S. Securities and Exchange Commission, many of which risks are beyond the Company's control. In addition to the risks described above and in the Company's Form 10-K, other unknown or unpredictable factors also could cause actual results to differ materially from the projections, forecasts, estimates and expectations discussed in this press release.
The forward-looking statements made in this press release are expressly qualified in their entirety by the foregoing cautionary statements. Ainos undertakes no obligation to, and expressly disclaims any such obligation to, publicly update or revise any forward-looking statement to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to the future results over time or otherwise, except as required by law.
Investor Relations Contact
Tel: +1 646-224-6971
SOURCE: Ainos, Inc.
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