Thermogenesis Holdings (NASDAQ:THMO) shares collapsed Monday, after the company reported Friday a Q2 net loss of $1.02 per share, versus a year-ago loss of $0.47 per share. Its net revenue dropped to $2.2 million from $4.3 million.
The company, out of Rancho Cordova, Calif., reminded shareholders in April, its 19%-owned joint venture, ImmuneCyte, acquired worldwide intellectual property for development of fully human antibody therapeutics for COVID-19, including four high-affinity monoclonal antibody drug candidates against SARS-CoV-2 and tools for screening and quantifying efficacy of such neutralizing antibodies.
Results of the research related to these neutralizing antibody therapeutics were published in an article entitled, "Cross-neutralization antibodies against SARS-CoV-2 and RBD mutations from convalescent patient antibody libraries," in bioRxiv in June.
On August 11, the Company entered into a supply agreement with BioHit Healthcare (Hefei) Co., Ltd., to market, under the ThermoGenesis brand, its SARS-CoV-2 IgM/IgG Antibody Test Kit, which has already received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA). Marketing efforts were due to begin any day now.
CEO Chris Xu said, "During the last few months, we adapted our strategy to develop and market a range of solutions to fight the global pandemic.
"Notably, we contracted with a new manufacturer for a SARS-CoV-2 (COVID-19) IgM/IgG Antibody Test Kit which has already obtained EUA designation from the FDA and look forward to begin marketing next week."
THMO shares began the trading week off 88 cents, or 18.6%, to $3.85.
