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Thursday, September 23, 2021

Here is why Auris Medical Holding Ltd (EARS) stock surged on Friday, April 9, 2021

Auris Medical Holding Ltd (EARS) stock gained 10.80% on the last day of the week. EARS shares have gained 452.60% over the last 12 months, and they have moved up by 26.02% in the past week.


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Let’s have a look at the recent news about the company

Upcoming AM-301 program update

On April 8, 2021, Auris Medical Holding Ltd announced to provide a business update on Tuesday, April 13, 2021, regarding its AM-301 program for protection against airborne viruses and allergens.

live conference call and webcast will be hosted by the EARS management at 8:00 am Eastern Time (2:00 pm Central European Time).

Recent financial results

On March 31, 2021, Auris Medical Holding Ltd announced second half and full-year 2020 financial results.

Second Half 2020 Financial highlights

  • Auris Medical spent CHF 2.9 million in total operating expenses for the second half of 2020compared to CHF 3.2 million for the second half of 2019.
  • It spent CHF 2.0 million in research and development expenses for the second half of 2020compared to CHF 2.0 million for the second half of 2019.
  • General and administrative expenses were CHF 1.1 million for the second half of 2020 compared to CHF 1.1 million for the second half of 2019.
  • EARS suffered a net loss of CHF 5.5 million or CHF 0.75 per share for the second half of 2020compared to CHF 3.0 million, or CHF 0.83 per share, for the second half of 2019.
  • As of December 31, 2020, Auris Medical had cash and cash equivalents at CHF 11.3 million.

The full Year 2020 Financial Results

  • Auris Medical spent CHF 5.3 million in total operating expenses in 2020 compared to CHF 7.3 million for 2019.
  • It spent CHF 2.9 million in research and development expenses compared to CHF 3.3 million for 2019.
  • For FY 2020, general and administrative expenses were CHF 2.6 million compared to CHF 3.9 million for 2019.
  • The company suffered a net loss of CHF 8.2 million, or CHF 1.36 per share in 2020 compared to CHF 6.6 million, or CHF 2.28 per share, for 2019.

Commencing clinical investigation of AM-301 in Allergic Rhinitis

On January 29, 2021, Auris Medical announced the initiation of a clinical investigation of AM-301 in allergic rhinitis.

The investigation will enroll 36 patients suffering from allergic rhinitis to grass pollen and will be given a single dose of AM-301 nasal spray to controlled pollen exposure for four hours in an allergen challenge chamber.

Conclusion

The Friday surging was caused by the company’s announcement about an upcoming business update which made the investors excited and the EARS stock price went up.

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