Dynasil Corporation of America (NASDAQ:DYSL)
Dynasil Corporation of America (NASDAQ:DYSL) traded higher after announcing favorable results from an IS0-10993-1 biological evaluation of its Xcede Patch. The stock was up by 8.2% to end Wednesday’s trading session at $1.32 a share.
Xcede Patch Development
Xcede Patch is a hemostatic and sealant product for various surgical applications with emphasis on severe traumatic bleeding. The bioresorbable mesh patch comes with a proprietary adhesive backing and a ready to use standard size mesh patch.
According to Xcede technologies CEO, Linda Zuckerman, positive preclinical results of the Xcede patch mark a significant accomplishment in moving the device to clinical development phase of product life cycle.
Investor confidence in the company’s long-term prospects appear to be strengthened. DYSL is currently trading in an uptrend after trading in a range for the better part of the year. The stock is up by more than 1% for the year waiting to see if it will continue to rise.
Dynasil Corporation of America (NASDAQ:DYSL) is currently conducting a chronic liver implantation’s study using the Xcede Patch. Preliminary results from cohort studies demonstrate a profile appropriate for the filling of regulatory approval for commencement of clinical trials.
“At this point in time, we believe we are on track for clinical trials in early 2018. However, further studies need to be completed and regulatory approval obtained before the European trials can begin,” said CEO,” Peter Sulick.
Q3 Financial Results
Separately, Dynasil Corporation of America (NASDAQ:DYSL) reported a net income of $0.2 million for the third quarter compared to a net income of $0.3 million reported last year. Earnings attributed to shareholders for the nine months ending June 30, 2017, stood at $2.6 million or $0.15 a share. The company attributes the earnings to a U.S income tax benefit from the deconsolidation of tax purposes of Xcede technologies.
Dynasil Corporation of America (NASDAQ:DYSL) is trying to pick itself from a disappointing third quarter where it lost a combination of revenue from two large OEM customers. The result of revenue disruption was a reduction of $1 million in Optics revenue and $0.6 million reductions in contract research revenue.
“One bright spot continues to be the RMD commercial revenue which should end the year at approximately three times the prior year level of $600,000. RMD’s CLYC dual mode scintillator is getting considerable market traction, particularly within the personalized radiation detector (PRD) market,” said Mr. Sulick.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.