Since
"Following a thorough review of strategic alternatives, the Board determined that the continued execution of management’s strategy is the best path forward for the Company and its shareholders,” said
“Over the last several months, we have taken decisive actions to enhance our commercial execution and right-size our cost structure while also managing our significant cash balance to secure a long cash runway,” said
As of the end of the third quarter of 2022, the Company had cash, cash equivalents and investments totaling
About
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding expectations for the Company’s improvements in commercial execution and its product development programs; the Company’s efforts to improve performance and drive shareholder value; the Board of Directors’ potential consideration of additional strategic opportunities; the Company’s efforts to enhance customer interest in and adoption of its Growth Direct platform and improve customers’ experience; and expectations regarding the Company’s uses of capital, expenses and financial results, including the expected cash runway.
In some cases, you can identify forward-looking statements by terminology such as “outlook,” “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements involve known and unknown risks, uncertainties and assumptions which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement, including, but not limited to, the impact of macroeconomic volatility and COVID-19 and its variants on the Company’s business and operations, including further delays in placements and validation of new systems; the Company’s organizational restructuring plan, including a reduction in workforce, may not result in the anticipated savings, could result in total costs and expenses that are greater than expected and could disrupt the Company’s business; the Company’s significant losses since inception; the Company’s ability to meet its publicly announced guidance and other expectations about its business and operating results; the Company’s limited experience in marketing and sales and the effectiveness of its sales processes; the Company’s need to develop new products and adapt to technological changes; the Company’s ability to establish and maintain its position as a leading provider of automated microbial quality control testing; the Company’s ability to maintain its manufacturing facility; risks related to third-parties; its ability to retain key management and other employees; risks related to regulatory and intellectual property matters; risks related to supply chain disruptions and the impact of inflation; risks relation to the exploration of strategic alternatives; and the other important factors outlined under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the
Contacts: InvestorsMichael Beaulieu , CFA Vice President, Investor Relations and Corporate Communications investors@rapidmicrobio.com MediaJamie Moser /Lucas Pers Joele Frank ,Wilkinson Brimmer Katcher 212-355-4449
Source:
2022 GlobeNewswire, Inc., source