Talis Biomedical Announces Exploration of Strategic Alternatives and Cost Reduction Plan to Preserve Cash
REDWOOD CITY, Calif., Nov. 14, 2023 (GLOBE NEWSWIRE) -- Talis Biomedical Corporation (Nasdaq: TLIS), a diagnostic company dedicated to advancing health equity and outcomes through the delivery of accurate infectious disease testing in the moment of need, at the point of care, today announced it has initiated a process to explore strategic alternatives with the goal of maximizing shareholder value. While the Company has made progress developing the Talis One® system, it believes that this is a prudent path forward given current market conditions.
As part of this process, the Company’s Board of Directors has appointed a special committee of independent, disinterested directors to consider a wide range of strategic alternatives, including, but not limited to, equity or debt financing alternatives, an acquisition, merger, reverse merger, divestiture of assets, licensing or other strategic transactions. The Company has engaged TD Cowen to act as a financial advisor in its review of strategic alternatives. Seyfarth Shaw has been appointed as legal advisor to the review process.
In connection with the evaluation of strategic alternatives and to preserve cash, Talis Biomedical is reducing its workforce by approximately 90 percent and consolidating operations to a single site in Chicago. Further to these actions, the Company will be implementing additional cost-saving measures to lower cash burn.
There can be no assurance that the ongoing strategic review will result in Talis Biomedical entering into any transaction or that any transaction will be completed on attractive terms. The Company has not set a timetable for completion of the strategic process and does not intend to provide progress updates unless and until it is determined that further disclosure is appropriate or necessary.
Third Quarter 2023 Financial Results
Operating expenses were $17.1 million in the third quarter of 2023, compared to $27.6 million for the same period in 2022. The decrease was primarily driven by a decline in depreciation expense, lower investments in raw card inventory and manufacturing as well as the realization of benefits from the cost reduction measures implemented during 2022.
Net loss was $15.7 million for the third quarter of 2023, compared to $26.0 million for the same period in 2022.
Cash and cash equivalents as of September 30, 2023, were $88.0 million.
Due to its exploration of strategic alternatives, Talis Biomedical will not host a conference call to discuss third quarter results. For further detail and discussion of the Company’s financial performance, please refer to the company’s Quarterly Report on Form 10-Q for the third quarter ended September 30, 2023.
About the Talis One System
About Talis Biomedical
Talis Biomedical Corporation
Talis Biomedical Corporation
Registration Counters Open
Special Presentation by Wildix
Increase Profitability and Retention by Understanding Telecom Taxes and Fees