electroCore Provides Business Update and Select First Quarter 2020 Guidance

BASKING RIDGE, N.J., April 17, 2020 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, today provided a business update, and introduced select preliminary unaudited guidance for the first quarter of 2020.

“As we and the rest of the world grapple with the humanitarian crisis and economic uncertainties brought on by the ongoing COVID-19 pandemic, we continue to advance toward our goal of making our gammaCore Sapphire non-invasive vagus nerve stimulation (nVNS) technology  available to the broadest possible patient population within our approved adult headache indications,” said Daniel Goldberger, Chief Executive Officer. “We have taken significant steps, both operationally and financially, to sharpen our focus on currently available revenue channels, while in parallel creating a streamlined and nimble organizational structure capable of responding quickly to changes in our addressable markets. I am confident that the actions that we have taken to this point will allow us to navigate through the current crisis in the near-term and achieve long-term sustainable growth when a normalized business environment prevails.”  

Operational
Expansion of the gammaCore label: On March 26, 2020, the company was informed that it had received Section 510(k) clearance from the FDA of its submission seeking to expand the label indication of its gammaCore therapy to include the prevention of migraine in adult patients.

Emergency Use Authorization (EUA) application: On April 1, 2020, the company submitted an EUA application to the FDA, to facilitate the study and clinical use of its gammaCore (nVNS) therapy for respiratory symptoms associated with COVID-19. The FDA’s decision on the company’s EUA is pending.

Federal Supply Schedule: Continuing a positive trend observed in prior quarters, 64 Veterans Administration (VA) and Department of Defense (DoD) military treatment facilities purchased gammaCore products during the first quarter of 2020, as compared to 54 during the fourth quarter of 2019, 48 during the third quarter of 2019 and 35 during the second quarter of 2019. Also, during the first quarter of 2020, the company shipped 1,084 paid months of therapy to VA and DoD facilities, up from 829 during the fourth quarter of 2019 of 2019, 553 during the third quarter and 233 during the second quarter of 2019.