Salt Lake City, Utah, Sept. 05, 2024 (GLOBE NEWSWIRE) -- SINTX Technologies, Inc. (NASDAQ: SINT) ("SINTX" or the "Company") a leading innovator in ceramic manufacturing, today announced the completion of the first series of strategic initiatives aimed at strengthening the Company's financial position and enhancing its long-term growth prospects.
As part of this comprehensive effort to optimize the company's financials, SINTX initiated strategic measures including:
- raised additional capital through the sale of common stock under the Company's current At-The-Market (ATM) offering.
- reduced expenses in an amount that we believe will result in an over 50% reduction in cash used in operating expenses and lowering expected future annual expenses by approximately $5.8 million.
- initiated discussions with its lessors, with the goal of reducing the Company's lease obligations by the end of 2024.
We believe these significant cost-saving measures will extend the Company's cash runway well into 2025, providing increased financial flexibility to navigate the current market environment and pursue growth opportunities.
"We are committed to building a more efficient and resilient company," said Eric K. Olson, SINTX's President and CEO. "The successful implementation of these cost-reduction initiatives underscores our commitment to financial discipline while continuing to deliver value to our customers, shareholders, and employees."
With a stronger financial foundation, we believe SINTX is better positioned than ever to explore strategic opportunities. The Company is actively seeking partnerships and collaborations that align with its long-term vision.
"We believe that now is an opportune time to explore strategic partnerships that can enhance our competitive position and drive sustainable growth," Olson added, "Our discussions with potential partners remain ongoing, and we are focused on opportunities that will enhance innovation and expand our market presence."
SINTX remains committed to evaluating both operational efficiencies and strategic priorities, allowing the Company to remain agile and well-equipped to capitalize on emerging opportunities.
About SINTX Technologies, Inc.
SINTX Technologies is an advanced ceramics company that develops and commercializes materials, components, and technologies for medical and technical applications. SINTX is a global leader in the research, development, and manufacturing of silicon nitride, and its products have been implanted in humans since 2008. Over the past several years, SINTX has utilized strategic acquisitions and alliances to enter into new markets. The Company has manufacturing and R&D facilities in Utah and Maryland.
For more information on SINTX Technologies or its materials platform, visit www.sintx.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA") that are subject to a number of risks and uncertainties. Forward-looking statements can be identified by words such as: "anticipate," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the expected reduction of expenses, the potential reduction of contingent liabilities, the Company's expected cash runway timing, and the potential to pursue growth opportunities and explore strategic opportunities.
Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations and beliefs. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, unanticipated expenses and challenges resulting from these cost-cutting initiatives. A discussion of other risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements can be found in SINTX's Risk Factors disclosure in its Annual Report on Form 10-K, filed with the SEC on March 27, 2024, and in SINTX's other filings with the SEC. SINTX undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report, except as required by law.
Business and Media Inquiries for SINTX:
SINTX Technologies
801.839.3502
IR@sintx.com
