TearLab Corp (OTCMKTS:TEAR) sparked upward on a pending FDA decision. TEAR is both a developer and marketer of chip technologies which allow eye care practitioners to advance their standard of care. Specifically, the platform allows for an improved standard of care by objectively and quantitatively testing for disease markers in tears at the point-of-care. Earlier this month, the company sent out a 510K to get their diagnostic testing platform cleared. This news is not new but investor confidence is high on this stock and hope still abounds because TEAR used to trade over $100 a share. Investors everywhere see a possible resurgence ahead and our coming back to TEAR in droves.
“The FDA submission for the TearLab Discovery™ Platform is a significant milestone for the Company, and we are pleased to have finished the filing process. We are optimistic about the completeness of the package we submitted, and we look forward to engaging with the agency during the review process,” said Seph Jensen, TearLab’s Chief Executive Officer. “Discovery has garnered significant positive feedback from members of the eye care community since its introduction at the European Society of Cataract and Refractive Surgeons Annual Meeting in October 2017, and we continue to believe in the platform’s potential to address a significant unmet need for effective, objective tools to diagnose ophthalmic conditions.”
TearLab Corp (OTCMKTS:TEAR) develops and markets lab-on-a-chip technologies that enable eye care practitioners to improve standard of care by objectively and quantitatively testing for disease markers in tears at the point-of-care. The TearLab Osmolarity Test, for diagnosing Dry Eye Disease, is the first assay developed for the award-winning TearLab Osmolarity System. TearLab Corporation’s common shares trade on the OTCQB Market under the symbol ‘TEAR’ and on the Toronto Stock Exchange under the symbol ‘TLB’.
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The clearance is looking more toward the positive side as the company already has seen approval by the FDA. From the news earlier this month: TearLab Discovery™ MMP-9 has an FDA-cleared predicate, which the Company believes will have a positive impact on the review period of its application. Additionally, both MMP-9 and the current tear osmolarity test have existing quantitative reimbursement codes in the U.S., which the Company believes will provide immediate reimbursement upon a potential commercial launch.
In November of last year, TEAR reported its earnings report for Q3 which ended on September 30 of this year. In terms of net loss for Q3, this came in at $3.8 million, which compares to a net loss of $4.0 million in the same period a year ago. Further, perhaps the most notable figure in the report was the company’s decline in revenue, going from $7.2 million to $6.5 million.
That said, the report had a number of highlights as well. TEAR announced that the company had increased the active U.S. user base number, and unveiled that it had made even more reductions in operating expenses.
TearLab Corp (OTCMKTS:TEAR) has a market cap of $2.41M and 5.74M shares out. The company is a must-watch right now. FDA clearance would mean serious revenues, but keep in mind, this is a biotech stock. These things can be hit or miss, so watch the wire and we will keep you updated. For continuing coverage on shares of $TEAR stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!
Disclosure: we hold no position in $TEAR, either long or short, and we have not been compensated for this article.