SAN FRANCISCO - January 24, 2014 - Merriman Capital, Inc. ("Merriman"), a wholly owned subsidiary of Merriman Holdings, Inc. (MERR), announced that it has initiated equity research coverage of Biomerica, Inc. (BMRA) with a Buy rating and a $2.85 price target.
Since its founding in 1971, Biomerica, Inc. has been focused on developing, manufacturing, acquiring and licensing various early detections and monitoring diagnostic tests and kits for chronic diseases and medical conditions. Today the company is hyper niche focused on establishing a market share within diabetes, gastrointestinal and food related diseases, but has also developed several ancillary tests for the detection of numerous other medical conditions and diseases.
BMRA operates its sales, R&D and corporate infrastructure through its headquarters in Irvine, California and manufactures the majority of its products either at its headquarters or through its facility in Mexicali, Mexico. Since its inception, BMRA has established a global distribution presence that encompasses nearly 450 customers across the Americas, Europe, Asia and the Middle East. Historically, BMRA has primarily focused its efforts on growing sales by developing, acquiring and distributing its proprietary products whose chemical compositions or manufacturing processes are guarded as trade secrets. As such, BMRA has invested minimal resources in securing patents around its various products which have resulted in the company only having one active patent to date. However, with the company`s recent focus on developing new products in-house, we expect a demonstrable shift in near term IP focus and anticipate them to concomitantly file for patents as newly developed test kits come to market or as the company begins the various regulatory approvals for new products currently in R&D.
BMRA`s products are currently sold through internal sales efforts as well as strategic partnerships to clinical laboratories and to point-of-care outlets which include physician`s offices and OTC storefronts such as Walgreens. The company generates revenue through the direct sale of its various test kits through internal sales efforts and through third party distributors.
About Merriman Capital, Inc.
Merriman Capital, Inc. is a full service investment bank and Broker-Dealer that facilitates efficient capital formation through a proprietary digital network, as well as Capital Markets Advisory and comprehensive Corporate Brokerage services for public and private companies. The firm also provides equity and options execution services for sophisticated investors and differentiated research for high growth companies. Merriman Capital, Inc. is a wholly owned brokerage subsidiary of Merriman Holdings, Inc. (MERR) and is the leading advisory firm for publicly traded, high-growth companies.
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Note to Investors
This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K-A filed on April 30, 2013 and the Form 10-Q filed on November 14, 2013. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. The Form 10-K-A filed on April 30, 2013 and the Form 10-Q filed on November 14, 2013, together with this press release and the financial information contained herein, are available on our website, www.merrimanco.com. Please click on "Investor Relations."
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Director of Research
Merriman Capital, Inc.
Chief Compliance Officer
Merriman Capital, Inc.
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Source: Merriman Holdings Inc. via GlobeNewswire