Biomimetic Therapeutics Inc. has a market cap of $372.7 million; its shares were traded at around $13.4 with and P/S ratio of 237.2.
Highlight of Business Operations:Since our inception in 1999, we have incurred losses from operations each year. As of December 31, 2010, our accumulated deficit was $127.5 million. Our revenues remain limited, which at $1.5 million for the year ended December 31, 2010 consist of product sales, royalty income and sublicense fee income. We received regulatory approval from Health Canada to market Augment in Canada in late 2009. To date, our product sales revenues have been limited. Furthermore, while we currently do not yet have a product approved by the FDA for commercialization in the United States, we are incurring expenses in connection with our preparation for an anticipated U.S. commercial launch of Augment. Although the size and timing of our future operating losses are subject to significant uncertainty, we expect that operating losses may continue over the next several years as we continue to fund our research and development activities, clinical trials, and regulatory and commercialization efforts.
In addition to its growth, the orthopedic markets are undergoing a transition. Traditionally, the orthopedic and sports medicine markets have been dominated by companies that market metallic implants and related instrumentation. However over the last several years, these markets have experienced increased demand for innovative, biologically active treatments which seek to stimulate the human bodys own capabilities for regeneration of tissue. The growth and development of the osteobiologics market is a good example of this trend. The osteobiologics market currently represents a meaningful proportion of revenue within the orthopedic and sports medicine market segments. According to market research reports published in 2010, the osteobiologics market accounted for $1.5 billion of revenue in the United States alone. This segment is forecasted to grow at a compounded annual rate of 8%, resulting in a projected market size of $2.3 billion by 2015. We believe that our product and product candidates, which utilize our platform regenerative technology, are positioned to improve upon a variety of existing therapies in these markets.
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