Cardax Inc (OTCQB:CDXI), a development stage biopharmaceutical company, has announced its financial results for the first quarter of 2020, it was reported on Friday.

The company reported net losses of USD1,002,868 in the first quarter of 2020 compared to a loss of USD1,135,420 in the year-ago period.

The firm raised USD770,000 through the issuance of convertible notes in the first quarter of 2020. Out of USD770,000, USD150,000 was used to pay off a convertible note due in March 2020, with the balance used for general working capital.

The Company believes that its operations, including revenues and any public or private offerings, may be affected in 2020 by the COVID-19 pandemic, although the extent of the impact is uncertain at this time.