For the second time in its 16-year history, a small, publicly traded pharmaceutical research and development company in Newport Beach has changed its name to reflect the evolving nature of its business. NMS Pharmaceuticals has changed its name to Biomerica to demonstrate its growing involvement in biotechnology, said Joseph Irani, company president.
When the company was founded in 1971, Irani said, it was called Nuclear Medical Systems to underscore its use of radioactive isotopes in developing medical diagnostic kits. In 1980, the first name was swapped for NMS Pharmaceuticals.
While the company continues to make diagnostic kits to detect conditions ranging from allergies to heart attacks to pregnancies, Irani said the second name change was prompted by the company's expansion into development of biological substances for fighting infectious diseases such as AIDS and herpes.
Irani said he hopes the new name will "help the future business of the company," which posted a loss of $1.3 million on sales of $1.9 million in the fiscal year ended May 31.