Veriteq Corp (OTCMKTS:VTEQ) has announced that it intends to extend its intellectual property portfolio, after it filed a patent in Brazil. The patent was filed for its Q inside safety technology, utilizing a micro-transponder. Additionally, the company has already received a purchase order for the device, worth $100,000. The transponder is designed to work as an electronic serial number within implanted medical devices.
Once integrated the safety technology would help in a large number of data management applications. The technology is specifically designed to resist high temperatures, without losing any of its physical or electrical characteristics. Currently, the company has reached a deal for the use of the transponder in breast implants. Brazil would serve as the right market for this technology, since 500,000 implants took place in the country in 2013 alone. However, the implants are to be sterilized under high temperatures before use, thereby the need for resistance to high temperature.
Veriteq focuses on implantable medical device identification and radiation dose management technologies. Implant identification is an important part of patient health, especially in case of a device recall or manufacturing problem. The CEO of the company, Scott R. Silverman, stated that the new deal is a sign of potential market growth for the new technology. He further expressed his belief in the company by increasing his stake in the company.
The CEO has been followed by some of the directors in this move, who see the upcoming deals and growth as potential for profitable returns in the short term. Unfortunately, the company has a lot to do, in terms of its financial strength, before it can hope to keep its stock near highs. The company’s FY2014 reported $3.9 million in net losses, with just $151,000 in sales and $77,000 in cash reserves. However, with a product in the market, this could soon change.
Veriteq Corp (OTCMKTS:VTEQ) closed at $0.0003, without reporting a change on May 19. The company has 30.80 million shares being traded in the market, with a 52-week range of $0.00-$820.