Veriteq Corp (OTCMKTS:VTEQ) announced that it has received a US patent for “wireless molecular sensor system”. The patent gives the company authority to develop chips for bio-sensing applications. The technology is already being used by the company in radiation dose measurement in cancer patients. The good news is inevitably accompanied with some bad news. Attorney, Adam S. Tracey, announced investigation into Recent Sale of Convertible Notes.

The newest patent acquired by Veriteq Corp. covers additional methods and systems for communicating molecular levels, with the help of a sensor. Interestingly, the sensor does not make use of batteries. The device makes use of signals in the radio frequency range to transmit data between the transponder and on the implanted chip and another remote transponder. The company already has a patent for a similar chip to measure temperature in hyperthermia patients.

Veriteq boasts a robust portfolio of intellectual proprietary devices. All of these devices are targeted at bio-sensing different aspects of a patient suffering from a disease. The latest micro-chip is significantly broader in use, since the global market for monitoring radiation levels in patients is very large. The company is now looking for capital to commercialize the product.

However, Veriteq now faces a lawsuit on charges of fiduciary duty and material failures. The suit would require the company to redirect its resources from marketing towards the lawsuit. The filings with the SEC have indicated that Veriteq sold a total of $346,000 worth shares in private sales of convertible debentures. Failure to disclose the transactions has, however, landed the company in trouble. The Securities Compliance Group has put forth its team of expert lawyers, who would be representing the investors and individuals in the security litigation. Veiteq is also weak in terms of finances and the added dilution does not add to the stock value.

Veriteq Corp (OTCMKTS:VTEQ) closed at $0.0002, after losing 33.33% on May 22. The company has 30.8 million shares being traded in the market, with a 52-week range of $0.00-$0.00.