Veriteq Corp (OTCMKTS:VTEQ) reported that it has been granted a U.S. Patent for its Wireless Molecular Sensor System as well as Process. The Company plans to use the patent in the advancement of future bio-sensing microchip purposes, initially concentrated on its radiation dose measurement solutions used during cancer treatment.

The details

The patent in news covers systems and procedures for estimating and wirelessly communicating specific molecular levels utilizing implantable sensor equipment operable without the utilization of batteries. These systems utilize radio frequency know-how to wirelessly broadcast information between a remote transponder and one passively powered on a chip. Information broadcasted through this wireless communication solution quantifies a physiological metric with reference to the levels of particular molecules calculated by the biosensor.

The plans

Veriteq intends to use this patent in association with its future radiation dose estimation products, to be utilized during cancer treatment. Within its extensive intellectual property portfolio, Veriteq owns a patent for implantable sensors that monitor multiple physiological and biological parameters, like temperature to monitor hyperthermia.

The management comments

Scott R. Silverman, the Chairman and CEO said that the company has a strong intellectual property portfolio. Veriteq management is of view that this latest patent award further strengthens company’s position to advance in vivo bio-sensing uses for patient monitoring and treatment. He added that although not currently marketed, company’s radiation dose measurement know-how, which are FDA approved and were previously marketed, can be ramped up and sold to patients once again with the required funds in place.

The performance

Veriteq Corp (OTCMKTS:VTEQ)’s chart movement in this year has been a disaster. As per the latest 10-Q report, the company had cash of merely $16. The revenue in the first quarter of the year was $95 while the net loss stood at $809. The company did grow its revenue compared to 1Q2014 but by no less than $21.