Biotricity Inc (OTCMKTS:BTCY) has cooled off a bit but has been on a tear of late. At first, when we saw this stock moving, we thought it might simply be because the ticker started with the letters B-T-C, and assumed some traders had pinned it into the cryptocurrency mania. It seems like every other stock with those letters in the ticker has been going nuts. However, it has become clear that insiders were driving shares higher in front of a key FDA announcement.
That announcement hit to start the week, as the company informed the market on Monday that it “has received its 510(k) clearance for its Bioflux device with the U.S. Food and Drug Administration (FDA). This latest 510(k) is the final FDA requirement needed for Biotricity to bring to market Bioflux in the US.”
Biotricity Inc (OTCMKTS:BTCY) promulgates itself as a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement.
The company is working to deliver remote monitoring solutions to the medical, healthcare, and consumer markets, including diagnostic and post-diagnostic solutions for lifestyle and chronic illnesses. It is developing Bioflux mobile cardiac telemetry solution that provides recurring reimbursements to doctors, hospitals, and independent diagnostic testing facilities; revenue model that fits within the established insurance billing practices; built-in cellular connectivity; and motion tracking to detect exercise, activity, and disorientation.
The company also intends to provide Biolife, a health and lifestyle solution for individuals. Biotricity, Inc. is based in Redwood City, California.
According to company materials, “Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system.”
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According to the company’s release, Bioflux consists of a proprietary mobile ECG monitoring device and an ECG viewer software package, that enables physicians to remotely monitor and diagnose patients with cardiovascular coronary heart disease by detecting and transmitting probable arrhythmias, along with other diagnostic heart information. The remote monitoring solution can be utilized for early detection and we believe is an example of the growing shift in healthcare towards a preventative system.
“We are ready to hit the ground running,” said Waqaas Al-Siddiq, Founder and CEO of Biotricity. “With our manufacturing infrastructure fully developed, we expect to be able to bring the Bioflux solution to market imminently.”
“We are incredibly excited about receiving our hardware 510(k) clearance as this is the final step needed before commercializing our first medical-grade solution,” said Al-Siddiq. “As we bring Bioflux to market, we intend to continue to develop other disease-specific remote biometric technologies that can help diagnose, treat, and manage chronic diseases through clinically accurate and tailor-made solutions.”
Recent action has seen approaching 190% added to share values of the listing over the past week of action. Market participants may want to pay attention to this stock. BTCY has a history of dramatic rallies. What’s more, the name has benefitted from a jump in recent trading volume to the tune of just shy of 1500% over the long run average.
This is particularly important with a float in play that’s tiny — of 4.5M shares. One is wise to respect the dynamic this may create — ramping trading activity can overwhelm available supply in a stock with this type of small float, leading to an upward burst in prices.
Currently trading at a market capitalization of $218.1M, BTCY has a stash ($607K) of cash on the books, which compares with virtually no total current liabilities. The company is pre-revenue at this point. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $BTCY stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $BTCY, either long or short, and we have not been compensated for this article.