Volume is way up and with important upcoming events, this BioMed penny stock is worth keeping an eye on. Of course, we're talking about BioElectronics Corporation (OTC:BIEL) a company we first told you about in Dr. Richard Tuch's article on June 17, 2009. Yesterday, shares exploded up over 150% before ending the day up over 80% to $.03. Yes, you read that correctly, three cents per share and it certainly appears that the action is just getting started. With news of the FDA rasing flags about over the counter pain killers yesterday, its worth mentioning that BioElectronics is already pitching a wafer-thin patch as a drug-free alternative to acetaminophen. In addition, the company already markets and actively sells an electronic-pulsing patch for reducing inflammation and healing surgical and other wounds.
Last Thursday, the U.S. Patent and Trademark Office issued a significant new patent which protects BioElectronics Corp's systems and techniques for applying an electromagnetic field to bodily tissue including a self-contained and portable electromagnetic field generating device disposed over a surface of bodily tissue. PEMF technology has been proven safe and effective in hundreds of peer-reviewed scientific studies, but until now PEMF devices had been very expensive large devices and usually based in clinical settings such as clinics or hospitals. Through their use of advanced micro-circuitry the engineers at BioElectronics have shrunk this technology into a wafer-thin device that can be worn directly on the skin to relieve pain, swelling and speed healing.
"This is a very important and significant event for BioElectronics. As consumers and the U.S. Food and Drug Administration become increasingly aware of the potential dangers of drugs such as acetaminophen, consumers are increasingly searching for alternatives," commented Andrew Whelan, CEO of BioElectronics. "PEMF therapy is a proven safe and effective alternative for many musculoskeletal disorders and there is a growing body of research showing its effectiveness in speeding surgical recovery and in reducing, or completely eliminating, the amount of pain medication required. This patent ensures our ability to be the sole provider of this technology in a wearable and portable form factor and significantly increases the value of our Company."
Now BioElectronics wants the FDA to approve over-the-counter marketing of its electronic patch for relieving menstrual cramps and pain.
The company filed for FDA clearance after a clinical trial in which 71 percent of women in the active group reported either complete elimination or a reduction in their typical menstrual pain symptoms, with 49 percent showing at least a 50 percent reduction in pain.
"While between 60 percent and 70 percent of women suffer from pain during menstruation, with millions of women experiencing pain severe enough to significantly restrict daily activities, there are very few safe alternatives for pain relief," said CEO Andrew Whelan in a statement.
During a conference call on June 19, it was revealed that over the next few weeks, the company is planning to file two additional applications for marketing clearance -- one for general plastic surgery recovery and one for foot/ankle/plantar fasciitis. After the general musculoskeletal disorder study is completed the company expects to file an additional application covering all musculoskeletal disorders. Do you see where this is going?
According to a report released yesterday, The company has also sought for reclassification of its technologies from Class III to Class II. The Class III is the most stringent regulatory category for devices.
BioElectronics markets and sells its current products under the brand names ActiPatch and RecoveryRx. The products are approved for sale in over 20 countries including U.S., Canada, Italy, India and Korea.
The company has five kits marketed under ActiPatch brand - for Back, Knee, Foot & Ankle, Wrist and Elbow. The sixth kit -- Allay Relief is awaiting FDA clearance.
In the U.S., ActiPatch was cleared by the FDA for the treatment of edema (swelling) following blepharoplasty. In Canada, it is approved for the relief of pain in musculoskeletal complaints. In the European Union, the product is approved as a Class II pulsed electromagnetic medical device.
Again, currently, the most widely used treatment for dysmenorrhea is acetaminophen, which is found to be the leading cause of liver failure in the U.S. BioElectronics believes that its Menstrual Pain Relief Patch offers a far safer, highly effective and drug-free solution for millions of women who suffer from period pain and cramps. You can hear all about the company from company CEO Joe Noel in the last link below.