he BioElectronics Corp (Public, OTC BIEL) has been making news this week, with the announcement of their schedule for filing with the U.S. Food and Drug Administration for 510 (NYSE:K) pre-marketing clearance. It has also been announced the biotech company is a runner up in the 2009 Technology Innovation winners for their wearable drug-free patch using electromagnetic energy for pain relief.
BioElectronics is seeking clearance for their over the counter ActiPatch Therapy and Recovery RX products. In a statement by BioElectronics CEO Andrew Whelan the company is excited that they will soon begin the clinical study data, and usability studies for the product that is for the treatment of musculoskeletal complaints of pain. The ActiPatch that is for the pain relief of the heal and foot pain is also able to be used in painkilling treatment of postoperative edema, and superficial soft tissue treatment.
Whelan went on to state that they believe this will be a $100 million dollar annual market for the company in treating pain and the clinical data that has been collected by Dr. David G. Genecov is strong, showing it is 100 percent safe and effective. The BioElectronics CEO believes, along with the ActiPatch FDA clearance for other treatments will help the company to gain fast approval for the OTC clearance.
During the next few weeks Whelan states the corporation will file additional applications with the FDA for palliative treatment for postoperative edema and for pain in superficial tissue, which will allow them to market the product in the general surgical market. BioElectrionics plans for their clinical studies to end over the next few months