BioElectronics Corp. (OTCPINK: BIEL) has been slowly trending up in recent weeks on significant volume as Investors have not forgotten about this one and the big moves it has made in the past. BIEL operates in the booming chronic pain market which is larger than diabetes, heart disease, and cancer combined, with 20% of adults globally suffering from chronic pain. ActiPatch addresses the unmet need for 1.5 billion worldwide chronic pain sufferers. The Company’s medical devices modulate the body’s nerve activity to dampen the pain perception, which reduces drug use. The stock has been at the top of many Investors radars after the company vice president, Keith Nalepka tweeted out:
A great dream just got way closer. FDA clearance for musculoskeletal pain. The next week will transform the 8 people in this picture to the most talked about thing in pain. Cheers to all the shareholders taking the ride with BIEL!!! #teambiel pic.twitter.com/ALoDWVI3XM
— Keith Nalepka (@keith_nalepka) January 31, 2020
BioElectronics Corp. (OTCPINK: BIEL) bills itself as is a leader in non-invasive electroceuticals and the maker of an industry leading family of disposable, drug-free, pain therapy devices: ActiPatch® Therapy, over-the-counter treatment for back pain and other musculoskeletal complaints; RecoveryRx® Devices for chronic and post-operative wound care; Allay® Menstrual Pain Therapy. BIEL innovative pulsed shortwave therapy technology (PSWT) uses low power pulsed electromagnetic fields regulate electrical activity of the nervous system. The neuromodulation basis of PSWT presents significant opportunities for BioElectronics to develop optimized technology for diabetic neuropathy, postoperative surgery, chronic wounds, and other applications.
BioElectronics OTC product line includes ActiPatch® Musculoskeletal Pain Therapy, Allay® Menstrual Pain Therapy, Smart Insole™ Heel Pain Therapy, and RecoveryRx® Post-operative and Chronic Wounds Therapy. The US FDA clearance is for the company’s flagship product the ActiPatch® Musculoskeletal Pain Therapy, developed to relieve chronic pain. ActiPatch is a drug-free, wearable nonprescription medical device that provides 720-hours (90, 8-hour treatments) of on/off therapy. Most users obtain relief with only 8 hours per day of use, so the device will generally last several months, depending on use. The Company is aggressively pursuing US FDA over-the-counter market clearance to access the United States market.
The Companies technology offers significant opportunities in menstrual pain, heel pain, migraine headaches, diabetic neuropathy, postoperative surgery, chronic wounds, bone growth stimulation,and other applications. In February 2017, BioElectronics announced that it received over-the-counter use market clearance from the US FDA for ActiPatch® for the adjunctive treatment of musculoskeletal pain related to plantar fasciitis of the heel, and osteoarthritis of the knee.
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The last press release from the Company was in November when they announced after seeking legal counsel a Board of Directors and Company officers have been appointed/re-affirmed. These changes follow the unexpected passing of the Company’s founder, President and CEO Mr. Andrew Whelan, in October 2019.
Pursuant to Section 2 of Article III of BioElectronics Corporation’s Bylaws, and as a prior requirement that the Board of Directors shall constitute three (3) directors, the individuals identified below have been appointed as a Director of the Corporation, each to hold such position: Patricia A. Whelan: Chairman of the Board, Keith E. Nalepka: Executive Member, Kelly A. Whelan: Executive Member.
This comes after BIEL announced in October its founder and CEO, Andrew J. Whelan, died suddenly at his home in Frederick, Maryland. The BioElectronics management team will continue to manage day-to-day operations until a permanent replacement can be confirmed.
Mr. Whelan founded BioElectronics Corporation to bring to market a breakthrough drug-free medical device, ActiPatch Therapy. ActiPatch is an analgesic device that also reduces inflammation and speeds healing.
Since its founding, Whelan successfully earned several Food & Drug Administration clearances and medical device approvals around the world. Under Whelan’s leadership the Company earned FDA approval for reduction of edema following blepharoplasty, for osteoarthritis of the knee, and for relief of plantar fasciitis. Most recently it has won approval on the use of ActiPatch for post-operative pain to mitigate opioid use and has submitted an FDA 510(k) application for market clearance for the broad treatment of musculoskeletal pain. BioElectronics products have won multiple awards.
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Currently trading at a $20 million market valuation BIEL did $580k in sales for the 9 months ended September 30, 2019. The Company has little cash on hand with over $6 million in current liabilities. BIEL is an exciting story in small caps; the Company is already selling its flagship, the ActiPatch. BIEL has a large shareholder base who believe in the Company and their products and their ability to disrupt a billion-dollar market. There is huge demand for BIEL here, more than most penny stocks could dream of, if they can reach an agreement with debt holders big things could happen here. Stock should see some action after BIEL vice President tweeted A great dream just got way closer. FDA clearance for musculoskeletal pain. The next week will transform the 8 people in this picture to the most talked about thing in pain. Cheers to all the shareholders taking the ride with BIEL!!! We will be updating on BIEL when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with BIEL.
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Disclosure: we hold no position in BIEL either long or short and we have not been compensated for this article