IRVINE, Calif. - Biomerica, Inc. (NASDAQ: BMRA), a biomedical technology company, has announced the receipt of three patent notices of allowance from the European Patent Organization (EPO). These patents cover the technology and methods for treating Gastroesophageal Reflux Disease (GERD), Crohn’s Disease, and Ulcerative Colitis using the company's inFoods® Technology.
This development pertains to countries within the EPO, including Germany, the UK, France, Italy, Spain, and over 30 other nations. The patents aim to provide a personalized approach to managing these gastrointestinal conditions, which represent a combined market potential of over $8 billion in Europe.
Biomerica's inFoods® Technology is a diagnostic-guided therapy that identifies specific dietary triggers for individual patients, potentially reducing the need for medications that come with severe side effects. For GERD patients, inFoods® presents an alternative to proton pump inhibitors (PPIs), which are linked to health risks such as dementia and kidney disease.
The company is currently marketing an inFoods® test for Irritable Bowel Syndrome (IBS) sufferers, already protected by 15 patents globally. The new patents will enable Biomerica to continue developing therapeutic products for a broader range of gastrointestinal diseases.
Zack Irani, CEO of Biomerica, stated that the inFoods® approach represents a shift in gastrointestinal care towards personalized, non-drug solutions. The issuance of these patents supports the company's commitment to improving patient outcomes and expanding its gastrointestinal offerings.
The completion of the patent process in individual EPO countries will depend on the company fulfilling necessary steps, such as paying the patent issuance fees. Biomerica may prioritize certain countries within the EPO for strategic reasons and may not pursue patent issuance in every eligible country.
Biomerica's primary focus is on gastrointestinal and inflammatory diseases, with multiple diagnostic and therapeutic products in development. The company's products are designed to enhance health and reduce healthcare costs.
The information for this article is based on a press release statement from Biomerica, Inc.
In other recent news, Biomerica Inc (NASDAQ:BMRA). has received a 180-day extension from Nasdaq to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The extension, which lasts until May 2025, was granted as Biomerica meets all other listing requirements. In product developments, Biomerica's Fortel® Prostate (PSA) Screening Test has received approval from the Saudi Food and Drug Authority, marking an advancement in the company's strategic expansion into the Middle East. The company has also launched a pilot program for its inFoods IBS product and secured a multi-year exclusive distribution agreement in the United Arab Emirates for its at-home cancer screening products. Additionally, Biomerica has expanded into new offices across the United States and secured five new patents for its inFoods technology in Europe, Canada, and Japan. In a shift in leadership, the company announced the immediate resignation of its Board Chairman, Jack Kenny, due to personal reasons, with his successor yet to be named. These are the recent developments in Biomerica's ongoing operations.
InvestingPro Insights
As Biomerica (NASDAQ: BMRA) announces significant patent developments for its inFoods® Technology, it's crucial to examine the company's financial health and market performance. According to InvestingPro data, Biomerica's market capitalization stands at a modest $5.46 million, reflecting its status as a small-cap biotech company.
Despite the promising patent news, InvestingPro Tips highlight some challenges facing the company. Biomerica is "quickly burning through cash" and is "not profitable over the last twelve months." This is evident in the company's financials, with an operating income of -$6.5 million in the last twelve months as of Q1 2023. The gross profit margin is also concerning at just 8.86%, which aligns with the InvestingPro Tip that Biomerica "suffers from weak gross profit margins."
On a positive note, Biomerica "holds more cash than debt on its balance sheet," which could provide some financial flexibility as it continues to develop its product pipeline. However, investors should be aware that the stock has "taken a big hit over the last six months," with a price total return of -50.71% during that period.
For those considering an investment in Biomerica, it's worth noting that InvestingPro offers 10 additional tips for this stock, providing a more comprehensive analysis of the company's prospects and challenges. These insights could be particularly valuable given the company's recent patent developments and its position in the competitive biotech sector.
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