One of the craziest movers from last year was surely Zenosense Inc (OTCMKTS:ZENO). Shares of this stock ran over 600% higher in less than a month but gave it all back over the following month. It was a dramatic move that testifies to the potential action to be found in this small-float special in the medical device space. We only bring it up here because the stock launched over 100% higher on Tuesday on news that its MIDS Medical Ltd. joint venture has successfully completed a second testing round of its revised detection system.
According to the release, “In 2017 the first next-generation troponin assay for the early diagnosis of heart attack was approved for use in the U.S. by the FDA. High sensitivity troponin assays have been in use in other parts of the world for over 7 years. These assays are performed on state of the art central laboratory analyzers, which are expensive and typically take about an hour to turnaround results, when minutes are vital. The key to the MIDS technology is its groundbreaking ability to magnetically detect and measure diagnostic assay beads in low enough numbers to support an HS troponin assay. MML aims to embody this highly compact technology into an easy to use, hand-held MIDS Cardiac device for rapid diagnosis in emergency rooms, or by paramedics responding to chest pain patients at the scene.”
Zenosense Inc (OTCMKTS:ZENO) casts itself as a company with a primary focus, through its joint venture ownership in MIDS Medical Ltd., of the development of a cost-effective, hand-held Point of Care rapid cardiac diagnostic device, MIDS Cardiac. MIDS Medical Ltd. applies patent-protected magnetic nanoparticle detection technology and a development team with world-class technical expertise.
Moreover, the company operates as a healthcare technology company. It develops MIDS Cardiac, a hand-held point of care cardiac diagnostic device. The company was formerly known as Braeden Valley Mines, Inc. and changed its name to Zenosense, Inc. in November 2013.
Zenosense, Inc. was founded in 2008 and is headquartered in Valencia, Spain.
According to company materials, “the MIDS Cardiac device and test strip is being designed to support a variety of rapid high sensitivity cardiac biomarker tests, with a focus on troponin I and T, to identify or discount Acute Myocardial Infarction with accuracy equal or superior to high sensitivity assays performed on laboratory analyzers. The company is primarily focused on the development of a cost-effective, hand-held Point of Care rapid cardiac diagnostic device, MIDS Cardiac. MIDS Medical applies patent-protected magnetic nanoparticle detection technology and a development team with world-class technical expertise. The MIDS Cardiac device and test strip is being designed to support a variety of rapid high sensitivity cardiac biomarker tests, with a focus on troponin I and T, to identify or discount Acute Myocardial Infarction with accuracy equal or superior to high sensitivity assays performed on laboratory analyzers.”
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As noted above, shares of the stock powered higher this week in response to the company’s announcement that it has successfully completed a second testing round of its revised detection system.
Carlos Gil, CEO of Zenosense, commented: “These results should not be underestimated. I am not aware of any other detection technology suitable for use at the Point of Care which comes anywhere close to achieving these results. We are now so far within the limit of detection I am extremely confident that high sensitivity rapid troponin testing can become a reality in emergency settings. Achieving these results is a huge step towards that. I truly believe we have a blockbuster technology in the making.”
Dr. Dave Dekkers, Scientist at Future Diagnostics Solutions B.V. said: “We are impressed by the achievement of MIDS Medical Ltd. for the detection of 50,000 beads with their Biosensor. Future Diagnostics will follow MML closely on their progress with the further development of this sensor.”
Currently trading at a market capitalization of $7.4M, ZENO has virtually no cash on the books, which must be weighed relative to about $344K in total current liabilities. One should also note that debt has been growing over recent quarters. The company is pre-revenue at this point. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $ZENO 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 $ZENO, either long or short, and we have not been compensated for this article.