|Biotricity (BTCY) Scores Another FDA Win with a 501-K Clearance for its Biotres Cardiac Monitoring Device
Good day everyone,
Biotricity, Inc. (NASDAQ: BTCY) shares are volatile this morning following the lead of the NASDAQ index, currently down by 395 points. BTCY dropped to $3.03 as of 10:13 am EST. We expect to see a rebound as this FDA Approval news rotates among the investment community.
In news this morning, BTCY reported it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its Biotres Cardiac Monitoring Device, a three-lead device for ECG and arrhythmia monitoring that is intended for lower risk patients.
The company has said, “Biotres, is a holter for low-risk patients and is designed for comfort for long-term wear. Cardiac disease remains a chronic issue, requiring persistent intervention, monitoring and management and we believe Biotres may provide a critical tool for improving patient lives and reducing costs.”
The Biotres device works in tandem with the free Biotres app available at the App Store. The new FDA 510K clearance clears the way for sales of Biotres which the company estimates will begin starting April 1, 2022. Biotres could be a significant revenue generator for the company.
I want to clarify information regarding the S-3 filed by the company on Friday.
This prospectus relates to the public offering of up to 20,429,531 shares of our common stock, par value $0.001 per share (the “Common Stock”), by the selling stockholder which is comprised of shares of Common Stock issued to the selling stockholders upon the conversion of convertible promissory notes issued to certain selling stockholders pursuant to private placements between June 2020 and February 2021, shares of Common Stock and shares of Common Stock underlying Exchangeable Shares issued to certain investors in connection with the Company’s reverse take-over of iMedical Innovations Inc., shares of Common Stock issued to advisors and consultants of the Company between February 2016 and January 2022 as share-based compensation for services, and shares of Common Stock issued to certain shareholders in connection with private placements between February 2016 and June 2020.
The prospectus also states:
“We will not receive any proceeds from the sale of shares of common stock by the selling stockholders.”
Common Stock Outstanding before this offering 49,799,261 shares
Common Stock Outstanding after this offering 49,799,261 shares
Stay tuned for more information about BTCY.
The Traders News Group
original report below
Biotricity (BTCY) Game Changing Biotech with a Chart Signaling a Swing in Progress
Good day everyone and welcome to all of our new members,
I’ve been saying lately that Biotricity, Inc. (NASDAQ: BTCY) is becoming one of my favorite companies to report on. Like you, I watched the drastic fall in the NASDAQ index last week, wondering when the bloodletting would stop. At the end of the Friday session, I was going over my watch list and it was a sea of red with a notable exception.
BTCY closed in this past Friday’s session at $3.23/share, up on the day, not by much but as the NASDAQ gave up 385 points on Friday the tiny gain in BTCY shares intrigued me. I thought they must have had big news released, I checked and there was nothing that I hadn’t reported before. No earnings report (though I expect that in a couple of weeks), and no new product launches. That’s when I realized investors were simply “buying the dip” on the company shares.
The chart indicates a bounce is incoming with an RSI (14) of 38.66 and the MACD curling upward we could see a nice bounce here this week.
It was less than a month ago that BTCY shares hit a high of $5.30 and I think that they have found support in the current range. I also believe BTCY is on the right track for creating shareholder value.
In the back of my mind, I can hear Warren Buffet saying, “when everyone is selling, you should be buying.” I’ve said before that BTCY has impressive triple digit YoY revenue growth and a very modest share structure. I’ve talked about their impressive 66% gross margin and discussed their technology. I’ve talked about those aspects of BTCY as a reason to expect growth in the company’s value and they are valid reasons.
But my “big picture” reason for liking this company goes beyond their admirable performance. BTCY is reinventing the cardiac care industry and I think they will do the same thing to the diabetes care sector in the future.
Most companies developing biotech look at a sector and think “what kind of device can we sell that will fit with the physicians practice and make them more efficient?” Biotricity has a different approach which is more like welcoming physicians to the 21st century and saying, “it’s time to change the way you operate your practice because we have a more efficient innovative technology to do that.”
The BTCY eco-system promotes an initiative-taking approach to personal well-being and a higher level of connectivity with your physician. Their in-home monitoring devices, coupled with wireless transmission of data to the cloud, immediate alerts of critical events, and teleconferencing are integral components of a new standard of cardiac care.
The old process of visiting your cardiologist with a complaint, then going to get testing done, then returning to the doctor to discuss those results can be replaced with, or improved by, recent technology. The testing done by cardiologists today, give a snapshot of your condition at that moment whereas modern BTCY technology can make that a constant stream of data. Why can’t we replace those trips to the doctor’s office, and the waiting rooms with teleconferencing? BTCY thinks we can.
The benefits of constant cardiac monitoring and the ability to stream that data to your physician and even alerting them to a significant event, can’t be understated. Remote conferencing will be a huge benefit as well when a physician can increase the number of patients, they “see” in a day, and thanks to a product like Bio-Kit, all your vitals are readily available for that tele-conference.
Reinventing and disrupting the way doctors practice medicine with the BTCY model is a bold move. I believe physicians will embrace this kind of change more quickly than patients mainly because its cost effective to doctors and may increase their revenues. As I’ve said before, BTCY always looks toward how physicians can bill insurance companies for the technology they develop.
Can you imagine everything I said about transforming cardiac care above and applying that to the diabetes sector? Constant or frequent blood sugar monitoring with spikes in blood glucose levels alerted to your doctor and followed by a teleconference? Cardiac medicine and diabetes treatment are two of the largest revenue generators in modern medicine. The potential for BTCY to disrupt them is exciting.
The vision of the BTCY management and the development of their cardiac eco-system, are leading the way to a new paradigm in the patient physician relationship. So, do your own research and see if you think “buy the dip” applies here.
The Traders News Group
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