Biotricity Inc. (OTCQB:BTCY) has seen a 25% increase in its stock with the opening of the market today, the first large spike the company has seen since December 18 when Biotricity announced that it had received FDA 510(k) approval for its Bioflux device.
Currently, at the time of writing, Biotricity is trading at $7.70, which puts it up $1.55, or 25.20%, from Wednesday’s closing price of $6.15.
Biotricity’s most recent announcement may be the cause behind the current stock increase. On December 22, Biotricity announced that it was finalizing the sale of 450,164 shares of its common stock. The gross proceeds, which are expected to be approximately $2.5 million, will be used, in part, to start selling its Bioflux device, tying this announcement in with the company’s previous announcement about the device.
Biotricity is a medical diagnostic and consumer healthcare technology company. It has designed and produced the Bioflux device, which is meant to help physicians remotely monitor and diagnose patients with cardiovascular coronary heart disease. The Bioflux device is capable of detecting and transmitting probable arrhythmias, as well as other diagnostic heart information. The initial announcement that the Bioflux had received FDA 510(k) clearance spiked Biotricity’s stock from $7.51 to $11.44. Although it has decreased since then, it does look like the combined news about Bioflux is once again slowly generating interest in the company.
Overall, the company stock has been relatively steady for the past year, hovering around $2.50, so these last two price jumps were big news for the company and its investors, indicating that the company seems to now be heading in the right direction at last for increasing shareholder stake and investor interest. Waqaas Al-Siddiq, the CEO and founder of Biotricity, has stated that “we are proud of the support we continue to receive from our investors, who recognize the work we are doing and see the broad potential of our biometric remote monitoring solutions.” There’s no question that what Biotricity is doing has the potential to better people’s lives, so here’s hoping that investor support continues to raise the company’s portfolio.
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