On Friday Bioelectronics Corp. (PINK:BIEL) closed at $0.0117 gaining 7.34%. The volume reached 3.1 million which is below the average of 4.9 million and nowhere near the 13 million shares traded on Dec. 9.
It seems the interest in the stock is dropping after the surge last Thursday, which was probably triggered by a BIEL press release, which stated that BIEL had plans to introduce their new disposable device to the US market. However, some people may find it odd that BIEL chose their veterinary products distributor to present the product, at the annual conference of the American Association of Equine Practitioners in Baltimore, since the product in question is meant for people. The announcement was also aided by a promotion on Dec. 9.
BioElectronics Corporation designs, manufactures and markets a variety of proprietary, drug-free, anti-inflammatory patches that accelerate healing for a broad range of medical indications, under the trade name ActipatchTM Therapy.
Looking at the latest unaudited 10-Q form filed by BIEL with the SEC can be somewhat confusing at first blush. The report reveals that the company has total current assets of $1.5 million and total current liabilities of just $580 thousand. But one should probably take into account that BIEL has only $55 thousand in cash and cash equivalents and inventory accounts for $898 thousand of their "current" assets. BIEL also has an accumulated deficit of $12 million, and there is "substantial doubt" about the ability of the company to continue as a going concern.
Having in mind the rather weak financial status of BIEL and their consistent policy of rarely announcing news it seems highly unlikely they will be able to generate any long lasting interest in their stock.