HOUSTON - Impact BioMedical Inc. (OTC:IBO) has been granted a new U.S. patent for an insect repelling composition, expanding its portfolio within the company's 3F™ technology platform. The U.S. Patent and Trademark Office issued U.S. Patent No. 11,985,973, which is set to expire in February 2039.
This patent follows the previously granted U.S. Patent No. 11,246,310, with an expiry in April 2040. Both patents cover plant-based compositions and formulations that can potentially reduce insect landings and bites, offering a natural solution for outdoor environments.
The newly patented technology works by inhibiting the olfactory receptors of insects, effectively "blinding" them to human presence. This has potential applications as a human insect repellent and could be incorporated into products like detergents, shampoos, or lotions to repel insects.
Vector-borne diseases, which are transmitted by vectors like mosquitoes, account for about 17% of all infectious diseases globally according to the World Health Organization. The 3F™ insect repellent technology offers a natural alternative to existing repellents and could significantly impact the global market for such solutions.
Upon the patent issuance, Impact BioMedical's CEO, Frank D. Heuszel, expressed the company's commitment to addressing unmet needs in human healthcare and announced plans to accelerate discussions with potential partners to bring the technology to market in the U.S. and internationally.
Impact BioMedical Inc. focuses on discovering and patenting unique technologies in biopharmaceuticals and consumer healthcare. The company aims to develop these technologies into new products through various collaborations, including licensing and joint ventures.
This news is based on a press release statement and contains forward-looking statements that are subject to risks and uncertainties. These could affect the actual results or events projected, and readers are cautioned not to rely unduly on these forward-looking statements.
In other recent news, Impact BioMedical has announced the formation of a new executive leadership team. The team, which includes Frank D. Heuszel as CEO, Mark Suseck as COO, and Todd Macko as CFO, is anticipated to guide the company through a period of innovation and expansion. Heuszel, with a strong background in executive leadership, finance, and strategic planning, joined DSS, Inc., Impact BioMedical's parent company, in 2019. Suseck, who joined Impact BioMedical in August 2023, brings experience in company strategy, operations, licensing, acquisitions, and commercialization. Macko, with over 25 years of financial management experience, continues to serve as CFO of DSS Inc. while assuming the CFO responsibilities at Impact BioMedical. These recent developments are intended to position Impact BioMedical for sustained success in the healthcare sector.
InvestingPro Insights
As Impact BioMedical Inc. (OTC:IBO) secures a new patent for its innovative insect repellent technology, the company's financial health and market performance provide additional context for investors. According to InvestingPro data, Impact BioMedical currently has a market capitalization of approximately $28.63 million. Despite the promising developments in its technology portfolio, the company is not profitable over the last twelve months, which is reflected in its negative P/E ratio of -6.26, indicating that it has been operating at a loss.
The company's stock has recently been trading near its 52-week low, with the price at the previous close standing at $2.60. This decline in stock price is echoed by a one-week price total return of -8.33%, suggesting that investors may be cautious in their approach to the stock. Additionally, the InvestingPro Fair Value estimate for Impact BioMedical is $1.79, implying that the stock might currently be overvalued, as indicated by the company's RSI which suggests it is in overbought territory.
InvestingPro Tips highlight that Impact BioMedical suffers from weak gross profit margins and that its short-term obligations exceed its liquid assets, which could be of concern to potential investors. These financial challenges are important to consider alongside the company's technological advancements in the healthcare sector.
For those interested in a deeper analysis, InvestingPro offers additional tips on Impact BioMedical Inc., providing a more comprehensive view of the company's financial health and market performance. To explore further, visit InvestingPro for more details.
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