Zenosense Inc (OTCMKTS:ZENO) is a micro-cap, tiny float penny stock that has just come back to life on everyone’s radar. The sense that some kind of big announcement is coming is palpable. ZENO stock has as much as quadrupled in the last few days. There doesn’t seem to be any obvious promotional activity out on the stock, so one must default toward a ramp in interest by “those in the know”, and we will likely see something come out to provide a narrative.
As far as the recent action, the stock has seen a bit more than 480% during the past month in terms of shareholder gains in the stock. ZENO has a track record that includes a number of dramatic bounces. In addition, the name has registered increased average transaction volume recently, with the past month seeing nearly 1800% above the average volume levels in play in this stock over the longer term. This should not be overlooked due to the tiny float size in the stock (of 7.1M shares). One is wise to respect the dynamic this may create — a restricted trading float and a jump in trading volume can crimp supply and push share prices higher.
Zenosense Inc (OTCMKTS:ZENO) promulgates itself as a company with a primary focus, through its joint venture ownership in MIDS Medical Ltd., on 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. 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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The only recent catalysts that we see here are a patent application and an 8K that seem to be related. This is certainly a good place to start hunting for the narrative.
First off, the company recently announced that MIDS Medical Limited, “our 40% owned joint venture based at Sci-Tech, Daresbury, UK has submitted a UK Intellectual Property Office patent application for an additional MIDS detection method.”
MML is focused on applying its MIDS technology into a rapid-test, cardiac event detection device, MIDS Cardiac. The first phase is intended to prove the MIDS technology platform as highly sensitive for the detection and quantitation of magnetic nanoparticles, the fundamental detection principle having been previously proved by the MML Scientists.
The following 8K noted a shift in the use of funds for those raised in the development budget, with the basic idea that capital efficiency was tracking better than expected:
MML, with the agreement of the Company, has been exploring a potential enhancement to the MIDS nanoparticle detection method and the development of a “Magnetic Bridge” detection technique, based on the MIDS technology. On January 18, 2017, MML submitted a patent application for this new detection method. This work is ongoing in accordance with a revised development schedule and the cash requirements during February and March have not yet been finalized.
Currently, the Company has a surplus of development cash on account and there is no immediate requirement for additional funding. Accordingly, the balance of the outstanding Phase 1 Payments has been amended by an additional amendment to be payable in the following amounts on these dates: (a) on or before March 15, 2017, a payment of $130,000; (b) on or before April 15, 2017, a payment of $152,500; and (d) on or before May 15, 2017, a payment of $75,000. MML has the right to draw down all or part of the earliest of any undrawn Phase 1 Payments in advance of the payment due date, with 14 days advance notice to the Company. All other provisions and terms of the MIDS Agreement and the aggregate amount of the Phase 1 Payments remain the same.
Now commanding a market cap of $18.5M, ZENO has virtually no cash on the books, which must be weighed relative to about $243K in total current liabilities. One should also note that debt has been growing over recent quarters. The company is pre-revenue at this point. We will update the story again soon as further details emerge. For continuing coverage on shares of $ZENO stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!