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FREDERICK, MD, Jan. 03, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- BioElectronics Corporation (OTC PINK:BIEL) is pleased to announce that the managers of the firm’s two largest lenders, Ibex LLC and St. John’s LLC, both of which are controlled by Whelan family members, have agreed to forgo interest due on their convertible debt notes for a third consecutive year, through the end of 2022. Kelly Whelan, President & CEO of BioElectronics, stated: “It is the goal of both the BioElectronics’ management team and the Whelan family to bring the Company to sustained profitability as quickly as possible, for the benefit of all shareholders. The Whelan family has collectively forfeited interest in excess of $1.5 million during 2020 and 2021 and will extend forbearance of interest through at least 2022.”
In other news, the Company has continued its engagements in basic and applied research. Three projects of note were started over the last six months. The first, which is viewed by the Company as basic research, was launched in the Summer of 2021 and aimed at achieving a new intended use (and in all likelihood develop a new medical device) based on our core capabilities in pulsed short-wave therapy (PSWT). The goal is to investigate whether PSWT can serve as a therapeutic intervention for psychological disorders such as depression and anxiety, through brain stimulation. Preliminary physiologic data indicated that it is possible to identify brain waves associated with anxiety, using cutting edge brainwave assessment technology (wireless electroencephalography). The Company is expanding the "brain stimulation project" by collaborating with Dr. Ken McLeod at Binghamton, with the aim of investigating whether PSWT can influence brain wave activity associated with anxiety. Dr. McLeod is a clinical/engineering research consultant to the Company and a world-renowned expert on bioelectromagnetics research.
The second research project involves determining the effectiveness of our 720 hours medical device to relieve pain and increase functionality in dogs suffering from arthritis. In the Fall of 2021, the Company partnered with a veterinary physiotherapy researcher located in the UK to conduct a study on 70 dogs that have been diagnosed with severe arthritis. In working out the details of the study, our research team of Dr. Sree Koneru, Dr. Ken McLeod and our Chairman, Dr. Richard Staelin, not only made numerous suggestions on how to improve the study protocol, but also came up with a new design modification for our current device – the intent is to increase the likelihood of providing significant pain relief for the treated dogs. The Company has finalized this new design and is working with our manufacturer to produce the needed 70 devices. With a slated start date in mid-January of 2022, the study is expected to be completed by late Spring of 2022.
The third project also involves an undertaking to determine the effectiveness of the device for a new intended use, i.e., pain reduction and/or improvement in healing rates of chronic wounds. The Company’s management is currently in discussions with a wound research group to conduct a study on whether the RecoveryRx medical device can provide pain relief to those who suffer with chronic lower limb venous ulcers. A venous leg ulcer is the most common type of leg ulcer, accounting for more than 90% of all cases. Venous leg ulcers can develop after a minor injury, where persistently high pressure in the veins of the legs has damaged the skin. While the name of this group cannot yet be disclosed, their team is recognized internationally for being at the forefront of wound healing research. Their large patient volume affords them the ability to conduct clinical trials quickly and efficiently, with more than 100 clinical trials conducted on growth factors, gene therapy, bioengineered skin products and novel pharmaceuticals. Their research efforts have produced more than 130 abstracts, 100 manuscripts and 900 presentations worldwide.
Finally, BioElectronics is actively seeking partners towards our goal of expanding our technology’s indications for use. Specifically, the goal is to put together a basic and applied research plan for various clinical disorders that are closely linked to the etiology behind many types of chronic pain, i.e. central sensitization. Some of these disorders include, but are not limited to, overactive bladder (about 33 million Americans have overactive bladder), vulvodynia (as many as 16 percent of women in the U.S. suffer from vulvodynia at some point in their lives), and other treatment-resistant conditions. These approaches are in line with our overall goal of continuing to invest in research and development.
Certain information set forth in this email contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects, and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.
These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.
Although forward-looking statements contained in this email are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements
Contact: Paul Knopick