SINTX Technologies Stock More Than Doubles As Firm Receives Notice Of Allowance For Patent Application

Shares of ceramic manufacturer SINTX Technologies Inc (SINT) more than doubled on Monday, rising a whopping 114%, after the company notified that it has received a notice of allowance for a patent application.

SINTX said the patent covers novel methods of bonding bioactive silicon nitride or mixtures of silicon nitride and bioactive glass to zirconia-toughened alumina and similar material surfaces.  This invention is designed to impart silicon nitride’s beneficial biomedical properties to relatively biologically inert ZTA substrates.

The company said it has recently developed a particulate form of its silicon nitride that can be used in composites and coatings. 

The firm explained that when compounded with or applied to the surface of conventional inert biomaterials, silicon nitride’s improved “osseointegration" and resistance to bacterial colonization can be conferred to the resulting device. Another benefit of the coating method is that it allows for potential refinishing of existing devices to upgrade their functionality, it said.

Following the announcement, SINTX became the second-most trending ticker on Stocktwits with the sentiment meter flipping into the ‘bullish’ territory (60/100) from the ‘neutral’ zone. The move was accompanied by ‘high’ message volumes.

Last week, the firm announced the completion of the first series of strategic initiatives aimed at strengthening its financial position and enhancing its long-term growth prospects.

The firm raised additional capital through the sale of common stock under its at-the-market (ATM) offering. It cut down expenses such that it will result in an over 50% reduction in cash used in operating expenses, lowering expected future annual expenses by approximately $5.8 million.

The firm said it has also initiated discussions with its lessors, aiming to reduce its lease obligations by the end of 2024.

Despite the massive rally in the firm’s shares on Monday, the stock is still down over 92% since the beginning of the year. Bullish followers of the stock are expressing optimism on the latest development.

However, it is noteworthy that the stock has lost over 99% of its value in the last five years. Investors will also be watching out whether the firm manages to reap the benefits of its strategic initiatives to claw back some of its lost market capitalization.