SEATTLE - Know Labs, Inc. (NYSE American: KNW), a company specializing in non-invasive medical diagnostic technology, announced the appointment of Chris Somogyi as President, International. Somogyi, with over 40 years of experience in innovation commercialization, will lead the Company's Skunkworks™ Program and oversee global patent licensing efforts.
Somogyi's expertise will be pivotal in leveraging Know Labs' intellectual property portfolio, which includes over 300 patents issued, pending, and in-process, spanning more than 100 medical and non-medical applications.
His role will involve collaborating with strategic partners and customers to promote the Know Labs continuous glucose monitor, KnowU™, particularly in regions with high diabetes incidence, such as Asia, Africa, South America, and the Middle East.
With a background in biomedical engineering and product innovation, Somogyi has a history of managing intellectual property, including at Stanford University, and has held roles at SRI International and Xerox (NASDAQ:XRX) PARC.
He has co-managed a $750 million global invention fund at Intellectual Ventures and partnered in technology funds in the U.S. and Japan. His educational credentials include a B.S. from Purdue, an M.S. from Tulane, and an MBA from the University of Washington.
Ron Erickson, CEO and Chairman of Know Labs, expressed enthusiasm for Somogyi's appointment, citing his track record in driving innovation and forming strategic partnerships as key to the company's expansion into global markets.
While Know Labs progresses towards FDA clearance for its non-invasive glucose monitoring technology, Somogyi will focus on generating revenue from the non-core applications of the company's platform technology.
Know Labs' technology utilizes spectroscopy to identify molecular signatures, allowing for non-invasive and real-time monitoring of analytes. The first application is anticipated to be a glucose monitor that will require FDA clearance before market introduction.
This article is based on a press release statement from Know Labs, Inc.
InvestingPro Insights
As Know Labs, Inc. (NYSE American: KNW) embarks on international expansion and pushes towards FDA clearance for its non-invasive glucose monitoring technology, the company's financial metrics and market performance also present a noteworthy picture.
InvestingPro data shows a market capitalization of $57.59 million, reflecting the company's current valuation in the market. Despite challenges outlined by InvestingPro Tips, such as quickly burning through cash and weak gross profit margins, the company has experienced a significant return over the last week, with a 16.37% increase in its stock price. This could signal investor confidence in the company's strategic moves, including the recent appointment of Chris Somogyi.
The stock's Price / Book ratio stands at a high 46.92 as of the last twelve months up to Q1 2024, which suggests that the market is valuing the company's assets quite richly relative to its book value. This could be attributed to the potential of Know Labs' intellectual property and its applications in non-invasive medical diagnostics.
Additionally, Know Labs has been noted for not paying a dividend to shareholders, a common characteristic of growth-focused companies that prefer to reinvest earnings back into the business. With a total of 11 InvestingPro Tips available, investors can gain more detailed insights by visiting https://www.investing.com/pro/KNW and using the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
InvestingPro Tips also highlight that analysts do not anticipate the company will be profitable this year, and the company has not been profitable over the last twelve months. This is crucial information for potential investors, as it provides context to the company's financial health and future outlook.
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