SALT LAKE CITY - SINTX Technologies, Inc. (NASDAQ: SINT), a prominent player in ceramic manufacturing, has secured a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for a patent application concerning advanced ceramic biomaterials. The patent, numbered 17/634,141, relates to "Methods of Surface Functionalization of Zirconia-Toughened Alumina (OTC:AWCMY) with Silicon Nitride Ceramic" and is anticipated to be granted following standard administrative procedures.
This development is part of SINTX's ongoing efforts to enhance its intellectual property rights and reinforce its position in the medical device biomaterial manufacturing sector. The patent covers innovative methods for bonding silicon nitride or its mixtures with bioactive glass to zirconia-toughened alumina (ZTA) substrates. Such a process aims to bestow the biomedical advantages of silicon nitride, such as better osseointegration and bacterial resistance, onto the relatively inert ZTA materials.
Eric K. Olson, President, and CEO of SINTX, expressed that the patent allowance is a "significant milestone" for the company's patent portfolio and the development of its proprietary biomaterials. He underscored the company's dedication to creating advanced medical device platforms and commercial products that cater to customer needs and the broader market.
SINTX is recognized as the sole FDA-registered manufacturer of implantable silicon nitride. The company has expanded its product offerings to include a particulate form of silicon nitride that can be utilized in composites and coatings, potentially allowing for the enhancement of existing devices' functionality.
The company's strategic direction includes protecting similar technologies for applying silicon nitride to metallic and polymeric substrates, aiming to broaden the range of applications for its materials. The latest patent allowance contributes to a growing intellectual property portfolio that currently comprises 16 issued patents in the U.S., with an additional 84 pending worldwide.
SINTX Technologies specializes in the development and commercialization of advanced ceramics for medical and technical applications. The company has been implanting its products in humans since 2008 and operates manufacturing and R&D facilities in Utah and Maryland.
The information in this article is based on a press release statement from SINTX Technologies.
In other recent news, SINTX Technologies has announced significant cost-cutting measures, aiming to reduce operational expenses by over 50% and extend its cash runway into 2025. The company has raised capital through common stock sales and initiated discussions to reduce lease obligations. Eric K. Olson has been appointed as the new CEO and President, taking over from the retiring Dr. B. Sonny Bal. Gregg Honigblum has joined the Board of Directors as an advisor.
SINTX has also implemented a 1-for-200 reverse stock split to comply with Nasdaq's minimum bid price requirements, decreasing its outstanding shares from approximately 123 million to around 0.6 million. The company terminated its at-the-market equity offering with Maxim (NASDAQ:MXIM) Group LLC, expected to register sales for an aggregate offering price of $3,115,475.
Furthermore, SINTX has formed a partnership with Prodways Printers SAS to develop 3D printing processes for advanced technical ceramics. Despite Ascendiant Capital downgrading its price target for SINTX to $1.50 from $10.00, the firm maintains a Buy rating, indicating confidence in the company's growth potential. These are among the recent developments concerning SINTX Technologies.
InvestingPro Insights
As SINTX Technologies (NASDAQ: SINT) advances its intellectual property portfolio with a new patent allowance, the company's financial metrics and market performance provide additional context for investors. According to InvestingPro data, SINTX boasts a market capitalization of 2.11 million USD, reflecting its standing in the ceramic manufacturing sector. Despite the company's innovation, the stock exhibits signs of struggle, with an adjusted P/E ratio for the last twelve months as of Q2 2024 standing at -0.24, indicating that investors are concerned about profitability.
The company's revenue has shown impressive growth, with a 39.68% increase over the last twelve months as of Q2 2024. However, the firm's operating income margin during the same period was -353.26%, suggesting significant challenges in translating revenue into operational profitability. This is in line with one of the InvestingPro Tips, which highlights that analysts do not anticipate the company will be profitable this year. Furthermore, SINTX's stock has experienced a substantial decline, with a 1-week price total return of -19.2% and a 1-year price total return of -98.56%, indicating a period of considerable volatility and investor apprehension.
For interested investors, the InvestingPro platform offers additional insights with 15 more InvestingPro Tips available that can help gauge the company's financial health and future prospects. These tips include observations on cash burn, stock performance over various periods, and valuation metrics. For a deeper dive into SINTX Technologies' financials and market performance, visit https://www.investing.com/pro/SINT.
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