VANCOUVER, British Columbia and LOS ANGELES, CA - Femto Technologies Inc., the FemTech innovator previously known as BYND Cannasoft Enterprises Inc. (NASDAQ:BCAN), announced a strategic move to partner with an FDA-registered facility to manufacture its 510(k) medical lubricants, integral to its flagship product poised for U.S. launch. Femto's collaboration aims to elevate its product to a medical device with FDA 510(k) approval, a classification that ensures a device is safe and effective by comparing it to existing market counterparts.
The company is preparing to submit the necessary documentation for FDA approval. Yftah Ben Yaackov, CEO of Femto, stated, "We have identified an outstanding professional FDA-approved partner that aligns with Femto's innovative DNA and vision to enhance women's wellness globally." He emphasized the commitment to meeting high safety and efficacy standards, positioning their products to offer "unparalleled value to our customers."
The selected production facility also boasts certifications from the International Compliance Association, the California Department of Public Health, Women Business Enterprise, and CCOF Organic certification, signaling a comprehensive approach to quality and regulatory compliance.
Femto Technologies has rapidly gained recognition in the FemTech sector, focusing on women's health and wellness needs through innovative solutions. The company's flagship product promises advanced technology, user-centric design, and holistic wellness support.
Femto, based in British Columbia with operations in Israel, continues to market its proprietary "Benefit CRM" software, aiding small to medium-sized businesses in various operational functions. Additionally, Femto owns the patent-pending intellectual property for the EZ-G device, a therapeutic device designed to deliver low concentrations of CBD oil and other natural oils for potential treatment of women's health issues. The EZ-G device, which includes a sex toy function with advanced sensory technology, is still in development and awaits regulatory approvals.
This announcement is based on a press release statement and reflects the company's current intentions. However, as with all forward-looking statements, there is no guarantee that the plans will be realized, and actual results may vary. Shareholders are advised not to place undue reliance on these forward-looking statements, which are subject to risks and uncertainties.
InvestingPro Insights
As Femto Technologies Inc. (formerly BYND Cannasoft Enterprises Inc., NASDAQ: BCAN) embarks on a strategic partnership to manufacture FDA 510(k) medical lubricants, it's essential to consider the company's financial health and market performance. With a market capitalization of $5.53 million, Femto Technologies is navigating the competitive FemTech landscape with an eye on innovation and regulatory compliance.
An InvestingPro Tip highlights that while BCAN holds more cash than debt on its balance sheet, the company is also quickly burning through cash, which is a critical factor to watch as it invests in manufacturing and seeks FDA approval for its products. Additionally, BCAN's stock price has seen significant declines, with a 1-year total return plummeting by 99.77%, underscoring the volatility and risk associated with the company's shares.
InvestingPro Data further reveals a challenging financial picture, with a negative P/E ratio of -0.04, indicating that the company is not currently profitable. The revenue for the last twelve months as of Q2 2024 stands at $0.82 million, with a gross profit margin of 17.2%, which reflects the company's weak gross profit margins as noted in another InvestingPro Tip.
For investors and shareholders assessing BCAN's potential, there are currently 13 additional InvestingPro Tips available, which provide deeper insights into the company's financial health and market performance. This information may be crucial for making informed decisions about the company's future in the fast-evolving FemTech industry.
It's worth noting that despite the company's challenges, Femto Technologies is valued at a low revenue valuation multiple and has liquid assets that exceed short-term obligations, suggesting some financial resilience. As Femto continues to innovate and pursue FDA approval, these financial metrics and InvestingPro Tips can offer a broader perspective on the company's strategic moves and market position.
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