SEATTLE - Know Labs, Inc. (NYSE American: KNW), a developer of non-invasive diagnostic technology, has announced the appointment of two key executives to its leadership team. John Cronin has been named Interim Chief Technology Officer, and Dominic Klyve, Ph.D., joins as Chief Science Officer. Their roles are crucial for advancing the company's technology platform and securing strategic partnerships in the medical technology and pharmaceutical sectors.
Cronin, also a member of Know Labs' Board of Directors, brings a wealth of experience from his tenure at IBM (NYSE:IBM) and as founder and CEO of ipCapital Group, Inc. He holds around 1800 patents and applications globally and has been instrumental in expanding Know Labs' patent portfolio. As Interim CTO, Cronin will guide product development and technology strategy, including the exploration of new applications for the company's sensor platform.
Dr. Klyve, transitioning from a consulting role to full-time Chief Science Officer, will spearhead the research and development team's efforts to create the first non-invasive glucose monitor. With over 80 peer-reviewed publications and substantial grant experience, Klyve's expertise is expected to be pivotal for Know Labs' scientific advancement.
Know Labs' technology utilizes spectroscopy to identify molecular signatures and is anticipated to revolutionize the way analytes are monitored, offering non-invasive alternatives to traditional lab tests. The company's primary focus is on developing a non-invasive glucose monitoring product, which is pending U.S. Food and Drug Administration clearance.
The company's forward-looking statements, as part of the announcement, underline its intentions for growth and product performance but also acknowledge the risks and uncertainties inherent in such developments. These statements are not guarantees of future performance and are subject to factors beyond the company's control.
This strategic bolstering of Know Labs' executive team aims to drive technological innovation and market introduction of its non-invasive diagnostic solutions, potentially impacting the med tech landscape significantly. The information for this report is based on a press release statement from Know Labs, Inc.
In other recent news, Know Labs, Inc. has encountered a series of significant developments. The company reported a Q3 net loss of $4.1 million for fiscal year 2024, a slight improvement from the previous year, and a decrease in research and development expenses. In a recent financing round, Know Labs successfully raised $1.655 million, planning to use these funds for various corporate purposes, including product development and intellectual property.
Know Labs has been notified of non-compliance with NYSE American continued listing standards due to reported losses over recent fiscal years. The company is required to submit a compliance plan by October 27, 2024, outlining how it plans to meet the exchange's listing standards by March 27, 2026.
Other recent developments include changes in the company's board of directors, with Timothy Londergan stepping down and Ichiro Takesako filling the vacancy in the Audit Committee. Know Labs is making progress with its non-invasive glucose monitor, KnowU, currently in clinical trials and awaiting FDA clearance.
The company is also actively pursuing intellectual property monetization and patent licensing, having identified over 600 proprietary elements for its platform technology. Despite reporting negative shareholder equity for the quarter, Know Labs has completed a capital raise and is taking measures to improve this. Boustead Securities, LLC and The Benchmark Company, LLC, the advisors in the recent transaction, have been granted a right of first refusal for future equity offerings by Know Labs. These are recent developments, reflecting Know Labs' ongoing efforts to manage its financial challenges while working towards enhancing shareholder value and corporate visibility.
InvestingPro Insights
As Know Labs, Inc. (NYSE American: KNW) strengthens its leadership team to advance its non-invasive diagnostic technology, investors should be aware of some critical financial metrics and market trends highlighted by InvestingPro.
The company's market capitalization stands at a modest $20.67 million, reflecting its current developmental stage. This aligns with the article's emphasis on Know Labs' focus on innovation and future product development, particularly in non-invasive glucose monitoring.
InvestingPro Tips reveal that Know Labs is "quickly burning through cash" and "suffers from weak gross profit margins." These factors underscore the importance of the new executive appointments, as John Cronin and Dr. Dominic Klyve will need to guide the company towards more efficient resource utilization and potential revenue generation.
The stock's recent performance has been challenging, with InvestingPro Data showing a 52.67% price decline over the past three months. This volatility is not uncommon for early-stage medical technology companies and may reflect market uncertainty about the timeline for FDA clearance mentioned in the article.
Investors considering Know Labs should note that InvestingPro offers 11 additional tips for a more comprehensive analysis of the company's prospects. These insights could be valuable in assessing the potential impact of the new leadership on Know Labs' future performance and market position in the competitive med tech sector.
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