Bionoid Pharma Inc. (OTC:BINP) Stock Consolidates After Recent Fall

The trading week may be coming to a close today, but investors are still going to be on the lookout for stocks to track and study. There are many such stocks at this point, and one of them is Bionoid Pharma Inc. (OTC:BINP). The company had been in the news on Thursday after it announced that it had been successful in inking an exclusive licensing agreement with the accomplished technology company Global Alerts Corp.

Global Alerts is involved in the development and global deployment of advanced emergency alert systems. The company revealed yesterday that the crux of the agreement was the exclusive worldwide license owned by Bionoid Pharma to distribute and market the Universal Public Service Emergency Notification (“UPSEN”) Cell Broadcasting System. The system is generally regarded as the top-of-the line completely automated cell broadcasting technology. In the news release, the company noted that various natural disasters affected 185 million people in 2022 and resulted in economic damage in excess of $223 billion. However, such a number could be significantly reduced.

The United Nations’ Early Warning Initiative’s executive action plan called for each person across the globe “to be protected by early warning systems by 2027”. The Chief Executive Officer of Bionoid Pharma, Wayne Cockburn, spoke about the development as well. He noted that there was a shortage of mass notification systems of significant efficiency, and 80% of the worldwide population remained without such service.

He stated that Bionoid could be responsible for providing nations with the power to set up robust and efficient early warning systems for providing alerts at the time of natural calamities. In the news release from the company it was also noted that the worldwide mass notification systems market in the middle of a growth surge. It was revealed that it was on track to grow from $19.3 billion in 2023 to $49.5 billion in 2028, which would reflect a considerable CAGR of as much as 20.7%.

The company made another key announcement on August 24, 2023, when it revealed that an extension of the effective period for the letter of intent had been signed pertaining to the acquisition of Global Alerts Corp. Bionoid Pharma also revealed that there were exclusivity options in place related to the letter of intent as well. The company noted that the letter of intent had been slated to expire on August 16, 2023, but it had been extended to the date of execution of the definitive agreement or November 14, 2023, whichever is earlier.

The company went on to note that the extension would also help facilitate a much more detailed due diligence process between the two entities. Cockburn noted at the time that the extension was a major development since it demonstrated that the visions of the two companies were in alignment. He went on to note that there had been no other amendments to the letter of intent. The news about the potential acquisition first surfaced in a new release from Bionoid Pharma on March 22, 2023.

Related Posts

About The Author