Shares of bioMETRX, Inc. (OTCBB: BMRX) jumped up more than 10 percent today after releasing news about a new patent. In late trading, BMRX was up 9 cents to 95 cents per share on volume of more than 151,000 shares.
BMRX announced that it has acquired a patent that covers the adaptation and use of biometrics to secure portable locks.
The company believes that this patent is valuable in the portable lock market. For many years, consumers have been using portable locks, such as padlocks and combination locks, to secure personal belongings in lockers and storage cabinets. These traditional locks have been effective. This patent allows BMRX to exclusively improve current mechanical padlocks and combination locks using biometrics, providing users the ability to open portable locks without the need to remember combination codes or carry metal keys.
“The acquisition of this patent confirms the continued commitment of this company to build our intellectual property portfolio as we identify and develop new products for consumers and their busy lifestyles,” noted Mark Basile, CEO of BMRX, in a statement. “Through our growing Patent portfolio, we strengthen our ability to protect our innovative products from competition as we continue to establish smartTOUCH as the trusted brand in biometric products for the consumer.”
The size and scope of the padlock and combination lock market is massive, with an estimated 40 million locks sold totaling in excess of $600 million in the U.S. alone, according to the company. BMRX expects to work with its current partners to bring a version of a finger activated padlock to market in 2008.
The company’s first product, the Master Lock smartTOUCH garage door opener is scheduled to ship to retailers in a few weeks.
BMRX, through its subsidiaries, engages in the design, development, engineering and marketing of biometrics-based products for the consumer home security, consumer electronics, medical records and medical products markets in the U.S. The company’s product line includes biometrically enabled residential locks, central station alarm keypads, thermostats, garage/gate openers, medical crash carts, and industrial medicine cabinets under the trade name smartTOUCH.