RenovaCare Inc (OTCMKTS:RCAR) Could Transform The Medical Industry

RenovaCare Inc (OTCMKTS:RCAR) finally has some good news. The firm was awarded a victory in its long-standing patent battle with Avita while also gaining approval for FDA for the use of its most recent innovation. From here on, the only way is up for the company.Here is the stock’s movement over the past year: RCAR Daily ChartCompany ProfileRenovaCare, Inc. was established in July 1983 with its head office located in New York. Its primary business is the development, research and acquisition and sale of cellular therapies for aesthetic and pharmaceutical purposes. Before this, the firm was engaged in the development and exploration of oil and gas properties as well as mineral exploration properties.Recent DevelopmentsVery recently, the firm announced it had once and for all been awarded a victory against Avita Medical its patent challenger, after a scheduled proceeding at the United States Patent Office.With the consideration that most of Avita’s points were grounded on timeworn technologies and claims which had so far already been examined and overruled, the patent office swiftly dismissed the challenge immediately and disapproved of the trial which Avita sought.Chief Executive Officer for RenovaCare Inc, Thomas Bold explained his pride at the high level of technology being produced by the firm for the many patients suffering from wounds and burns and need access to some of the most recent medical industry innovations.He added that similar to the case with Avita; the firm fully intends to defend all of its intellectual property all aggressively while still expanding its number of patents and prioritizing its objective of maximizing shareholder wealth.Presently, over 60 victims of critical second-degree burns have undergone treatment using the technology behind the RenovaCare SkinGun and its patents. Well researched case studies and results have been presented in multiple case studies, and data have been presented in multiple publications.Using just a mild spray of their own skin stem cells, patients have been discharged in only a couple of days, fully healed and having no more scars.Alternately, for patients who go through skin grafting, the presently more common treatment, they usually have to remain in the hospital for a number of weeks and possibly month while still undergoing multiple surgeries and continued therapy. Besides this, the patients still face the likely psychological trauma that arises from the scarring and disfigurement and has to survive with the continuing effects by using pain medications.Earlier in the month, the firm announced the positive results from its pre-submission meeting with the Food and Drug Administration concerning its CellMist and RenovaCare SkinGun System for spraying and isolating a victim’s stem cells to the burns to hasten the self-healing.Mr. Thomas Bold outlined that the very high level of dedication shown by the FDA team has been a source of encouragement for RenovaCare to make a formal submission to the FDA for authorization to use the CellMist and SkinGun systems for the treatment of the burn victims.Over the course of the meeting, the FDA made some suggestions which happen similar to the device-specific testing which the firm has effectively done. This phase is extremely important to the present study design along with the follow-on premarketing procedure.Very critically, the firm reached an agreement with the FDA on clinical risk reduction methods, which included protocol-specified guiding principles and researcher and patient education concerning spraying, processing, cell harvesting, and patient follow-up.The firm aimed for a response from the FDA concerning the proposed US regulatory pathway, planned non-clinical evaluations, clinical study protocols, and data requirements and has established that it will perform feasibility clinical studies set up in line with the response and guidance from the pre-submission meeting with the FDA.Financial PerformanceAccording to its statement of comprehensive income, the firm continued its trend of operating losses, recording a loss of $1.9 million, a rise of 37% compared to the past year. This was due to the increase in the firm’s expenditure on research & development to $0.3 million and selling and administrative expenses to $1.6 million. The lack of revenues generated according to the income statement shows that the firm is still in the growth phase. At the end of the year, the firm had a net loss of $2.1million continuing another trend of net losses.The firm is highly leveraged according to the balance sheet, having liabilities which are worth 1.5 times its equity. However, it has high liquidity of 1.23, assuring investors that there are available funds to pay off due obligations and fund its regular operations.ConclusionNews of Renova Inc’s victory is just what the market needs to revalidate the already high level of belief in the firm.We will be updating our subscribers as soon as we know more. For the latest updates on RCAR, sign up below!Disclosure: We have no position in RCAR and have not been compensated for this article.