Biocoral Inc announced that recently, the United States Patent and Trademark Office (USPTO) approved and granted a patent to Bio Holdings International Ltd., Biocoral Inc.'s wholly-owned subsidiary, for a method called "Coral block - bone cells" which induces osteoblast differentiation of human extramedullary adipose tissue cells.
Biocoral, the Company's primary product, a natural coral derived bone graft substitute, is widely used by numerous surgeons and practitioners because of its biocompatibility, resorbability, Osseo conduction and safety. These qualities will be enhanced by this newly developed tissue engineering technique covered by the recently issued patent that deals with mesenchymal cells. These cells are obtained from a superficial biopsy excised from the patient, and are in vitro introduced by means of a bone promoter into bone cells and directly in the core of a Biocoral block, giving rise to a hybrid bone auto graft, i.e., Coral block-bone cells.
Nasser Nassiri, the Chairman and Chief Executive Officer of Biocoral Inc commented, "This is the fruit of the Company's long term effort and collaboration over many years with accredited institutional laboratories and researchers. I further anticipate that our pending patent applications in a number of other countries worldwide will receive approval."
In addition, the Company believes that the range of clinical applications for the new patented method is wide open in the field of bone regeneration (orthopedics, oral and maxillofacial surgery) especially the treatment and prevention of bone fractures due to osteoporosis where the Company has developed and owns several patents.
The Company, together with its wholly owned subsidiaries, owns various patents on its technologies most of which have been granted and issued in the United States, Canada, Australia, Japan, and various European countries.
Furthermore, on December 24, 2002, the Company effectuated a 1 for 15 reverse split of their common stock. As of March 7, 2003, there are 11,297,574 shares of the Company's common stock outstanding after giving effect to the reverse split.