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Prospector
Profile
07.1209
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| Power3 Medical Products, Inc. |
NAICS |
541710 |
| 3400 Research Forest Drive, Suite B2-3
The Woodlands, TX 77381 |
Description |
Biotechnology |
| (281) 466-1600 |
Employees |
0 |
| http://www.power3medical.com/ |
Revenue |
(mil) |
0.3000 |
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Income |
(mil) |
-6.4150 |
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Assets |
(mil) |
0.4950 |
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Liability |
(mil) |
6.2640 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
Malone & Bailey PC states that conditions exists that create uncertainties as to Power3 Medical Products, Inc.'s ability to continue as a going concern. Power3 incurred net losses of $6,415,969 and $27,134,865 in fiscal 2006 and 2005, respectively, and has an accumulated deficit of $5,768,920 as of December 31, 2006.
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Intellectual Property:
During the year-ending December 31, 2006, Power3 filed 4 utility patent applications with the United States Patent and Trademark Office. The number of pending patent applications as of December 31, 2006 is 17. The Company applied on April 25, 2007 for a trademark utilizing the name BC-SeraPro, for its early detection Breast Cancer blood serum test currently under development. With respect to the Company’s biomarker discovery process, antibody detection system and breast cancer biomarkers, the Company has 2 provisional patents pending and 4 utility patents pending. In cooperation with Baylor College of Medicine, the Company has discovered 47 biomarkers for neurodegenerative diseases. To date, the Company has 7 provisional patent applications pending for the neurodegenerative biomarkers and assays using these biomarkers and has also converted 4 of those provisional patents into utility applications. In cooperation with the Leukemia Group at MD Anderson Cancer Center, the Company has joint ownership of 1 utility patent pending and 1 PCT international application in the area of drug resistance to chemotherapy in chronic myelogenous leukemia. The Company has also recently discovered a new biomarker for drug resistance in leukemia that exerts its effect on the drug target, which has been filed as a provisional patent application. The Company also has joint inventorship of a provisional patent application for biomarkers in gastrointestinal cancer with the University of Virginia. [SEC Filing 10-KSB 07-18-07]
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Description:
The Company engages in the early detection, monitoring, and targeting of diseases through the analysis of proteins.
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Officers:
Steven B. Rash (CEO & Dir.); John P. Burton (CFO); Ira L. Goldknopf (Dir.)
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Auditor:
Malone & Bailey PC
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Securities:
94,181,525 common shares outstanding as of June 30, 2007.
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