LOS GATOS, CA - Tenon Medical, Inc. (NASDAQ:TNON), a medical device company specializing in the treatment of Sacroiliac Joint (SIJ) disorders, announced today the issuance of three new U.S. patents enhancing its Catamaran® SI Joint Fusion System. The patents, Nos. 12,115,075, 12,115,076, and 12,115,077, relate to prostheses for SI joint stabilization and methods for their use.
The first two patents, Nos. 12,115,075 and 12,115,076, are for "Sacroiliac Joint Stabilization Prostheses" and cover the company's advanced Catamaran® prostheses, which include unique drug delivery compositions. These compositions are designed to promote sealing and bone growth around the prostheses when implanted.
The third patent, No. 12,115,077, titled "Systems, Apparatus and Methods for Stabilizing Sacroiliac Joints," pertains to SI joint prostheses with novel structures that can correct failed SI joint stabilization without removing the previously implanted device.
Richard Ginn, Co-Founder and Chief Technology Officer of Tenon Medical, expressed satisfaction with the U.S. Patent and Trademark Office's (USPTO) recognition of their novel Catamaran® SI joint prostheses. He emphasized that these patents underscore Tenon's dedication to innovation and strengthen the company's competitive position in the industry.
The Catamaran SI Joint Fusion System, introduced nationally in October 2022, offers a less invasive approach to SI joint fusion using a single titanium implant. The system is designed to avoid critical neural and vascular structures while providing a strong fixation in the bone.
The addition of these three patents brings Tenon's total to twelve issued U.S. and international patents, with twenty-three pending patent applications. The company's growing patent portfolio reflects its commitment to advancing care for patients with SIJ disorders.
This announcement is based on a press release statement from Tenon Medical, Inc. and does not constitute an endorsement of the company or its products. The issuance of these patents represents a key development for Tenon Medical, Inc. as it continues to expand its presence in the medical device market for SI joint disorders.
In other recent news, Tenon Medical Inc. has reported a series of significant developments. The company has successfully regained Nasdaq compliance by raising approximately $9,634,000 through a series of equity financing transactions, effectively meeting the Nasdaq Capital Market's minimum stockholders' equity requirement. On the intellectual property front, Tenon Medical has secured three new patent allowances related to its sacroiliac joint stabilization technology, expanding its patent portfolio.
However, the company is currently facing potential delisting from Nasdaq due to not meeting the minimum publicly held shares requirement, with a plan to resolve the issue through a public offering of its common stock. In response to this, Tenon Medical has entered into a Securities Purchase Agreement for a private placement offering, selling shares of its Series B Preferred Stock and warrants totaling $550,000.
Additionally, Tenon Medical has appointed Kevin Williamson as the new Chief Financial Officer, succeeding Steve Van Dick. The company has also released promising interim results from its MAINSAIL study, suggesting that the Catamaran SI Joint Fusion System may offer significant improvements for patients with sacroiliac joint disorders. These are among the recent developments at Tenon Medical, Inc.
InvestingPro Insights
While Tenon Medical's recent patent acquisitions demonstrate its commitment to innovation in the Sacroiliac Joint (SIJ) disorders treatment space, the company's financial metrics reveal some challenges. According to InvestingPro data, Tenon Medical has a market capitalization of $1.73 million USD, reflecting its status as a small-cap company in the medical device sector.
Despite the company's technological advancements, InvestingPro Tips indicate that Tenon Medical is "quickly burning through cash" and is "not profitable over the last twelve months." This aligns with the company's operating income margin of -412.13% for the last twelve months as of Q2 2023, suggesting significant operational costs relative to revenue.
On a positive note, Tenon Medical's revenue growth stands at an impressive 103.01% for the same period, indicating strong market traction for its products, including the Catamaran SI Joint Fusion System. However, this growth comes with a caveat, as another InvestingPro Tip notes that "analysts do not anticipate the company will be profitable this year."
For investors considering Tenon Medical, it's worth noting that the stock "generally trades with high price volatility" and has "fallen significantly over the last year." This volatility may reflect both the potential of the company's innovative products and the financial challenges it faces.
InvestingPro offers 12 additional tips for Tenon Medical, providing a more comprehensive analysis for those interested in deeper insights into the company's financial health and market position.
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