MyDx Inc (OTCMKTS:MYDX) shares advanced 4.76% to $0.00220 on Friday and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.85 so there’s a long way to go before the highs are tested. The company has a market cap of $1.69 million at 768.15 million shares outstanding.
Earlier in the month MyDx Inc published a letter to shareholders detailing its goals for the year. It started off by sharing that its primary goal was to bring quality control at the point of care to the more than 200 million cannabis consumers worldwide who could not consistently find a strain that works for them. It has since developed four sensors: OrganaDx, AquaDx, AeroDx, and CannaDx.
“Our goal remains to solve areas of critical national need, including the promotion of public safety and quality control in an industry that is coming out of prohibition. We look to leverage our chemical analysis products and crowdsourced data to hold all corporations accountable for the safety of the products they offer consumers every day,” the letter stated. “People need to be aware of just how harmful that can be, and we plan to increase that awareness in the years to come.”
MyDx Inc also noted that it is still in the beginning of the self-diagnostic movement for consumers. As such, they anticipate new versions of MyDx as chemical sensing technology is quickly evolving. The company also enumerated milestones it achieved last year, such as reducing operating cash burn by 83% year-over-year.
As for 2017, the company shared that it main objective at this time is to complete the restructuring of MyDx to clean up the balance sheet, recruit and incentivize key executives, managers and advisors, expand the science and technology team, and re-position the company to attract long term growth capital. In doing so, they can be able to increase market share in areas of critical national need with the CannaDx, OrganaDx, and AquaDx applications globally, launch MyDx 2 and AeroDx application, develop and integrate MyDx products into established Smart Home applications, and invest in MyDx next generation technology to create the most practical, reliable and affordable chemical analysis platform in the world.
“I am excited about the progress and the future of the company, and on a more personal note, I am grateful to our committed shareholder base for their patience and support. As a shareholder myself, I feel your pain every time I see that stock price fluctuate in the wrong direction, and share your joy when it goes green. That said, nothing worth creating comes easy, and we should all be very proud of the foundations and accomplishments we have helped achieve to date,” stated MyDx Inc CEO Daniel Yazbeck.
MyDx Inc is a science and technology company formerly known as Brista Corp. It develops and commercializes technology and devices to measure chemicals of interest in solid, liquid or gas samples.
Its MyDx product is a portable chemical sensor with a hand-held analyzer and associated mobile application. This MyDx device includes MyDx Analyzer and MyDx App. Its MyDx device with interchangeable sensors allows users to test for pesticides in food, fruits, herbs, plants and vegetables; chemicals in water, and toxins in the air using nanotechnology and measures chemicals. MyDx device has an interface designed to communicate through Bluetooth with associated mobile application, which is downloadable on IPhone operating system, Android or Windows smartphone. It also offers the CannaDx Sensor, which measures the levels of chemicals with interest in Cannabis, including Cannabinoids and Terpenes and the Total Canna Profile of the plant.