AppYea Inc. (APYP) Stock Continues to Trend Higher: Here is Why
AppYea Inc. (APYP) is an innovative company involved with the development of wearable, accurate monitoring solutions for the purpose of treating snoring and sleep apnea. On Monday, the company’s subsidiary unit, SleepX, announced that it had been granted a patent by the United States Patent and Trademark Office. The patent had the title “Methods and Systems for Estimation of Obstructive Sleep Apnea Severity in Wake Subjects by Multiple Speech Analyses.”
The patent would apply up until November 2038 and provide SleepX with considerable coverage in the field of sleep apnea monitoring. Neil Kline, an independent board member of AppYea and the founder and former Chief Executive Officer of the American Sleep Association, spoke about the development as well. He noted that in excess of 80% of those who suffer from the sleep apnea condition remain undiagnosed. However, awareness regarding the condition was rising since there was a significant link between sleep apnea and conditions like heart disease, diabetes, and stroke, among others.
The Chairman of AppYea, Boris Molchadsky, also made a statement with regard to the award of the patent. He noted that the novel technology that the company had developed would allow for efficient and easy diagnosis of sleep apnea through the use of a smartphone. Hence, it would ensure that the need for hospital stays would be eliminated completely and thereby lead to considerable savings for customers.
The health technology company had been in the news on August 3 after it announced that it had recently inked an equity financing transaction with a consortium of strategic investors. It was a significant announcement from the company since the fresh funding was going to help the company launch its DreamIT biofeedback snoring treatment wristband commercially.
The wristband is supposed to be used in conjunction with the SleepX app. However, that was not all that the financing was going to be deployed towards. The company announced at the time that some of the financing would also go towards supporting more regulatory activities in relation to the DreamIT PRO wristband and the SleepX PRO app, both of which are necessary for the treatment of sleep apnea.
In connection with the above-mentioned transaction, the investors had made plans to pick up all the outstanding notes of the company from the previous note holders. Eventually, the maturity periods of the notes were going to be extended significantly, and the conversion price was going to be turned into a fixed one.
The company had a discounted variable rate mechanism in place with the previous note holders. The new note holders also reached an agreement not to covert any of the notes until they bought up the prior ones. However, the company did note at the time that the majority of the prior notes had already been purchased by investors. The total investment made by these investors would reach $4 million. That would include the equity investment as well as the repurchase of preferred shares and outstanding notes.
