Biotech to bitcoin: Castle Rock’s Bioptix starts over with concentrate on cryptocurrency

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Bioptix Inc., till just recently a maker of diagnostic machinery for the biotech industry, is jumping on the digital-currencies bandwagon.The Castle Rock-based company is altering its name to Riot Blockchain Inc. as it moves its focus to buying up cryptocurrency and blockchain companies. Its very first relocation under the new name is a financial investment in Coinsquare Ltd., a Canadian exchange for trading digital tokens.The penny stock almost doubled in value in the days leading up to the

company’s announcement Wednesday. After Riot formally unveiled the reversal, the shares extended their rally, getting as much as 17 percent to $9.50, the greatest intraday level considering that January 2015. Other business have actually proven that a move into the cryptocurrency area is typically rewarded by investors, a minimum of initially, as the huge boost in the worth of digital tokens like bitcoin has actually tempted everyone from huge banks to startups. Inc. shares rallied after the online seller said it was starting a digital-coin exchange.Shares of MGT Capital Investments Inc., the cybersecurity company with ties to controversial anti-virus software developer John McAfee, skyrocketed

after the company announced a move into bitcoin mining, though the stock has given that pared its gains.Formerly known as Venaxis Inc., and before that, AspenBio Pharma, the business had developed a blood test to spot a protein connected with inflammation of the appendix, however received a unfavorable reaction from the FDA in 2014, the business stated. It likewise owns copyright rights related to veterinary products.In January, 3 Bioptix board members resigned, including former Colorado Lt. Gov. Gail Schoettler.Bioptix purchased out BiOptix Diagnostics Inc. in 2016, which wasn’t the finest relocation, according to Chief Executive Officer Michael Beeghley, who said the company wasn’t in a big enough market and noted its considerable money burn.”When I got on the board, they had actually made an acquisition that we chose as a board did not make good sense, so we closed that down and then decided to alter our focus, “he stated Tuesday in a phone interview. “We looked at the sector and stated, ‘How can we take part in this, and how can our shareholders get involved in this very exciting industry that resembles the beginning of the internet?”The business is paying a few million dollars for about a 12 percent interest in Coinsquare, and has warrants to increase its stake to 20 percent, Beeghley stated. Next, the CEO is aiming to purchase business focused on bitcoin mining, blockchain and security software application. He prepares to money the handle a mix of cash on hand and stock.”We have actually had a great deal of success taking business where we have shut down operations and determining brand-new sectors to invest,”said Beeghley, who ended up being CEO of Bioptix in April. “The most current is Polarity– ticker sign COOL– which we took public

in March.”Bioptix has currently shuttered operations, and is offering its staying patents and copyright to a personal company in the diagnostics market. It will receive an in advance payment as well as a royalty stream that will likely be as much as about$2.5 million, Beeghley said. Bioptix prepares to change its ticker symbol to RIOT.