Implant Sciences gets trace detection patent, posts Q3 earnings

Implant Sciences Corp. (OTCQB:IMSC) said it has been issued patent number 8,173,959 from the U.S. Patent and Trademark Office, its thirteenth of the year.
The latest patent focuses on the real-time detection, identification and analysis of trace amounts of narcotics, explosives and chemical agents.
Implant, a high-tech supplier of systems and sensors for homeland security and defense markets, said that the patent, "Real-Time Trace Detection by High Field and Low Field Ion Mobility and Mass Spectrometry," covers a method for a hyphenated trace detection using a combination of ion mobility spectrometry, differential mobility spectrometry, and mass spectrometry.
"We believe the technology described in this patent will define the next generation of trace detection equipment," Implant Sciences' VP of Technology Todd Silvestri said.
"Systems incorporating this invention will be able to detect a wider range of threats with greater accuracy and fewer false alarms while maintaining the advantages of IMS throughput."
Implant's chief operating officer, Dr. Bill McGann, added: "Mass Spectrometry has been a promising technology in trace detection for more than a decade.
"The time for implementation is now, and the benefits for expanding the range of detection will greatly enhance global security. Turning credible science into practical technology through innovation is a cornerstone of the Implant Sciences global strategy."
Earlier this month, the company was featured on CorporateProfile.com for its explosives trace detector devices, which one micro-cap investor believes could have stopped the would-be-underwear-bomber-turned-CIA informant.
It was reported in early May that the would-be suicide bomber dispatched by the Yemen branch of al-Qaeda last month to blow up a U.S.-bound airliner was actually an agent who infiltrated the terrorist group and volunteered for the suicide mission, U.S. and foreign officials said.
Microcap investor Joe Salvani said he believes Implant’s devices could have caught the underwear bomber before he got on the plane.
Implant has two devices currently, a handheld explosives trace detector called the Quantum Sniffer QS-H150, and the Quantum Sniffer QS-B220.
Separately, Implant released Thursday earnings for the fiscal third quarter that ended March 31.
Revenues for the quarter decreased 7 percent to $0.7 million. Net loss for the quarter was $3.9 million, compared with a net loss of $0.6 million a year earlier.
"During the past three quarters, Implant Sciences has achieved a number of strategic goals that we believe position the company for long term growth, and we remain excited about our future prospects," Implant Sciences' president and CEO Glenn D. Bolduc.
"However, we are disappointed by our current financial performance. We are seeing increased activity in the markets we serve, but also a delay in procurement decisions as projects are deferred or temporarily put on hold.
"We have taken a number of steps to broaden the markets we serve in order to increase our distribution and diversify our revenue opportunities, and have announced significant additions to our senior management team."
Leveraging its patented technology, Implant Sciences’ Quantum Sniffer QS-H150 handheld explosives trace detector is in use throughout the world. Implant Sciences also manufactures and sells the Quantum Sniffer QS-B220 bench-top which, with its small footprint, is well-suited for crowded security checkpoints, whether for passengers, baggage, or air cargo.
The company's QS-H150 portable explosives trace detector has received Qualified Anti-Terrorism Technology Designation and the company's QS-B220 bench-top explosives and narcotics trace detector has received a Developmental Testing & Evaluation Designation by the U.S. Department of Homeland Security.
Homeland Security Research Corporation estimates that the global explosives trace detection market including equipment, services, and supplies will to grow to approximately $1 billion by 2015.