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SUBSEQUENT EVENTS
12 Months Ended
May 31, 2019
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

9.    SUBSEQUENT EVENTS


Subsequent to May 31, 2019, 41,625 options to purchase the Company’s common stock were exercised at prices ranging from $0.82 to $1.04 per share.  Net cash proceeds to the Company were $33,528.


Subsequent to May 31, 2019, the Company sold 50,000 shares of its common stock at prices ranging from $2.33 to $2.34 under its S-3 Registration Statement which resulted in net cash proceeds to the Company of $112,609, after deducting commissions for each sale.


In April 2019, the United States Patent and Trademark Office issued a Notice of Allowance for our patent application 15/526,240 entitled “COMPOSITIONS, DEVICES AND METHODS OF IBS SENSITIVITY TESTING”. The patent specifically applies to Biomerica’s InFoods® IBS product, which is currently in a clinical study in the U.S.  This patent provides patent protection for InFoods® IBS in the United States until November 13, 2035. The actual patent was issued June 4, 2019.


The Company is in negotiations with MaxHealth (see “Contracts”) to extend their option to purchase up to 500,000 shares of Biomerica’s common stock as described above under “Contracts” for an additional ninety days.