Already a hot item over the past couple of weeks - thanks to some releases of essential information that are solid indicators that Implant Sciences (IMSC) is ready to take its game to the next level - Implant is certainly an even hotter item on Wednesday as shares traded up by seven percent on volume that approached 400,000 - all before the clock ticked 11 AM.
The notable share price run and volume influx came on news that the company has added the services of another key player in the industry. Earlier this week the addition of Todd Swearingen, a former Senior Advisor to the TSA Administrator, to the Implant team was noted as a key move, and on Wednesday another former TSA big shot, Mo McGowan, was added as an advisor.
McGowan was hired through the international security and intelligence consulting firm, Command Consulting Group, and according to a Wednesday press release Mr. McGowan, "will provide national security expertise to advance Implant Sciences and its explosives and drugs trace detectors in the United States market. He will focus on three main segments -- military, homeland defense and security, and federal government security screening."
This move is another nice indicator that Implant is preparing for a significant influx of orders and also might be expecting a positive approval decision by the TSA in late August. Such a decision would allow agencies to stock up on Implant's Quantum Sniffer products in time to meet the TSA's deadline for having 100% of all air cargo destined for passenger airliners screened.
With the recent extremely positive news flow and an already-established foothold in the international market, investors are paying keen attention to Implant right now. Volume has been trickling in, but the flood gates opened on Wednesday and the days of buying in for what might be considered 'bargain basement' prices may be wearing thin.
Volume was nearly four times the daily norm by noon on Wednesday.
Commenting on his addition to a team that is ready to usher in the next generation of homeland defense, Mr. McGowan said this:
"Implant Sciences' products are an important part of the answer to numerous security challenges facing the United States. The ability to rapidly deploy systems in response to a security need provides opportunities both in homeland security and for our troops abroad. I'm looking forward to helping the Company get its innovative technology into the hands of key frontline security operators."
To me, that sounds like a plan of action.
Disclosure: Long IMSC.