Much to the delight of its shareholders, the MyFiziq Ltd (ASX: MYQ) share price rocketed 44% higher to an all-time high of 44 cents on Thursday.
By the market close the body contour and image tracking technology company's shares had dropped back a touch, finishing the day 41% higher at 43 cents.
What happened?
This morning MyFiziq provided the market with an update on its patent application.
According to the release, the company has been granted an Australian patent for its unique technology. Management believes this is an important step in securing its position in the global market place.
What is the technology?
MyFiziq's technology allows users to create an avatar through a digital device, which in turn delivers the user's dimensions by using 14,000 data points. Users can then use their mobile phone to track personal progress towards their health goals over time.
The company believes this creates a comprehensive approach to measuring, tracking, and seeing changes to your body shape and dimension over time without the need for measuring tape.
The MyFiziq share price has now risen over 400% since this time last month.
