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by Stockwatch Business Reporter

The TSX Venture Exchange fell 7.89 points to 563.42 Tuesday. Edward Ierfino's capital pool shell, Ovid Capital Ventures Inc. (OCA), has closed its qualifying transaction by acquiring BIOflex Medical Magnetics Inc. from iTech Medical Inc. (IMSU: $0.01099), a medical instrument company that trades -- albeit rarely, last on June 4 -- on the mighty OTC Pink.

The shell paid $60,000 and issued 17,225,000 shares to a wholly owned subsidiary of iTech Medical, after which Ovid changed its name to BIOflex Technologies Inc. It will resume trading Wednesday under the ticker symbol BFT. BIOflex Technologies sells magnets for pain relief. Magnetic therapy is not considered mainstream medicine and the U.S. Food and Drug Administration does not recognize magnetic devices for relief of pain. The U.S. National Institute of Health, however, classifies magnetic therapy as complementary and integrative medicine; other types of complementary and integrative medicine include acupuncture, chiropractic medicine and homeopathy. BIOflex claims magnets for pain are big business, stating "current estimates put the worldwide sales of magnets for the treatment of pain at $1.5-billion annually, including $500-million in the U.S. alone." For the nearly unbelievable figure of $1.5-billion, the company cites an undated article posted on a website, orthopodsurgeon.com, as its source. If indeed the magnets for pain market is that large, BIOflex has had a tough time attracting its share of the market with its line of 20-plus products including shin support, elbow support, face mask, eye mask, mattress overlay etc. In its fiscal year ended Aug. 31, 2014, the company lost $164,040 (U.S.) on revenue of $125,232 (U.S.).

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