Blake Insomnia Therapeutics Inc (OTCMKTS:BKIT) Is Today's OTC Focus

Blake Therapeutics Inc (OTCMKTS:BKIT) is a new promo on the OTC Markets that is capturing investor attention. The promo was kicked off this week at $.91 a share on a surge in volume. There looks to be big money behind BKIT and this creates opportunity for investors that get in early. With BKIT now on our radar, we here at Insider Financial decided to take a deeper look and weigh the pros and cons of BKIT.Blake Insomnia Therapeutics Inc was incorporated in the State of Nevada on August 11, 2012 as Book It Local, Inc. to develop its online booking system to help consumers find and hire live entertainment for weddings, corporate events, private parties, night clubs, grand openings, and other events. On September 1, 2015, the Company changed its name to Blake Insomnia Therapeutics Inc. The Company is in the development stage with no revenues and a limited operating history.There hasn't been any news so far on the company and what we could find has come from the most recent 10-K. As of August 31, 2016, BKIT has issued 31,597,572 shares of common stock to various shareholders, in exchange for cash and services. Specifically, Mr. Morton Albrecthsen was issued 1,500,000 shares for his services as an advisor and 1,500,000 in exchange for $5,000. CEO Birger Jan Olsen, who is also the principal of Zleepax ApS, is currently working on the development of the Company’s new business plan. In exchange for the assignment of his patent for an over the counter sleep remedy, Zleepax ApS was issued 18,000,000.According to the company's website, "Zleepax is the first sleep aid with beta blockers as the major active agent. First generation beta blockers inhibited natural melatonin secretion and had a negative impact on sleep. Recent publications have shown that certain third-generation beta blockers actually improve quality of sleep for patients with mild hypertension. These third-generation beta blockers has been widely used to treat hypertension since the early 1990s, is well tolerated in chronic use, has an attractive side-effect profile, and should thus perform excellently applied as a sleep enhancer. Our patent application cover the use of beta blockers such as Nebivolol—alone or in combination with other anti-insomnia drugs—for the treatment of stress-related insomnia."Insomnia is a big market. It is said that 20% to 40% of all adults will suffer from insomnia in the course of a year. Over 70 million Americans suffer from sleep disorder. Of those, 60% have a chronic disorder and need medication to treat their symptoms. To combat this, Blake has filed patent application EP20080758258, covering the use of specific beta blockers, alone or in combination with other anti-insomnia drugs, for the treatment of stress-related insomnia.To accomplish its goals, Blake has its work cut out. The company right now is just a one man show consisting of founder and CEO Birger Jan Olsen. The company says that it "is currently transitioning from a lean startup organization into a more mature organizational form. Plans for 2016 include establishing a board of directors, appointing a science advisory board and hiring additional required staff."Currently trading with a market cap of $33.8 million, BKIT has just $4,783 in cash. The company needs to raise money to stay afloat and that will dilute current shareholders. While the company's long-term future does not look promising, there's opportunity in the short term on the back of the promo campaign. As long as promo dollars flow, BKIT's share price could move higher. With the promo campaign kicking off, look for news to start hitting the tape as the company updates its progress. As with all promo campaigns, we urge caution and to not get left holding the bag when the promo dollars run out. We will be updating our subscribers as soon as we know more. For the latest updates on BKIT, sign up below!Disclosure: We have no position in BKIT and have not been compensated for this article.