These days, Intellect Neurosciences, Inc. (OTC:ILNS) stock has done two attempts to quit the slashing roll down that started in May.
Yesterday, the oversold for more than a month ILNS stock rose 10.20%, but not only on the received Notice of Allowance from the Canadian Patent and Trademark Office for a new patent for OXIGON.
Like in the latest ILNS stock stir at the beginning of June, the volume traded exceeded extremely not only that from the previous trading session, but also the average volume traded. This time, the share price had an upward direction of move.
July was not a happy month for ILNS investors. A few days after the company’s presentation at OneMedForum 2010, ILNS stock price dropped down on a single day and on no news from the company.
Some stock alerts and some shorters’ interest did the price correction, which should have better been done earlier. More precisely, as the company announced its first quarter financial report in May.
ILNS reported a deficit of $44.41 million, accumulated during the development stage. The report pointed out that ILNS has total assets of more than $175 thousand, which were supposed to stand for more than $22 million in liabilities.
ILNS reported also that its Directors resigned, because of inadequate funds to renew the Directors and Officers Liability insurance coverage.[BANNER]
Although the company has sublet approximately 75% of its office space and has closed its research laboratory in Israel, the huge indebtedness still remains a problem, not approached by the company. As of yesterday, and after the above mentioned report, ILNS has no SEC filings in connection with that issue.
After all these facts, regardless of the press releases on the company’s product developments, the chart here shows that investor attitude towards ILNS stock does not really suggest an upward trend. Who knows, today’s trading session may be different.
