stock soared 14.29% on the market and its traded volume reached over 247 thousand.Most probably the gain was due to yesterday’s news by Accentia, which reported that the company has entered into an agreement with Baxter Healthcare Corporation to provide ABPI with the worldwide right to purchase Baxter’s Cyclophosphamide for treatmenting designated autoimmune diseases and multiple sclerosis. The President of Accentia, Mr. Samuel S. Duffey, stated that they considered the agreement as “highly strategic to Accentia’s plans for the development and commercialization of Revimmune” and their mission was to establish it as “a new standard-of-care treatment for patients suffering from autoimmune diseases”.
As soon as the positive plans were reported, traders got interested in ABPI and it started to climb up.[BANNER]
Another interesting fact about Accentia is that according to the otcmarkets website a few days ago the company’s President, together with its CFO and CEO, acquired certain amount of ABPI common stock. The same happened with other members of Accentia’s Board of Directors in August this year. However, no one can be sure about the actual purpose of the investment.
Accentia Biopharmaceuticals, Inc. is a biotechnology company that is developing Revimmune as a system of care for the treatment of multiple sclerosis and other human autoimmune diseases. The company operates through its majority owned subsidiary Biovest International, Inc.
Historical records show that in end-October ABPI stock price reached $1.50 per share due to the company’s reorganization plan, however, since then the price has moved down.
According to its financial report, Accentia’s revenues have increased, though it still has to cover its operating loss. The most impressive fact here is that the company’s liabilities are approximately 19 times higher than its total assets, while the stockholders’ equity has decreased.
Based on these results, Accentia’s team should either search for additional financial support, or find a way to get profitable.
