14.01% and the volume jumped over 16 million shares traded.Apparently, the promotion of the stock didn’t push up its price and Intellect Neurosciences published an optimistic press release to provoke the investors.
The announcement reported that the company has obtained an initial draft report of Phase 1b clinical trial for its lead Alzheimer’s candidate. The report stated that OXIGONTM was safe and well-tolerated at all dose levels tested, however, the final audited report concerning the secondary objectives of the trial was to be obtained in December.
Most probably, the missing final confirmation discouraged traders and despite all the efforts of Intellect Neurosciences, its stock couldn’t move up.[BANNER]
Intellect Neurosciences, Inc. is a biopharmaceutical company engaged in the discovery and development of disease-modifying therapeutic agents for the treatment and prevention of Alzheimer’s disease and other disorders.
About two weeks ago, Elliot Maza, President and CFO of the company, wrote a letter to ILNS’s shareholders concerning the internal monoclonal antibody programs and their clinical trials. However, he announced the company’s net loss, which is about 15 times higher than the net income for the same period in 2009.
The loss was incurred mostly by ILNS’s development and research trials on their new products, which made the company rely on promotions and potential partners’ support.
In the meantime, Intellect Neurosciences has generated no revenues so far, while its liabilities continue to increase and the stockholders’ equity decreases.
Despite the huge losses, the President and CFO of ILNS is still optimistic about eventual “substantial revenues from license fees, development milestone payments and sales based royalties”, as well as about the success of the new drug candidates.
Presently, ILNS stock keeps aiming the bottom and its future movement remains questionable.
