If there is anything that might lure investors into buying shares of Intellect Neurosciences, Inc. (PINK:ILNS) during the upcoming session, it is ILNS’s performance for the last two days.
Yesterday, ILNS made a giant leap soaring by 40%. As a result, ILNS closed at $0.14 per share, marking its best score since May 16. The volume, on the other hand, cracked the 1.25 million mark, which turned out to be the highest volume of ILNS stock generated since the reverse 1-for-50 stock split on Apr. 12, 2011. Prior to yesterday’s session, ILNS went up another 25% on Wednesday, climbing up to $0.10 per share.
What seems particularly interesting is the fact that ILNS started going up after the company submitted a notification of late filing with regard to its 10-K report for the period ended Jun. 30, 2011. So, instead of shedding light on ILNS’s current financial state, the company’s representatives have delayed the publication of the report.
As if to make up for this act, ILNS managers issued a brand-new press release earlier today. As it is, ILNS signed a license agreement with ViroPharma Incorporated (Nasdaq:VPHM) covering some of ILNS’s patents for its proprietary drug candidate OX1. Once it has gone through all clinical trials, OX1 will be expected to protect nerve cells from oxidizing neurotoxins. According to the agreement, VPHM will develop the OX1 by widening its area of application. Last but not least, ILNS will get $6.5 million in the form of an up-front licensing fee.
ILNS finished the first calendar quarter of 2011 with:
- $500K in cash;
- working capital deficit in excess of $28 million, most of which induced by derivative instruments;
- a quarterly net loss of $8.35 million.
