Radient Pharmaceuticals Corporation (PINK:RXPC) has made two announcements the last two days, and both times the price dropped.
On Monday, RXPC lost 44% of its value with 20.5 million shares traded, and yesterday it dropped another 16.67% to close at $0.021. This time the volume was even greater – 26.8 million shares.[BANNER
While the sharp declines happened on the days of the press releases, it’s not the main announcements that drove the price down, but rather the additional information disclosed as “Business Metrics”.
According to the information in the PRs, RXPC had approximately $720 thousand in cash, 198 million shares outstanding and 750 million shares to be authorized. All of these numbers are worse than the respective data in the 10-Q for Q2.
The announcements themselves, actually, concern the appointment of Leonard M. J. Reyno, M.D. to RXPC’s Board of Directors, and the sale and shipping of the first order of Onko-Sure® test kits to a distributor in Brazil.
The company may need to improve significantly its financial results in order to reverse the downtrend it is currently experiencing.
