Amarantus Bioscience, Inc. (OTC:AMBS) Crushed 50% in Two Days
After crashing over 27% on Wednesday, in yesterday’s session Amarantus Bioscience, Inc. (OTC:AMBS) caved in another 28% down to a close of $0.069 per share. Just a week ago the stock was trading at $0.15.
Over the last two and a half months AMBS went from under a cent per share to peaks of $0.15. The company kept putting out news and reports about various aspects of its flagship product, the MANF protein that aims to deal with Parkinson’s. As the news rolled out, the stock price kept climbing, propped by some minor pump efforts as well as the optimistic news.
However, in 2013 the stock teetered briefly on the edge, then started slipping back down to what may be a more realistic price for a company with next to no cash and a medical product in deep pre-clinical testing. As of the date of their latest quarterly report from September 2012, AMBS had the following:
- $580 in cash
- $4.6 million in current liabilities
- $564 thousand in quarterly net loss
AMBS approved an increase of authorized shares from 250 million to 1 billion in mid-November.
In addition to the current lack of funds, the company’s MANF protein is still in its rodent trial stages. Exciting as MANF’s indications may be, it’s probably worth keeping in mind that it’s far away from clinical trials on humans, much less commercial availability. The next stage of development, should AMBS find the cash to finance it, would be testing on primates.
With the stock price being steadily crushed on heavy selling days and investor message boards such as Investorhub already buzzing with discontented and worried users, it looks like AMBS is looking at some tough times ahead.
The $15 million in Series A financing quoted in the above article was misquoted from an older block of information left on the AMBS OneMed page. The information and the passage concerning the $15 million in financing has been removed from the web page and this article is being edited to fix any ambiguity.