Bio-Matrix Scientific Group, Inc. (OTCMKTS:BMSN) Drops After Pumps
It’s been a month with no stock pumps for Bio-Matrix Scientific Group, Inc. (OTCMKTS:BMSN). Obviously, that was long enough for pumpers who launched a new round of touts this week. Just like with the previous rounds, the stock clawed up the chart for a while, then slipped back down.
In 2013 alone there have been four distinct waves of stock promotions targeting BMSN – one in January, one in mid-February, one in early April and lastly the round of touts sent this week. Each new promotional push has had the usual effect pumps have on stock price – a climb followed by a dip to a level lower than the pre-pump price. BMSN closed the last session almost 14% down after another brief run.
Usually the pumps are timed along with a press release by the company and the last batch of touts was no exception. The May 6 release by BMSN was mostly a recap of things that took place months ago, as well as an outline of the future plans of the company and the steps it intends to take.
What steps BMSN has already taken have not led it too far up the road to success. The company’s most current financial report is a quarterly for the period ended December 2012 and it contains the following figures:
- $815 in cash
- $1.8 million in current liabilities
- zero revenues since inception
- $596 thousand in quarterly net loss
We fully realize how difficult it may be to launch a successful biotech company, but BMSN has been trying to make it in this sector for quite some time and the results are underwhelming. The company is next to cashless and traders should be able to imagine how its future needs will be financed. BMSN is not shy when it comes to issuing common stock, after all they already have 1.75 billion shares issued and outstanding, what difference will be another 30 million registered under an employee and consultant compensation plan filed last Friday.
Bird Gang Stocks, the small promoter who sent the last tout for BMSN so far previously offered other failing picks. One example is a late April pump for Mineral Rite Corporation (OTCMKTS:RITE) that came at an awkward time and sent the stock price tumbling down over the following sessions, burning everyone who bought on the pump.