IMMUNE THERAPEUTICS INC FLA (OTCMKTS:IMUN) Down in Double Digits
Following an unsustainable climb that tripled the company’s share price within just over a week, Immune Therapeutics Inc (OTCMKTS:IMUN) came to a grinding stop, then reversed in the red yesterday. The stock slipped 16%, stopping at $0.25 per share flat. Volume cooled off further at just over half a million shares traded.
IMUN was already climbing the charts in leaps and bounds for no discernible reason even before dropping its Monday PR concerning a new deal for the distribution of its Lodonal product. The release was related to a letter of intent with a Nigerian company to sell Lodonal in the African country.
This announcement would have been a lot more exciting if it did not trigger such strong deja vu for anyone who has been following IMUN for an extended period of time. Back in October 2013, when IMUN was operating and trading under the name TNI Biotech and the ticker symbol TNIB, the company announced a Lodonal distribution agreement with AHAR Pharma, a Nigerian company. Later, in August 2014, the company informed that the first shipment of Lodonal to Panana and Malawi had been made.
In both 2013 and 2014 the company reported ZERO in annual revenues, even though ahead of its annual for 2014 the company stated it expected to generate 2014 revenues from the same “previously announced” partnerships in Nigeria and Malawi.
The company’s report for the three months ended March 2015 contains the following:
- $30 thousand in cash
- $3.6 million in current liabilities
- $2 thousand in quarterly revenues
- $2.9 million in net loss
Even after yesterday’s drop, IMUN is still in oversold territory.
