Viropro, Inc. (OTCMKTS:VPRO) Surges on PR
After scraping triple zeroes and logging multiple days of zero share volume, on Friday Viropro, Inc. (OTCMKTS:VPRO) spiked 220% on its heaviest volume for the past 52 weeks. The company put up a press release after hours on Thursday and the market bit into the news right at the opening bell on Friday, sending VPRO up in leaps and bounds.
The company announced signing a letter of intent for the acquisition of a San Diego entity called NovaRx – a company working on cancer immunotherapies. Even though the press release explicitly states that the LoI is non-binding and may be terminated at any time by either of the parties, traders were quick to jump at the sight of any news from VPRO.
This is almost understandable, considering how reluctant VPRO is with actual official filings. The company has not published any quarterly or annual financial reports for years on end. The most current quarterly available covers the three months ended Sep 2011 and arrived nine months late, in early August 2012. The figures contained in it are as follows:
- $119 thousand in cash
- $3.1 million in current liabilities
- $385 thousand in quarterly revenues
- $1.0 million in quarterly net loss
Those figures are ancient history by any standards. The company’s inability to provide meaningful reporting updates led to its profile getting stamped with the “Buyer beware” skull-and-crossbones sign on OTC Markets, and having its quote information discontinued on the site. The company’s share structure and financial condition at this point in time are anyone’s guess.
An 8-K put up in early October informed that the company’s new management retained a Ciro E. Adams, CPA, as its independent accountant, in the hopes of going current with its reports. Even though the new CPA was signed on in August, the update arrived almost two months later. How long it will take for the accountant to get VPRO‘s reports up to speed is a mystery.
In today’s session VPRO is currently sliding back down fast, at 20% in the red.
