Cantabio Pharmaceuticals Inc. (OTCMKTS:CTBO) Is Still Falling
Cantabio Pharmaceuticals Inc. (OTCMKTS:CTBO) stumbled below the $2 threshold yesterday – and is it any wonder that it did so?
The company has had a rough ride ever since it was torn to pieces the online commenter StoneFoxCapital who wrote an article about it on SeekingAlpha. CTBO lost more than a third of its market cap in the wake of that article, and although it has not crashed as hard since that point in time, it hasn’t managed to stabilize either.
True, the announcements of the partnership that CTBO has established with the University of Antioquia managed to afford it a brief respite, but it has been nothing but red sessions since then – and is it any wonder that this is the case?
As we have mentioned on multiple occasions in the past, we’re talking about a company, whose latest financial report looked like this:
- Cash & total assets – $100 thousand
- Total Current Liabilities – $188 thousand
- Quarterly Net loss – $65 thousand
Those do not look like the financials of a company set on “bringing novel, first in class drug candidates into clinical trials and beyond”, as CTBO describes itself. As a matter of fact, these numbers don’t look like they belong on the balance sheets of a functioning entity.
And yet, somehow, CTBO‘s market cap is still as high as $52 MILLION, in spite of the company not having any significant commercial achievements to date, or any significant assets to its name.
There is something very wrong with this state of developments, but it seems that the forces that govern the OTC Markets are working towards redressing the situation.
