Fluoropharma Medical Inc (OTCMKTS:FPMI) Staggers Forward
A few months ago, Fluoropharma Medical Inc (OTCMKTS:FPMI) wasn’t in a particularly brilliant shape. The stock was hovering between $0.30 and $0.40, and although some would say it was remarkably steady for an OTC offering, nobody was there to see it.
The volumes were absolutely microscopic and it looked like investors couldn’t care less about the company and its molecular imaging pharmaceuticals. The few people that did decide to take a look at FPMI were greeted by a less-than-perfect 10-Q. Here’s what was recorded at the end of June:
- cash: $42,042
- current assets: $174,323
- current liabilities: $7,415,721
- NO revenue since inception
- quarterly net loss: $428,040
That was FPMI‘s situation a few months ago, but, as you might have guessed by the fact that we’re writing about it, things are a little bit different at the moment.
The stock, for one, is enjoying much more attention. The volumes aren’t exactly astronomical, but they do seem to be growing, and they’re bringing some much needed gains. Eight days ago, when the ticker logged its latest red session, it was sitting at $0.28 per share. Right now, it’s pegged at $0.37.
Not surprisingly, the move was triggered by some news. First, at the beginning of the month, the company announced that it has raised $800 thousand through the placement of notes convertible at $0.35 per share, and later, FPMI appointed Dr. Thomas Tulip as President of the company and explained in great detail how much experience he has.
Basically, the balance sheet has been patched up with the use of notes that, in light of the current market price, aren’t too toxic, and FPMI now has a new person at the helm who, if history is anything to go by, should lead it forward. Some of you are probably thinking about it quite seriously at the moment.
Before you get too excited, however, you might want to consider one or two more things. If FPMI is to stay steady at these levels or perhaps move further up, it will definitely need some news. More specifically, it will need some seriously good news.
The company has already been around for a while, but it is still at the Phase I stage. The 10-Q says that Phase II trails for the 18-F TPP imaging agent should be underway before the end of the year, but we’re now getting precariously close to the deadline and we still haven’t seen an update.
As we have seen over the last few months, the lack of news also leads to lack of liquidity and this, as the more experienced will tell you, is the penny stock investor’s worst nightmare sometimes. Considering all the pitfalls before putting any money on the line is absolutely crucial.
