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Junior Biotech Shares Surge on Payment to University of Miami for Clinical Trial
By: AllPennyStocks.com News
December 27, 2011
According to the latest statistics available from the National Center for Health Statistics, the American Liver Foundation, and the United Network for Organ Sharing, cirrhosis and other chronic liver diseases claim the lives of roughly 25,000 people each year in the United States. There are over 60,000 patients in the States suffering from end stage liver disease. While the cause is not always known, some cases can be onset by conditions such as chronic alcoholism, obesity, and exposure to Hepatitis B and C viruses. While death rates are slowing because of better therapies for Hepatitis viruses, liver disease still remains a leading cause of death in the U.S.
Looking to bring a new therapy to the table, Proteonomix, Inc. (OTCBB:PROT) has taking another step forward with its UMK-121 technology. Based in Mountainside, NJ, Proteonomix is a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives. The Proteonomix Family of companies includes Proteoderm (a wholly-owned subsidiary of Proteonomix), StromaCel, PRTMI (Proteonomix Regenerative Translational Medicine Institute, Inc.) and THOR Biopharma.
On November 21, 2011, Proteonomix disclosed that it had entered into an agreement with the University of Miami to conduct a clinical study entitled "UMK 121 in Patients with Liver Disease." Per the terms of the agreement, U of M will pay expenses associated with the clinical study and Proteonomix will contribute $105,000 to assist with the clinical study.
Today, Proteonomix reported that it has completed all payments to commence the clinical study. Details to date regarding the human studies have been scarce with the company’s management stating that they hope to disclose more information in coming weeks and months.
Today’s news is giving the share value a rise, something that the latest news failed to do, as the stock closed at a 26.67 percent premium to last Friday’s close. 66,734 shares changed hands today with a closing price 38 cents. A low volume play, there are less than six million shares of PROT available for trading and only 7.4 million total outstanding shares, which opens the door for very rapid movement with any strong volume and buying pressure. The company’s developments are still early, but with a paltry market cap of less than $3 million, Proteonomix could be a company on the move with their host of subsidiaries and new deal with a major institution for a clinical trial. Proper due diligence is encouraged.
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