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Highlights
- Altamira Therapeutics Ltd. (NASDAQ:CYTO) announces positive test results for Bentrio nasal spray.
- The company received FDA approval for Bentrio on Oct 14.
- Altamira’s operating loss was about US$7.01 million for the six months ended on June 30, 2021.
Altamira Therapeutics Ltd. (NASDAQ:CYTO) stock gained huge traction in intraday trading on Friday after it declared positive results for its nasal spray Bentrio. The stock jumped over 67% in the afternoon.
The Switzerland-based biotechnology firm develops therapeutics and medical devices. It is currently working on RNA medicines for allergies, viral infections, etc. On Friday, the company reported positive results from its test for Bentrio, which protects against the SARS-CoV-2 virus and other viruses. Earlier, the spray had also shown positive results against the Alpha variant of covid.
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The company said the spray had shown a "significant reduction" of infectious viral load. Altamira founder and CEO Thomas Meyer said the results affirmed the various applicability of the spray against viral infections, while adding that the drug could be suitable against different variants of viruses.
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Altamira Therapeutics’ stock performance and financials
The CYTO stock was priced at US$2.55, up 67.76% at 1:00 pm ET on Nov 12 from its previous closing price. The stock value fell 42.42% YTD.
Altamira’s market cap is US$36.42 million, and its 52-week highest and lowest stock prices were US$6.60 and US$0.81, respectively. Its trading volume was 93,664 on Nov 11.
For the six months ended on June 30, 2021, the company's operating loss came in at (Swiss franc) CHF6.45 million (US$7.01 million), against a loss of CHF 2.42 million (US$2.63 million) in the comparable period of the previous year.
Its net loss attributable to the company's owners was CHF6.75 million (US$7.33 million), against a loss of CHF 2.65 million (US$2.88 million) for the six months ended on June 30, 2020.
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Bottomline
Meanwhile, the firm plans to conduct a clinical trial for Bentrio in India and has sought approval from the Drugs Controller General of India. The company had received FDA approval for Bentrio on Oct 14, 2021.