Image via Wikipedia Radient Pharmaceuticals (AMEX: RPC) is having one impressive day. Today it announced target market details for the commercialization of its Onko-Sure in vitro diagnostic cancer test.
It received approval FDA approval 24 months ago and has been validating test kits for oncologists, gastroenterologists, and lab directors for use. The company is now in position for marketing and commercializing Onko-Sure technology.
Today the stock is trading at 0.62 +0.22 for a 53.81% gain. Radient's stock has been quite stagnant, hovering around 0.25 for the past year as it has virtually no sales. News this morning increased the stock dramatically to 0.68 before a slight drop from profit taking. As of 06-30-10 for the first half of the year, Radient has Total Assets of 27.1M and Total Liabilities of 32.3M. It has Debt of 7.6M with Total Equity of 5.2M. It has 31M shares outstanding and Cash of 2.5M on-hand. It had a net income of -29M so this company is ready to start sales of their product as soon as possible. It has a current market cap of 12.65M.
In addition to this news, Goldman Small Cap Research published a research update on Radient with their focus on the oncology segment diagnostic testing. The FDA approved Okno-Sure as a post-surgery colorectal cancer monitoring test and is the only approved product as a general cancer screen diagnostic test. Radient is currently monetizing non-core assets and business lines through divestitures and out-licensing in an effort to free up capital and debt.
Goldman reported that "Radient is well-positioned to lead the global charge in a $1 billion market for a general cancer screen test kit, which could potentially save lives and substantial sums of money otherwise used for treatment. We view Radient as a stock that offers great value and potential for its existing operations, hidden but soon-to-be monetized value in its non-core assets, and home run potential with its cancer screen platform. A steady stream of news and events in the coming months should serve as catalysts for the stock," Goldman commented. To view a summary of the report or download the report in its entirety, please visit Goldman Small Cap Research.
According to Mr. Douglas MacLellan, Chairman and CEO of RPC, "RPC has focused 18 months of dedicated, diligent work related to product validation, and we expect the Company will demonstrate significantly improved sales results during the second half of FY2010. Given the timing of our US FDA approval and commercialization work, we are akin to a start-up Company. That said, we expect meaningful sales to begin over the next two quarters. We understand there is tremendous market pressure and encourage the investing community to look to the long-term success of RPC, especially given the current economic environment and the very competitive and sophisticated market we are operating in." For more information on Radient you can visit their website Radient Pharma.
For extensive research on the company, visit Thomas Reuters link Radient Pharmaceuticals Corporation (RPC).