CardioVascular BioTherapeutics, Inc. (PINK:CVBT) Jumps Up in Anticipation of News
10 Mar 2011

Yesterday CardioVascular BioTherapeutics, Inc. (PINK:CVBT) aimed the 45 cents resistance again. The stock got extra high activity and gapped up early in the morning. Unlike in the previous comparable surge in early January, the problem this time is that there is no news to cause such action.

As it seems on a pure anticipation of possible news, CVBT stock jumped 13.16% for yesterday’s trading session and closed at $0.43 for a share. Trading volume exceeded the average more than five times and reached nearly 800,000 shares. The stock is aiming the overbought area and can from a technical point of view break the 45 cents resistance set in January on the announced CVBT clinical data for the phase II trials on diabetic wounds drug.

On the other hand, the company has not published any current financial data, thus all the announced in press releases events around its business should be taken with some suspicion. Specifically, it is not known if CardioVascular has the financial resources to complete the announced clinical tests, and respectively if the shareholders should anticipate possible dilution.

At the end of November 2010 the company said that it has licensed Phase II diabetic wound healing data from Merck. Then, in January positive summarized results from the Phase II test were published and in the beginning of February the company said that it has submitted an application to the U.S. FDA to obtain “fast track” designation for its biological therapy to treat diabetic wounds based on the active ingredient fibroblast growth factor-1. If the FDA approval is given, Phase III trials should start this year.

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