Advanced Medical Isotope Corp (OTCMKTS:ADMD) shares were up 17.89% on Friday to $0.112 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.07 to $1.00. The company has a market cap of $2.36 million at 20 million shares outstanding.
Formerly known as Savage Mountain Sports Corporation, Advanced Medical Isotope Corp is a radiation oncology focused medical device company. It is engaged in the development of yttrium-90 based brachytherapy devices for the treatment of non-resectable tumors. Brachytherapy uses radiation to manage cancerous tumors by placing a radioactive isotope inside or next to the treatment area.
Its lead product is the Y-90 RadioGel device and is also engaged in the development of its brachytherapy products, which includes Y-90 RadioGel device, Y-90 Fast-Resorbable Polymer Seeds and Y-90 Polymer Topical Paste. Y-90 RadioGel device combines Y-90 particles with a polymer carrier that is injected into the tumor. Y-90 Fast-Resorbable Polymer Seeds contains Y-90 within a polymer seed, as opposed to metal or glass. Y-90 Polymer Topical Paste is designed to be applied to tissue surfaces after surgical tumor removals to treat residual tumor cells.
In a press release last week, Advanced Medical Isotope Corp announced that it has been awarded in the Superior Court of the State of Washington in and for Benton County $527,875.74 with interest accruing at the rate of 12% until paid in full against BancLeasing, Inc. stemming from arguments on the interpretation and application of the terms for finance leases of laboratory equipment, a linear accelerator, and tenant improvements.
The company is actively pursuing collection efforts, and while we can give no assurance as to the final amount and when we might collect, we will utilize every avenue possible to collect on this judgment,” stated Advanced Medical Isotope Corp Chief Finance Officer L. Bruce Jolliff.
The outcome of this lawsuit should put Advanced Medical Isotope Corp back on track to outsource material aspects of manufacturing, distribution, sales and marketing for its products in the United States and to enter into licensing arrangements outside of the country.
With the recent filing of our 10K annual report, we now look forward to presenting to existing shareholders and new investors the significant progress in our capital restructuring plan as well as our regulatory and commercialization roadmap for 2016. We are very pleased with the results of our efforts to improve our balance sheet during 2015,” cited Chairman and CEO James Katzaroff.
On the stock’s daily chart, it can be seen that the downtrend is still very much intact, although investor interest is causing volume to pick up. This could pave the way for an upside breakout from the downtrend, as price appears to have bottomed out around $0.1. A move past the $0.2 level could confirm that buyers are gaining traction and that further upside is in the cards, possibly until the next area of interest at $0.3.
Advanced Medical Isotope Corp continues to focus on the veterinary market with its IsoPet Solutions division bringing the company’s yttrium-90 brachytherapy products to veterinary oncologists to treat dogs and cats suffering from tumor cancers.
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