TapImmune Inc. (OTCMKTS:TPIV) was on the buyer’s radar in this week taking the share price from $0.20 to touch mark of $0.30. After recording four consecutive trading sessions in green, the stock declined in yesterday’s trading session and posted loss of more than 5% to close at 0.284. The decline came at a share volume of 1 million compared to average share volume of 577,455. As of now, the stock price is gaining due to a wave of hype that probably by all aspect is largely unfounded. There is no news, no filings or no pumps to result in such a sharp price movement.
In last one week, the market has ignored the financials of the company which are nothing more than a big disappointment. Last month, TapImmune posted its results wherein the cash balance was $142,000. The total current assets came at $224,000. The company reported zero revenue while yearly loss from operations was $3.3 million. The total current liabilities stood at $1.2million. TapImmune also posted $28 million as annual loss under “extinguishment of debt.”
The problem of TapImmune doesn’t ends with dismal financial numbers as it gets worse with frightening dilution numbers. Back in November, the company reported 145 million shares of its outstanding common stock which then were minimized to 1.45 million after 1 for 100 reverse split. During that time, the outstanding shares count was 19.6 million that has now surged to 32.6 million.
A couple of months ago, TapImmune elected David Laskow-Pooley as a member of company’s Board. He is an experienced person with more than thirty years of experience in development, innovation and marketing of unique healthcare and Pharma products. He represents a strong track record of managing, operating, and exiting start-up entities and spin outs from large companies. He has served as MD of OSI Systems, Inc. (NASDAQ:OSIS).