Entest BioMedical Inc. (OTCMKTS:ENTB) reported that the company is in talks to buy a unique nanotechnology for the delivery of cancer treatments in both humans and animals. The technology would enable more effective therapeutics to be given to patients compared to what is administered in current scenario. The reason as suggested is the fact that nanoparticles seizes the drug and permits it to pass throughout the body with minimum toxicity. It releases the therapeutic directly to the tumor.
The expert view
Entest spokesman said that the company is thrilled about this potential acquisition. In the past, the company has focused on veterinary biotechnology. However, the management believes that the acquisition of unique nanotechnology would allow company to pursue partnering deals both in the human market and veterinary market.
Entest is a developer firm of veterinary medicines that controls the animal’s reparative and immunological mechanisms. It is even pursuing cancer therapeutics in field of veterinary applications.
On July 2, 2015 Entest submitted a Certificate of Change authorizing changes to its Articles of Incorporation. As per the submitted Form 8-K, the authorized shares have been reduced to 500 million from 6 billion. It revealed a reverse stock split of a 1 for 150 of all issued series of company’s stock. The only exception in the list was authorized “Non-Voting” Convertible Preferred Stock.
As per the report, 1share of Common Stock will be released after the exchange for 150 of Common Stock issued. Also, 1 share of preferred Stock will be issued after the swapping of 150 shares of Preferred Stock released. The proposed changes will be effective from July 27, 2015.
In last trading session, the stock price of Entest BioMedical Inc. (OTCMKTS:ENTB) declined 50% to close the trading session at $0.00020. The decline came at a share volume of 90.63 million compared to average share volume of 14.97 million.