Premier Biomedical Inc (OTCMKTS:BIEI) was a massive decliner in Wednesday’s trading session. The stock plummeted by close to 11% on the back of 6 times the daily average volumes. It is important to state that the stock has been in a strong uptrend over the past week and therefore the plunge in the overnight session is seen as a profit taking move. The stock currently trades above all important moving average. The momentum indicators continue to trend higher and are showing no signs of a shift towards the sell side. The stock would find support near the $0.0155 level in the near term.
Premier Biomedical Inc (OTCMKTS:BIEI) has decided to form a joint venture in Brazil with Auramedi Farmacêutica, a leading Brazil-based pharmaceutical company. As per the reports, Premier Biomedical Inc has signed a non-binding letter of intent to take further steps towards successfully executing this transaction.
Insights of The Matter
The primary objective of Premier Biomedical behind forming this joint venture deal is to look for additional expansion opportunities so that it can manufacture, sell and market its drugs in South American market.
The company has a strong hold on a number of treatment technologies, and entering into this deal will help it further market those technologies in Brazil and other South American countries. With the help of this joint venture, Premier Biomedical will be able to manufacture, sell and distribute its world-class medical devices, technologies, drugs and other services to a wider audience.
A third party firm has projected that Premier Biomedical’s annual sales in South America will go past $400M latest by the year 2020. This number is good enough for the senior management of the company to get excited and push this deal as much as possible. According to William A. Hartman, Chief Executive Officer & President, Premier Biomedical, it’s great to have associated with a renowned and dedicated company like Auramedi. Premier Biomedical couldn’t have asked for more than this association.
He further added that this joint venture will not only prove to be beneficial for Premier and Auramedi, but also for all the patients suffering from deathly diseases in Brazil and South America regions. Premier Biomedical is working hard to find cures for many such diseases that are unaddressed until now.
As soon as the joint venture takes place, the new entity will get access to all the existing and new technologies as well as those that are in pipeline.