Spectral Medical Inc (OTCMKTS:EDTXF) was a notable decliner in the overnight trading session. The stock plunged by close to 4%. The sell-off in the stock was on the back of very low volumes making many believe that the move might have just been a profit taking one. It is important to note that the stock has been in a strong uptrend and is currently trading above all important daily moving averages. The momentum indicators for the stock continue to trend in the bullish zone indicative of the strong buying interest. Traders believe the stock could head to levels of $0.62 in the near term.
To execute its Phase III EUPHRATES clinical trial successfully, Spectral Medical Inc (OTCMKTS:EDTXF) recruited last 75 patients. As per the reports, the announcement was made by Spectral Medical spokesperson.
Spectral seeks to become the first company to develop a treatment for those patients who’re suffering from septic shock. The treatment includes a therapeutic device, which is guided fully by a diagnostic.
Insights of The Matter
Spectral Medical health had to change its strategy and opt for a revised plan after U.S. Food and Drug Administration ordered it to do so. Based on the current growth and development of the program, it’s expected to be completed by Mid-2016.
Apart from the progress of Phase III trial, Spectral Medical also announced that it’s on track with submitting PMA (Pre-Market Approval) modules. It has already submitted two of four modules, and the last module of this lot is expected to be submitted by 4Q2016 along with EUPHRATES clinical data. Unless it submits all four modules, Spectral Medical can’t get approval for its Toraymyxin medical device.
Senior Management Call
The senior management team of Spectral Medical Health is delighted to announce this update and hopes that the company will be able to finish this trial on or before the deadlines. According to Dr. Paul Walker, President & CEO, Spectral Medical Health, over 300,000 people die every year due to sepsis in North America. The current progress in the trials conducted by Spectral suggests that it will most likely find a permanent solution to this medical problem.
The total market opportunity in sepsis is estimated to be around $3 billion, and Spectral Medical’s clinical, regulatory and commercialization programs are on line to position the product launch well by 2017. No other company has ever come up with an approved therapy for this type of health issue, which put Spectral Medical at the forefront of this whopping billion dollar market.