After a sharp decline that nearly led Propanc Health Group Corp (OTCMKTS:PPCH) fall below the 1 cent a mark, the market saw stock recoup a large part of the losses it posted and even managed in adding on a little more in this month. The gains were supported by strong volumes, and it was definitely an exciting experience for investors.
Propanc Health reported that its CEO, James Nathanielsz will attend meetings with institutional investors in New York. These investors are keen to know more about the firm’s future plans. The CEO said that he is delighted to have this opportunity to update institutional investors on what is a thrilling period for the company. They anticipate to complete Scientific Advice seminar with the MHRA before this planned event. In the meeting with MHRA, the company have invested great deal of efforts in transitioning lead candidate, PRP, into formal early stage and preclinical development studies.
There are several other activities which Propanc plans to undertake, such as commencing preliminary partnering talks for PRP, expanding the R&D programs and a prospective up-listing to a renowned national exchange. These activities could help promote future growth and result in long term growth for shareholders.
The financials as revealed by Propanc Health in its latest financial release don’t seem all that bad. Propanc reported cash of $1.1 million, and current assets of $1.5 million. The current liabilities came at $4.8 million. It posted revenue of $0 on net loss of $3.5 million. These numbers may not be the best pharmaceutical numbers, but they are still not dismal. The small market capitalization that Propanc Health commands helped it moved on the north of chart, despite the increased trading.
In last couple of sessions, the stock recorded gains of more than 16% as the stock moved up to close at $0.0304, while a total of 11.70 million shares exchanged hands, generating almost $300,000 in daily dollar volume.