Spotlight Innovation Inc (OTCMKTS:STLT) recently announced that it would be presenting at the Microcap Investor Conference, being conducted by SeeThruEquity, on October 17, 2016, in New York City. The company stated that its presentation would approximately be 30-minutes long and would mostly comprise of business updates for the attendees. Moreover, the management would also be available for 1-on-1 meetings with institutional investors, after the conference.
The company recently sent a red flag to investors, when it announced that it was going to discontinue the Immunoplex development program. Spotlight noted that this had been done to focus resources on other projects in the pipeline, hinting at the possibility of financial problems. It should be noted here that Immunoplex was being developed as an immune complex vaccine, but was stopped in its early stages. On the other hand, the company has also formed a new subsidiary, under the name of Caretta Therapeutics.
Spotlight announced that its new subsidiary has reached an agreement with Dr. Paul Reid, under which it would hold the rights to develop and commercialize products developed using venom from snakes. The company believes that the products can be used as analgesics for the treatment of moderate to severe chronic pain. The agreement grants exclusive global rights, for manufacturing, development and marketing of the products to Caretta.
It is important to note that STLT plans to begin manufacturing the products, by the end of this year. This could possibly mean that the resources saved from the discontinuation of Immunoplex would be divested in Caretta. The company plans to sell these products, over the counter, in early 2017. Moreover, the market for chronic pain, in the US alone, is comprised of an estimated 50 million cosumers. In addition to this, the company is also focusing on advocacy, through its recently acquired membership of the Medical Alley Association. The group is focused on innovation, investment and growth of healthcare companies.
Spotlight Innovation Inc (OTCMKTS:STLT) closed at a share price of $0.967, after having a trade volume of 116,426 and adding 7.44% to its share value, during the October 12 trading session.