Radient Pharmaceuticals Corporation (RXPC) Jumps
Shares of Radient Pharmaceuticals Corporation (Public, PINK:RXPC) closed 12.50% higher on Wednesday after the company said that it has released a corporate report which states the company’s business strategies.
Share holders of the RXPC have been seeing very tough time so far this year driven by host of bad news, which has taken the stock to $0.09 from $1.60 since the start of the this year.
RXPC was recently shifted its listing to bulletin boards on June 23, 2011 as the company messed up its balance sheet with full of debt and unpaid liability. The company was forced to list its lest on OTC as it couldn’t monetize its sole product , a colon cancer-monitoring test known as Onko-Sure.
RXPC Liability of 9 million
RXPC still has liability to creditors of about $9 million in its balance sheet. The company couldn’t pay the scheduled interest rate, which has pushed up its interest rate on its existing loans to 24%, including late penalties.
Despite, RXPC’s attempt to convey its creditors to accept new equity shares in exchange of their loans, the company couldn’t be able to convince them.
In absence of any revenue, the only thing RXPC could do it the issuing of new shares to its existing creditors, which could be around $9 million.
Shares of RXPC are trading very near to its 52-week low of $0.07. We don’t find reason to buy this share, unless and until, markets get any clear strategy about the clearance of their debt.
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