Altamira Therapeutics Ltd CYTO shares are trading lower by 50% to $0.20 Monday morning after the company recently made strategic moves by partially spinning off its Bentrio business to focus on RNA delivery.
The company also said a 20-for-1 reverse stock split is set for December 13. This move aims to attract institutional investors and meet Nasdaq's standards before 2023 ends.
What Happened?
This transition involved selling a 51% stake in its subsidiary, Altamira Medica AG, for around $2.3 million, with an additional potential for future income and value appreciation.
Bentrio, a drug-free nasal spray for allergic rhinitis, remains a key asset for Medica, foreseeing substantial sales growth from 2024 onwards, especially with plans for expansion in various countries.
Nuance Pharma aims to market Bentrio in Mainland China and South Korea, which could bring significant milestones and royalties for Medica. Discussions for distribution in the US, Europe, and other markets are also underway.
Altamira is actively seeking partnerships for its other legacy assets in inner ear therapeutics, notably AM-125, a nasal spray for acute vestibular syndrome, showing promise in Phase 2 trials.
Successful partnerships in these areas are expected to positively impact the company's financial standing.
See Also: Altamira Therapeutics Provides Investor and Business Update
According to data from Benzinga Pro, CYTO has a 52-week high of $5.97 and a 52-week low of $0.094.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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