Advanced Medical Isotope Corp (OTCMKTS:ADMD) shares surged 17.89% on Friday to $0.112 and were flat in after-hours trading. The company has a market cap of $2.36 million at 20.0 million shares outstanding. Share prices have been trading in a 52-week range of $0.07 to $1.00 so there’s still plenty of potential upside left.
Advanced Medical Isotope Corp is a radiation oncology focused medical device company that is formerly known as Savage Mountain Sports Corporation. The company is now focused on he development of Y-90 based brachytherapy devices for the treatment of non-resectable tumors. Brachytherapy uses radiation to manage cancerous tumors by placing a radioactive isotope inside or next to the treatment area.
In line with this, the company is engaged in the development of its brachytherapy products, which includes Y-90 RadioGel device, Y-90 Fast-Resorbable Polymer Seeds and Y-90 Polymer Topical Paste. Y-90 Fast-Resorbable Polymer Seeds contains Y-90 within a polymer seed, as opposed to metal or glass. Y-90 Polymer Topical Paste is designed to be applied to tissue surfaces after surgical tumor removals to treat residual tumor cells. Its lead product is the Y-90 RadioGel device, which combines Y-90 particles with a polymer carrier that is injected into the tumor.
The company was recently awarded $527,875.74 in the Superior Court of the State of Washington in and for Benton County against BancLeasing, Inc. stemming from arguments on the interpretation and application of the terms for finance leases of laboratory equipment, a linear accelerator, and tenant improvements.
“The company is actively pursuing collection efforts, and while we can give no assurance as to the final amount and when we might collect, we will utilize every avenue possible to collect on this judgment,” stated Advanced Medical Isotope Corp Chief Finance Officer L. Bruce Jolliff.
With that, Advanced Medical Isotope Corp should be back on track towards outsourcing material aspects of manufacturing, distribution, sales and marketing for its products in the United States and to enter into licensing arrangements outside of the country. However, the daily chart of the company’s stock still shows a massive downtrend that started in April this year and just seems to be bottoming out.
An upside breakout would be needed to confirm that a reversal from the slide is imminent and the level to watch is $0.2. From there, a move higher could find resistance at the $0.3 level before the path is cleared for further gains and a prolonged climb for Advanced Medical Isotope Corp stock.
“With the recent filing of our 10K annual report, we now look forward to presenting to existing shareholders and new investors the significant progress in our capital restructuring plan as well as our regulatory and commercialization roadmap for 2016. We are very pleased with the results of our efforts to improve our balance sheet during 2015,” cited Chairman and CEO James Katzaroff.