Seven was the lucky number of trades executed this morning for investors playing the penny stock alerts on Oncologix Tech Inc. (OTC: OCLG). The first 1:30 allowed seven trades to be executed at a price under 0.03, the first which was for 0.0285. After that, you had to pull down your pants to get the colon checked if you had any intention of getting into the no news issued marketing rights holder of a brachytherapy device that is under development. While OCLG stock was a hot ticker for the first few minutes, expect the shares to now be confined to the asylum ward for being a threat to the financial society — or is it?
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OCLG Stock Chart
Market Cap: 2.45M
Last: 0.04, up 0.0235 (142.42%)
Dollar Volume: $703,658
Average Trade Size: 9,086
Issued and Outstanding: 58,563,258
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Oncologix Tech has been waiting since entering their 2009 agreement with Institut für Umwelttechnologien GmbH, a German company, for them to develop a a brachytherapy device, a device used for placing therapeutic radiation sources in or near diseased tissue. With their 10-K filed just last week, it is pretty evident that product being developed, a microsphere intended for use as a means of micro-arterial brachytherapy in the treatment of soft tissue cancer tumors in the liver, is not near the completion stage which means they have nothing to market except hope.
Today’s first 15 minutes of trading did send OCLG shares into an uber-inflated orbit before they came crashing down. Having not been above 0.10 since the three month period ended August 31, 2011. Today, the shares shot up to as high as 0.268, a wicked percentage gain of 1,524%, which means nothing when you consider that no one who didn’t own the shares prior to today or got in in the first seven trades had any chance of gains near that.
Here’s a record of the first 8 trades executed this morning on OCLG stock:
So if you weren’t one of the first 7 trades in, perhaps you could have gotten lucky of you were the one trade from Friday last week, 48,158 at 0.0165, or the one trade from December 3, 500 at 0.013, considering those were the only two other trades executed this month before this morning’s peak and flatline from the 6th floor ward alerts.
It appears that today is a cash out situation since on August 23, 2012, Oncologix issued a convertible promissory note to its CEO, Anthony Silverman in the principal amount of $45,516. While the note bore interest at 6% and was convertible into common stock at $0.02 per share, Silverman held the note for one day before electing to convert it, with the one day of accrued interest of $8, into 2,276,182 shares of OCLG stock. Not a bad way for an insider to cash out of a pending marketing deal which hasn’t come to light in nearly 3 years.
About OCLG Stock
Oncologix Tech, Inc. is a development stage Company with no activity. Click here to view the SEC filings for OCLG.
Bottom Line: OCLG can go on the list of penny stocks never to be heard from again. While tomorrow will bring some activity since sellers will be handcuffed in their positions overnight, expectations of OCLG stock seeing a fraction of today’s volume is as likely as the brachytherapy device being developed and subsequently FDA approved for use.
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