Although Gerald Commissiong, President & CEO of Amarantus BioSciences Inc. (AMBS), wasn’t the best Running Back while at Stanford, the PR “fumble” could be costly. Although they timed the good news with Rainbow BioSciences, the biotech subsidiary of Rainbow Coral Corp. (RBCC), to come out before the market opened, they waited til the final whistle blew to close the markets for the week before letting the bad news out. With the after market news that The Michael J. Fox Foundation basically threw the Wednesday PR under the bus, AMBS stock will be expected to start with a penalty before the Monday morning kickoff.
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AMBS Stock Chart
Market Cap: 5.52M
Close: 0.051, up 0.015 (41.67%)
Volume: 42,106,806
Dollar Volume: $1,801,229
High: 0.0543
Low: 0.028
Trades: 1,322
Average Trade Size: 31,850
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The 5:42PM PR (see here) made it abundantly clear by stating that, although they believe in Amarantus Biosciences’ MANF as a potentially promising trophic factor, The Michael J. Fox Foundation does not agree with Amarantus’ statements that, to-date, reported behavioural pre-clinical data were positive, and that histology data confirm re-innervation of the striatum due to MANF delivery. The real “knife in the heart” statement was when they stated that the Foundation is not considering additional funding to Amarantus at this time. Ouch!
Prior to that, in case you are a penny stock trader who suffers from Parkinson’s disease, Rainbow BioSciences and Amarantus BioSciences made sure to issue the same press release twie, spread out roughly by 3 hours, to inform the world that they finalized the framework of their proposed joint venture. Details of the material definitive agreements and subsequent execution are expected within 30 days. By that time, the Commissiong father and son team likely will have already been knocked out of the Amazing Race to be the best penny stock on the OTC.
The one saving grace for Amarantus BioSciences is that they issued that $50,000 Convertible Promissory Note last week which is convertible into AMBS stock at the price of $0.05 per share upon maturity. (see here) One thing for sure it’s barely a drop in the bucket if they plan to take this MANF to Phase I HCT.
About AMBS Stock
Amarantus BioSciences, Inc. is a development-stage biotechnology company whose CEO and President, Gerald Commissiong scored one touchdown while playing running back at Stanford where his favorite class was yoga.
Click here to view the SEC filings for AMBS.
Bottom Line: AMBS fumbled big with that botched PR killing any momentum the biotech penny stock had built up when it closed Friday as the 4th most traded on the OTC. If AMBS stock was on your list waiting for an entry point after the last trading session, you might be able to get in it after a 50% penalty is tacked on at the open. Just know the clock is winding down and there is on overtime in this game.
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