Cancer stocks have been hot all year and GenSpera Inc. (OTCQB: GNSZ), a San Antonio-based biotech company working to design, and develop cancer therapies, is really heating up. Starting the month off with some serious momentum, more than $2 million has already traded this month on GNSZ stock and we’re just 3 days in. With a scheduled appearance due next week at Rodman & Renshaw’s 17th Annual Global Investment Conference on Wednesday, September 9, the love is building as the dollar sign gets closer.
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GenSpera, whose lead drug candidate, mipsagargin, is currently in multiple Phase II clinical trials, is an early-stage, pre-revenue, pharmaceutical company focused on the development of prodrug cancer therapeutics for the treatment of solid tumors including liver, brain, prostate, renal and other cancers. A prodrug is an inactive precursor of a drug that is converted into its active form only at the site of the tumor.
The Company’s technology platform combines a powerful, plant-derived cytotoxin with a patented prodrug delivery system that targets the release of the drug within the tumor. GenSpera believes have the potential to provide a targeted therapeutic approach to a broad range of solid tumors with fewer side effects than those related to current chemotherapy treatments.
The Company, like many biotech seeking full FDA approval for their poducts, has made it this far by raising approximately $29.8 million through the sale of our securities and exercise of outstanding warrants. With 37,139,644 shares of GNSZ shares issued and outstanding as of July 31, 2015, weighted average exercises price for warrants range from $0.50 to $3.50 per share.
GNSZ stock has had million dollar sessions before. $1,050,128 traded on June 25, one week after GenSpera announced receiving an RO-1 grant from the Food and Drug Administration for ongoing mipsagargin clinical trial studies in humans. The grant entitled “An Open Label, Single Arm Phase II Study to Evaluate the Efficacy, Safety, and CNS Exposure of G-202 in 34 Patients with Recurrent or Progressive Glioblastoma” covers a four-year period with total funding of $1.6 million.
Since that huge volume session, GNSZ shares saw little activity even with the U.S. Court of Appeals for the Federal Circuit finding in favor of GenSpera in two consolidated cases relating to the inventorship of two patents owned by the Company. The $0 – $60,000 volume session saw that come to a close as GNSZ ended August with $93,914 traded – the highest since June 25.
With $761,213 traded already today on GNSZ (876,273 share, 313 trades), the 8th most traded on the OTC Markets, the new eyeballs on this could help to keep it as one of the top penny stocks on the OTC. With November, when GenSpera will be presenters at the Neuro-Oncology’s 20th Annual Scientific Meeting in San Antonio, Texas, still months away, the season may be ripe to see $1 plus.
Find out more about GNSZ shares here: $GNSZ
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