Altamira Therapeutics Ltd. (CYTO) falls down to $2.20 with a decrease of 5.57% from its last close at $2.33 on November 12. During previous intraday trading the stock went up as high as $3.33 against a low of $2.14. Following Altamira’s report on positive in-vitro efficacy of their nasal spray against Sars-CoV-2 Delta Variant, the stock saw a huge upward surge. At volume of 194,370,926, the stock made a staggering jump of 53.29% on November 12. This steep incline soon was followed by a decline in the premarket as profit bookers became active.
CYTO and its Positive Covid-19 Data
Altamira Therapeutics Ltd. (CYTO) is a pharmaceutical company, that engages in the development of novel products targeting unmet medical needs. Currently, the company is working in three areas including: development of RNA therapeutics, nasal sprays for protections against viruses, allergens and vertigo, and therapeutics for hearing loss.
On November 12, the company reported the positive data of its nasal spray against the delta variant of Covid-19. According to the report, BentrioTM is a drug-free nasal spray which formerly showed positive results against the Alpha variant. The new data showed the nasal spray also has positive efficacy against the highly contagious and fast replicating Delta Variant. CYTO is currently working on further trials of the nasal spray along with commercial roll out of the product.
CYTO Financial Updates 2021
Altamira Therapeutics Ltd. (CYTO) reported its financial results of the first half of 2021 on September 8. According to the financial results, the operating expenses for first half of 2021 were $7.06 million approx. against $2.6 million for that of 2020. Furthermore, the net loss was $7.4 million for first half of 2021, compared to $2.9 million for that of 2020. The net loss per share stood at $0.59 for 2021, versus that of $0.63 for the first half of 2020.
As of June 30, 2021, the cash and cash equivalents totaled $9.2 million, against $12.3 million at December 31, 2020. The company expects that existing cash along with its other means will enable it to fund its expenses and expenditure until mid 2022.
Future Outlook
The future outlook of CYTO seems good, given the advancements it has underway. Along with other developments, the company is undertaking the commercial lunch of its BentrioTM nasal spray to EU as well as international markets. With Covid’s Delta Variant being the new scare, this spray will enable people to get easy and ready protection.
