Spectral Medical Inc. (OTCQX: EDTXF) is engaged in the development and marketing of septic shock treatment. The company utilizes theranostic treatments and products, such as Endotoxin Activity Assay, Toraymyxin, and more. Shares of the medical company have rallied 51.53% over the past five trading sessions, including 16.58% through afternoon trading on Wednesday, September 21, 2016. Over the past three months, Spectral Medical Inc. has seen average daily volume of 44,101 shares. However, over 208,520 shares or dollar volume of $277,331, has already exchanged hands Wednesday.
Shares of Spectral Medical Inc. have been witnessing some unexplained heavy stock volume in recent weeks. The company released a press release, at the request of the IIROC and the Toronto Stock Exchange, addressing the recent stock activity. In the press release, management said that there are no corporate developments that could be behind the rapid rise in shares of Spectral Medical Inc. It appears the company may be suffering from some sort of “vigilante shareholder” who may be trying to pump the stock in order to improve their own position. There are no evidence or claims to substantiate this, but there are certainly some issues over at Spectral Medical Inc. Here is the press release sent out by management:
Spectral Medical Inc. Press Release:
TORONTO, ONTARIO–(Marketwired – Sep 20, 2016) – Spectral Medical Inc. (“Spectral” or the “Company”) (EDT.TO) (EDTXF), at the request of IIROC on behalf of the Toronto Stock Exchange, confirms that as of the date of this news release, they are not aware of any corporate developments that would cause the recent movement in the Company’s share price.
About Spectral Medical Inc.
Spectral is a Phase III company seeking U.S. FDA approval for its unique product for the treatment of patients with septic shock, Toraymyxin™ (“PMX”). PMX is a therapeutic hemoperfusion device that removes endotoxin, which can cause sepsis, from the bloodstream and is directed by the Company’s Endotoxin Activity Assay (EAA™), the only FDA cleared diagnostic for the risk of developing sepsis.
PMX has been approved for therapeutic use in Japan and Europe, and has been used on more than 150,000 patients to date. In March 2009, Spectral obtained the exclusive development and commercial rights in the U.S. for PMX, and in November 2010, signed an exclusive distribution agreement for this product in Canada. Over 350,000 patients are diagnosed with septic shock in North America each year, representing a greater than $3 billion market opportunity for Spectral.
Spectral is listed on the Toronto Stock Exchange under the symbol EDT, and on the OTCQX under the symbol EDTXF. For more information, please visit www.spectraldx.com.