Shares of CardioVascular BioTherapeutics Inc. (OTCBB: CVBT) were flat today at $1.08 per share on volume of around 85 thousand shares. No recent news was available for CardioVascular.
The company’s stock has been in a steady decline over the past 52 weeks. The high around March/April last year was $8.02 per share and the share price has experienced a gradual decline to its current range.
The most recent company news comes from a press release back in the middle of February where CardioVascular announced that they had submitted a patent to the U.S. Patent and Trademark Office.
From the press release, SmallCap Sentinel analyst D.R. Clark said “It’s often among the first public steps a company can take in their pathway to market, and perhaps most importantly, it’s one of the few public steps about technology being developed.
Along these lines, CardioVascular BioTherapeutics, Inc. recently announced that the U.S. Patent and Trademark Office allowed the company’s patent application for delivery injection of the company’s protein drug candidate directly into the damaged heart muscle of patients suffering from coronary artery disease.”
On the day this news was released, CardioVascular’s shares traded in the range of $1.08 to $1.10 per share on light volume.
The most recent quarterly information for CardioVascular comes from the three month period ended September 30, 2006. The company has about $13 million cash which is essential for pharmaceutical companies developing new technologies or medications. CardioVascular is a development stage company with no revenues of any kind.
CardioVascular is a biopharmaceutical company developing formulations of its active pharmaceutical ingredient, Fibroblast Growth Factor-1, to treat a number of diseases characterized by inadequate blood flow to a tissue or organ.