HAMILTON, BERMUDA - Altamira Therapeutics Ltd. (NASDAQ:CYTO), a company focusing on RNA delivery technology, announced a significant advancement in the stability of RNA nanoparticles, a crucial factor for the handling and transport of RNA formulations. The company's development work has led to OligoPhore nanoparticles that remain stable in liquid form at 4°C for at least three weeks and can endure shaking stress without notable changes in size, encapsulation, or activity.
This breakthrough addresses a major challenge that became apparent during the COVID-19 pandemic, when the transportation and storage of lipid nanoparticles, the most prevalent RNA delivery vehicles, required extensive resources due to their need to be frozen. Dr. Covadonga Pañeda, Altamira's Chief Development Officer, remarked on the importance of this progress in comparison to the current state of the art.
In addition to its RNA platform, Altamira is pursuing partnership opportunities for its AM-125 program, a patented nasal spray formulation of betahistine for acute vestibular syndrome (AVS). The phase 2 trial in Europe showed that AM-125 is well-tolerated and may accelerate vestibular compensation. With an investment of approximately $18 million in the program, the company is exploring AM-125's potential for other central nervous system disorders in the US market.
Altamira is also simplifying its corporate structure, having partially divested its Bentrio activities and planning to merge two of its subsidiaries in Basel, Switzerland. The company anticipates completing the merger soon and will continue its operations under the name Altamira Therapeutics AG.
The company will switch to reporting its financial results in US Dollars, aiming to facilitate communication with its predominantly US-based investors. Altamira plans to release its half-year 2024 financial results by the end of August 2024, marking the first financial report in the new currency following approval from a Special General Meeting held on October 31, 2023.
Altamira Therapeutics, founded in 2003 with headquarters in Bermuda and main operations in Basel, Switzerland, is developing its RNA delivery platform for extrahepatic tissue targets and out-licensing it to pharmaceutical and biotech companies. This announcement is based on a press release statement.
InvestingPro Insights
Altamira Therapeutics Ltd. (NASDAQ:CYTO) has been making strides in the biotechnology sector with its innovative RNA delivery technology. As it stands, the company holds a market capitalization of $3.85 million. Despite the potential of its technological advancements, Altamira is currently trading at a low price/book multiple of 0.53, as of the last twelve months leading up to Q4 2023. This could indicate that the stock is potentially undervalued relative to its assets, an aspect that might interest value investors.
While the company's technological breakthroughs are promising, Altamira's financial performance shows some challenges. It has not been profitable over the last twelve months, with a reported operating income of -$7.03 million. Additionally, the basic and diluted earnings per share (EPS) from continuing operations stand at -$17.6, reflecting the company's current lack of profitability.
InvestingPro Tips for Altamira highlight that the company holds more cash than debt on its balance sheet, which could provide it with a cushion to fund ongoing research and development activities or weather financial uncertainties. However, the stock has experienced significant price volatility, with a 20.27% return over the last week but an overall 89.88% decline over the past year. This volatility is a factor that traders might leverage, but it also suggests a higher risk profile for long-term investors.
For those looking to delve deeper into Altamira's financial health and future prospects, InvestingPro offers additional insights. There are over 10 more InvestingPro Tips available, providing a comprehensive analysis that could guide investment decisions. Interested readers can explore these tips and take advantage of the special offer using the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.