Is Amarantus Bioscience Holdings Inc (OTCMKTS:AMBS) Taking The Right Steps?
Amarantus Bioscience Holdings Inc (OTCMKTS:AMBS) was a massive mover during Monday’s trading session, rallying by 91% on high volumes, which were 4 times the average turnover. The stock has been in trending higher on massive volumes over the last few trading sessions after forming a near term bottom near $0.33. Amarantus Bio was able to breach above its 50 day moving average during yesterday’s trading session seen as a bullish sign.Momentum indicators clearly suggest that bulls have the upper hand at the moment.The index measuring relative strength continues to surge higher, which is seen as a bullish sign.
Amarantus Bioscience Holdings Inc (OTCMKTS:AMBS) made a 10-k filing, where it reported its quarterly performance for the period of three months ended on September 30, 2015. During the said period, the company reported no revenue. The company contained its Research and Development cost, which dipped by $385 to $1,513 as against $1,899 a year go.
Working capital deficit
The company’s other expenses increase by $1,460 to $1,890 year-over-year. Such an increase in expenses was due to reduced headcount, who were paid compensation. Net loss of the company for the quarter came in at $5,466 as against a net loss of $4,399 during the previous year’s same quarter. The company’s total current assets as on September 30, 2015, stood at $1,035, which comprised of cash and cash equivalents of $278 and $395 in prepaid expenses and other current assets. The current liabilities of the company stood at $16,175.
At the same time, the working capital deficit of Amarantus Bioscience Holdings Inc (OTCMKTS:AMBS) came in at $15,140, wider than the deficit of $5,917 as on December 31, 2014. The company stated that the rise in the deficit was due to increase in short-term financing. Also, the company informed that its current capital is not adequate to meet its resources, and it intends to raise the same through debt or equity financings.
Effort to change the future
Having stated the capital concerns, the company appears to be actively involved in reviving its finances. In this direction, the company recently appointed Curtis Scribner, MD and MBA as its Senior Vice President for Regulatory Affairs. Mr. Scribner is expected to lead the company’s efforts to get the regulatory clearance so as to market its Engineered Skin Substitute (ESS) for the treatment of severe burns.
Amid all the developments, the stock price of Amarantus Bioscience Holdings Inc (OTCMKTS:AMBS) rallied up by nearly 92% and further by 1.45% to $1.40 during the after hours session.
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