Out of six different areas - VoIP and IP Telephony, Biometrics, Information Security, Wireless/WiFi, RFID and Enhanced Oil Recovery - Edgeline Holdings, Inc . (ELHI) has now decided to stick with biotechnology. Yesterday, Edgeline Holdings, which is based in Houston, Texas, announced it has made a strategic business change to focus exclusively on its biotech business and is changing its name to Oncolin Therapeutics, Inc. So, let's see what the company will have to offer us in the biotechnology field.This decision comes after its recent acquisition of Intertech Bio, which has propelled the company into the multi-billion dollar biotechnology industry through the addition of significant partnerships and the hiring of key personnel. The company said it will immediately suspend its other business that is not associated with biotechnology.
Founded in 2007, the company had no revenue through September 30, 2007. The company spent $753,427 for its expenses, such as investor relations expenses of $95,919, merger expenses of $344,113 and others.
As of September 30, 2007, the company had cash in non-restrictive accounts of $11,615 and negative working capital of $234,050. Net cash used in operating activities was $110,917. The company reported a loss of $753,427, which was partially offset by non-cash charges totaling $561,750.
The stock chart above says everything that needs to be said. Obviously the company had a hard decision-time this year, which drove this stock down. From as high as $3.50 per share, the stock tumbled to $0.37. What a ride for the stockholders this must have been! However, today the stock was up following the final decision announcement.
Having all said, the only question is: how the company will do in the biotechnology field? There can be no other routes other than this. The company must now put its all other ideas away, especially those that have nothing to do with biotechnology.
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