FluoroPharma Medical, Inc. (OTC:FPMI
, FPMI message board
) stock has been very illiquid so far and its share price is moving in a trading channel. Yesterday, a paid promotion for the company could not change that situation either.
FPMI closed the last trading session without a change in the price at $0.80 for a share and on even lower than the average trading volume of only 8,500 traded shares. Nothing showed that the stock got featured in the promotional newsletter of one of the biggest promoters operating on the penny stock market.
Around the middle of the trading session yesterday, an e-mail from BeaconEquity.com arrived in our promotions database. It describes FPMI as a company with huge potential in the field of PET imaging and diagnostics, and as a potential takeover target for major companies producing medical devices.
The promoter received a compensation of $10,000 for the alert, however, as the promotion got no reaction on the market technical indicators for FPMI still remain neutral.
FPMI latest annual report shows the company has no significant assets other than $3.3 million cash and no debt. However, FPMI has no marketable products and no revenue as well although it is currently working on two clinical-stage molecular imaging pharmaceutical product candidates - CardioPET and BFPET.
Concerning the second one, the company announced in March to have been granted patent rights for Australia expiring in 2025. As that news produced no meaningful market reaction either, it just looks like FPMI cannot become attractive for trading at this price level.