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HAMILTON, Bermuda - Altamira Therapeutics Ltd. (NASDAQ:CYTO), a biopharmaceutical company, announced the expansion of its exclusive distribution agreement for the Bentrio nasal spray to include Sweden and Denmark, following a successful launch in Norway earlier this year. The agreement is in partnership with Pharma Nordic AS, which plans to introduce the product for allergic rhinitis treatment in the new markets next year.
Thomas Meyer, Chairman and CEO of Altamira Medica, the associate company of Altamira Therapeutics, praised the market launch activities in Norway and expressed enthusiasm for the expansion. Bent Andreassen, CEO of Pharma Nordic, highlighted the positive response from the Norwegian medical community and patients, emphasizing Bentrio's drug-free formulation and clinical data supporting its efficacy and safety.
Bentrio is an over-the-counter nasal spray that forms a protective gel layer in the nose to prevent contact with airborne allergens and, in certain regions, airborne viruses. Clinical trials, including the NASAR study with 100 participants, have shown Bentrio to be effective in reducing symptoms and improving the quality of life for individuals with seasonal allergic rhinitis, with safety and tolerability comparable to saline controls.
Altamira Therapeutics also focuses on developing RNA delivery technologies and has a portfolio of preclinical siRNA programs for cancer and rheumatoid arthritis. The company, founded in 2003 and headquartered in Bermuda, holds a 49% stake in Altamira Medica AG, which manages the commercialization of Bentrio.
This expansion announcement is based on a press release statement and includes forward-looking statements about the company's plans and the potential of Bentrio. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
In other recent news, Altamira Therapeutics Ltd. has reported significant advancements in several areas. The company's Bentrio nasal spray has passed the World Anti-Doping Agency substance test, proving its suitability for athletes. Altamira has also made strides in cancer treatment using its SemaPhore nanoparticle technology, showing potential for solid tumor remission in animal models. The company's SemaPhore nanoparticles have also shown promise in treating abdominal aortic aneurysm (AAA) in animal studies.
Altamira's AM-125 nasal spray formulation of betahistine has shown potential in treating residual dizziness in patients with benign paroxysmal positional vertigo. The company has also achieved significant progress in the stability of RNA nanoparticles crucial for the handling and transport of RNA formulations. These developments are part of Altamira's strategic repositioning, focusing on RNA delivery technologies and the advancement of its proprietary drug development programs. The company has reported a reduction in operating expenses and an improved financial position. These are recent developments at Altamira Therapeutics.
InvestingPro Insights
As Altamira Therapeutics Ltd. (NASDAQ:CYTO) ventures into new Scandinavian markets with its Bentrio nasal spray, the company's financial health and stock performance paint a mixed picture. InvestingPro data reveals a market capitalization of a modest $2.63 million, indicating a relatively small player in the biopharmaceutical industry. Despite the challenges, the company holds an advantage with more cash than debt on its balance sheet, which could provide some financial flexibility in its expansion efforts.
InvestingPro Tips suggest that CYTO is trading at a low Price / Book multiple of just 0.35, potentially signaling an undervalued stock to investors seeking entry points into the healthcare sector. However, the company's stock price has experienced significant volatility, with a price total return of -86.29% over the last year, reflecting a degree of investor caution and market uncertainty surrounding the company's prospects.
Altamira Therapeutics has not been profitable over the last twelve months, with a reported operating income of approximately -$7.03 million. This lack of profitability is echoed in the analysts' consensus, which does not anticipate the company turning a profit this year. The absence of dividend payments to shareholders further underscores the company's current focus on reinvestment and growth over immediate returns.
For readers interested in deeper analysis and additional insights, InvestingPro offers more tips on CYTO, which can be found at https://www.investing.com/pro/CYTO.
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