+ Watch ABIO
on My Watchlist
Arca is a completely pathetic zombie biopharma that should have gracefully shut its doors in 2009 after the FDA appropriately issued a CRL for Gencaro, a beta blocker that failed to show stat sig benefit in CHF in phase III trials. Instead, Arca has spent the last four and a half years raising money through dilution, spending it on salaries for themselves, reverse splitting, and raising more money. During that time they conducted no clinical studies that I am aware of, but they did switch the target of Gencaro from CHF to A-fib, despite having an SPA in place for a phase III trial in CHF since 2010.In November, a concerted effort took place on Seeking Alpha and elsewhere to try and make FDA acceptance of the IND for Gencaro in A-fib and approval of the phase III trial protocol into a catalyst. Most legitimate biopharmas don't even bother to PR IND acceptances, since it's mostly a formality before the real work of conducting clinical trials begins. Nevertheless, the touts primed the pumps and Arca was only too happy to oblige with a pompous pre-market declaration of the FDA's acceptance of the IND, accompanied by a saintly picture of their CEO. Indeed, the float was tiny and enough gullible traders were moved by the word "acceptance" to start a fire under the stock, taking it from 1.4 to a high of 2.1. What happened next? QThe share price nosedived right back to 1.5. Any guesses what those "longs" from Seeking Alpha were doing when the stock was over 2?
GO BIG OR GO HOME. You need a few stocks like this just like you need a 3 point shooter in the NBA.
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