Cyclo Therapeutics Inc. (CYTH) shares gained 1.47% in after-hours on Wednesday, December 29, 2021, and closed at $4.15. Even in the regular trading session, CYTH’s stock surged 17.87%. The stock volume remained 0.16 million shares. CYTH shares have fallen 5.76% over the last 12 months, and they have moved down 0.00% in the past week. Over the past three months, the stock has lost 38.68%, while over the past six months, it has plummeted 60.02%.
Let’s briefly discuss its recent news and developments.
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CYTH recent important appointment
On December 09, 2021, Cyclo Therapeutics, Inc. (CYTH) appointed Caroline Hastings, M.D. as Global Principal Investigator (PI) for its pivotal Phase 3 study (TransportNPC™), which commenced in June 2021, evaluating Trappsol Cyclo™, the Company’s proprietary formulation of hydroxypropyl beta-cyclodextrin, for the treatment of Niemann-Pick Disease Type C1 (NPC), a rare, progressive and fatal genetic disorder.
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FDA clearance for CYTH Trappsol
On December 06, 2021, Cyclo Therapeutics, Inc. (CYTH) received notification that its study may proceed from the U.S. Food and Drug Administration for its initial investigational new drug application for a Phase 2 study of Trappsol® Cyclo™ for the treatment of early Alzheimer’s disease.
Cyclo Therapeutics is currently testing the same investigational Trappsol® Cyclo™ drug in Phase 3 clinical trial and a long-term extension study for the treatment of Niemann-Pick disease Type C1, a rare, fatal, and progressive genetic disorder.
CYTH Public Offering of Common Stock
On November 17, 2021, Cyclo Therapeutics, Inc. (CYTH, CYTHW) announced the pricing of its previously announced underwritten public offering of 1,950,000 shares of its common stock at a public offering price of $6.00 per share. The underwriters also have a 45-day option to purchase up to an additional 292,500 shares of common stock at the public offering price.
The company will get gross proceeds of $11.7 million from the offer.
CYTH latest financial results
On November 15, 2021, Cyclo Therapeutics, Inc. (CYTH) announced its financial results for the third quarter of 2021.
Q3 2021 financial highlights
- CYTH revenue was $403,918 in Q3 2021 compared to $222,462 in Q3 2020.
- Research and development expenses were $1.8 million in Q3 2021 compared to $1.1 million in Q3 2020.
- Total operating expenses were $4.26 million in Q3 2021 compared to $1.66 million in Q3 2020.
- It suffered a net loss of approximately $3.8 million in Q3 2021 compared to a net loss of $1.4 million in Q3 2020.
- Basic and diluted loss per share was $0.60 compared to $0.94 in Q3 2020.
- As of September 30, 2021, the company had approximately $8.4 million in cash.
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Conclusion
Well, we were unable to find any valid reason behind its positive performance on Wednesday but we hope that it will continue its momentum on Thursday as well.