HomeTop MoversWhy did Altamira Therapeutics Ltd. (CYTO) stock decline in the after-hours on...

Why did Altamira Therapeutics Ltd. (CYTO) stock decline in the after-hours on Wednesday after exceptional early gains?

Altamira Therapeutics Ltd. (CYTO) shares lost 4.39% in after-hours on Wednesday, December 29, 2021, and closed the daily trading at $1.96. However, in the regular trading session of Wednesday, CYTO’s stock gained 35.76%. CYTO shares have fallen 24.07% over the last 12 months, and they have moved up 60.16% in the past week. Over the past three months, the stock has lost 1.91%, while over the past six months, it has plummeted 42.58%.

Let’s see what are the latest news about the company?


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CYTO update on Bentrio Program

On December 29, 2021, Altamira Therapeutics Ltd. (CYTO) provided a business update on Bentrio™, its nasal spray for protection against airborne viruses and allergens.

  • Altamira has set up contracts with wholesalers in its lead market Germany, covering more than 50% of pharmacies. The company is expecting to boost its sales further through various marketing initiatives planned for Q1 2022. Bentrio is now also available on Amazon Germany and soon it will be available to other amazon markets. Altamira signed a distribution agreement with Akos Santé and Bentrio will be available in Switzerland too.
  • FDA has also initiated the substantive review of the Company’s 510(k) application for premarket clearance for protection against airborne allergens in mid-October. The Company is looking forward to continuing working with it, aiming to make Bentrio™ available to people suffering from allergic rhinitis also in the U.S.
  • Altamira Therapeutics is expanding its geographic footprint for Bentrio and signed a marketing and distribution agreement for six Asian countries.
  • After positive initial results of Bentrio™ against the Delta variant of SARS-CoV-2 in a human nasal epithelia model, the Company is now planning to also evaluate the product’s effectiveness against the Omicron variant.

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Randomization of First Patients in Bentrio Trial

On December 16, 2021, Altamira Therapeutics Ltd. (CYTO), randomized the first group of patients in a clinical trial with Bentrio™ (AM-301) in house dust mite (HDM) allergic rhinitis.

A total of 36 patients with a history of perennial allergic rhinitis will be enrolled, to evaluate the efficacy of Bentrio™ in the treatment of PAR in an environmental exposure chamber. The trial is being conducted at a single study site in Canada.

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Conclusion

Altamira stock rallied in regular trading on Wednesday after the company provided a comprehensive update about its product Bentrio. It faced a minor loss in the after-hours session but we can expect it to return towards positivity in the coming trading sessions.

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