During the last few months, OXIS International, Inc. (OTCMKTS:OXIS) took several significant measures in the right direction. Back in November 2014, the management team changed, and the company appointed Mr. Antony Cataldo as the new Chief Executive Officer. In January 2015, OXIS received a worldwide exclusive license to create and commercialize therapies for a cure of Multiple Myeloma. The company signed a definitive deal with Dr. Xiang-Qun(Sean)Xie.
OXIS International has also commenced creating its Scientific Advisory Board announcing three new additions Dr. Lisa A Haile, Dr. Sean Xie and Dr. James. At the end of January 2015, OXIS fulfilled the necessary requirements to get listed on the OTCQB Market, which substantially enhanced their credibility.
Initially, the listing news didn’t pleased investors as they were not eager to invest in the stock. However, the view changed last week when OXIS confirmed impressive bull pattern on the chart. In four of the past five trading sessions, OXIS stock has surged upwards posting double-digit gains. It jumped from an opening price of $0.027 per share last Monday to close at $0.048 per share on Friday’s trading session. On Friday’s trading session, OXIS broker two previous records. It made a new 52-week high of $0.56 per share while the traded volume reached the extraordinary number of 17.6 million shares.
Despite the strong chart performance and the interest shown by investors, OXIS stock has serious red flags that cannot be ignored. OXIS is a biotech penny stock. As per the last quarterly report at the end of September 2014, OXIS International, Inc. (OTCMKTS:OXIS) had $664,000 thousand in cash, $690,000 as total current assets and $11.3 million as total current liabilities. The total revenue stood at $3000 while it reported $4.2 million net loss. The results show that OXIS on a cash basis has a working capital deficit of over $5.6 million.