HAMILTON, Bermuda - Altamira Medica Ltd., an associate of Altamira Therapeutics Ltd. (NASDAQ:CYTO), announced today that its Bentrio nasal spray has been tested and found free of over 230 prohibited substances listed by the World Anti-Doping Agency (WADA). This development confirms Bentrio's suitability for athletes who need to adhere to anti-doping regulations while seeking protection from airborne allergens or particles.
Thomas Meyer, Altamira's founder, Chairman, and CEO, highlighted the challenges athletes face in managing allergy symptoms without violating anti-doping rules. The case of cyclist Lennert Van Eetvelt, who faced an anti-doping inquiry due to his allergy nasal spray, underscores the importance of ensuring treatments do not contain prohibited substances.
Bentrio, a drug-free and preservative-free nasal spray, acts by forming a protective barrier on the nasal mucosa. It is designed to prevent and bind airborne particles, aiding in their discharge. Clinical trials, including the large-scale NASAR study, have demonstrated Bentrio's efficacy in reducing allergy symptoms and improving patients' quality of life compared to saline. The safety and tolerability of Bentrio were also similar to saline controls.
Altamira Medica's parent company, Altamira Therapeutics, specializes in RNA delivery technologies for medical treatments and holds a 49% stake in Altamira Medica AG. The company is also seeking partnerships for its legacy assets in the inner ear space.
This announcement is based on a press release statement from Altamira Therapeutics Ltd. The company cautions that forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those projected. More information about these risks can be found in Altamira's filings with the Securities and Exchange Commission.
In other recent news, biopharmaceutical company Altamira Therapeutics Ltd. reported significant advancements in cancer treatment and promising results from an animal study on abdominal aortic aneurysm (AAA) treatment, both involving the use of its SemaPhore™ nanoparticle technology. The company also highlighted the potential of its AM-125 nasal spray formulation of betahistine in treating residual dizziness in patients with benign paroxysmal positional vertigo, based on encouraging results from a Phase 2 clinical trial. Altamira has made considerable progress in the stability of RNA nanoparticles essential for the handling and transport of RNA formulations, with its OligoPhore nanoparticles now remaining stable in liquid form at 4°C for at least three weeks. The company's Bentrio nasal spray demonstrated a significant reduction in symptoms in a clinical trial for seasonal allergic rhinitis. Altamira has also reported progress in strategic repositioning, focusing on RNA delivery technologies and the advancement of its proprietary drug development programs. The company reported a reduction in operating expenses and an improved financial position. These are recent developments at Altamira Therapeutics.
InvestingPro Insights
Altamira Medica Ltd.'s recent announcement regarding its Bentrio nasal spray clears a significant hurdle for athletes, potentially widening its market appeal. However, the financial health and market performance of its parent company, Altamira Therapeutics Ltd. (NASDAQ:CYTO), provides a broader context for investors considering the stock. With a market capitalization of just $2.7 million and a Price / Book ratio for the last twelve months as of Q4 2023 standing at a low 0.36, the company's valuation metrics suggest that its assets may be undervalued.
One of the InvestingPro Tips for CYTO indicates that the stock is trading at a low Price / Book multiple, which could interest value-oriented investors. In addition, the company holds more cash than debt on its balance sheet, providing some financial stability despite other challenges. On the flip side, the stock's return on assets for the last twelve months as of Q4 2023 was deeply negative at -55.29%, reflecting significant operational difficulties. Moreover, the company's stock price has experienced a steep decline, with a year-to-date price total return as of late February 2024 plummeting by -70.98%.
Investors should note that analysts do not anticipate Altamira Therapeutics will be profitable this year, and the stock has been marked by high price volatility. For those looking for deeper insights, there are additional InvestingPro Tips available, providing a comprehensive analysis of Altamira Therapeutics' financial health and market performance. Interested readers can find further expert analysis and metrics at InvestingPro.
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