ENUMERAL BIOMEDICAL COM USD0.001 (OTCMKTS:ENUM)

ENUMERAL BIOMEDICAL COM USD0.001 (OTCMKTS:ENUM) Winding Down Operations

ENUMERAL BIOMEDICAL COM USD0.001 (OTCMKTS:ENUM)

ENUMERAL BIOMEDICAL COM USD0.001 (OTCMKTS:ENUM) rallied 6.35% after reporting second quarter financial results and affirming plans to pursue a range of strategic transactions for the sale and disposition of its assets. The company is in the process of winding down its operations having hit rock bottom in terms of cash needed to continue operating as a going concern.

Financial Woes

The curtain is closing down on ENUMERAL BIOMEDICA COM USD0.001 (OTCMKTS:ENUM) after a poor run in the stock market in recent months. The stock opened the year at $0.15 a share before rallying to highs of $0.19 a share in March. Ever since, the stock has been trading in a downward trend as investors continue to question its long-term prospects.

The company is winding down its business, Net loss having soared to highs of (-$3.13) million compared to a net loss of ($1.3) million reported last year.

ENUMERAL BIOMEDICA COM USD0.001 (OTCMKTS:ENUM) cash balance has tanked from highs of $3.16 million as of the end of last year to current lows of $576,307. The lack of sufficient funds means the company cannot be able to finance its day to day operations prompting the winding down of business.

“As the Company winds down its operations, it continues to consider possible transactions pursuant to which Enumeral may sell its remaining assets […]. If Enumeral is unable to effect one or more such transactions, the Company may be compelled to commence liquidation or bankruptcy proceedings.” Enumeral in a statement.

Q2 Results

The company finds itself in the current mess after consecutive quarters of losses. Revenue in the second quarter decreased by $1.3 million to $189,741. Enumeral Biomedical attributes the decrease to a license agreement with Pieris Pharmaceuticals Inc. (NASDAQ:PIRS) and a study agreement with Merck.

ENUMERAL BIOMEDICA COM USD0.001 (OTCMKTS:ENUM) will not carry any study agreement with Merck & Co., Inc. (NYSE:MRK) having already terminated its research and development function. The company has also sold its laboratory equipment. Research and development expenses in the quarter was down by $357, 463 due to a decrease in payroll and personal expenses because of lower headcount.

Winding down expenses in the quarter came in at $1.1 million associated with the extinguishment of restricted cash in connection with the operating lease. ENUMERAL BIOMEDICA COM USD0.001 (OTCMKTS:ENUM) also incurred losses on the auction of its laboratory equipment.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

ENUMERAL BIOMEDICA COM USD0.001 (OTCMKTS:ENUM)

Can Downsizing Save ENUMERAL BIOMEDICA COM USD0.001 (OTCMKTS:ENUM)

ENUMERAL BIOMEDICA COM USD0.001 (OTCMKTS:ENUM)

ENUMERAL BIOMEDICA COM USD0.001 (OTCMKTS:ENUM) volumes exploded last Friday. Shares of the biotech company have a 30-day, daily average trading volume figure of 43,152. However by the close of trading last Friday over 237,000 shares had traded hands. Remarkably, the share price for ENUM was down just 4.76% although the closing price of $0.08 was the low of the day. Interestingly, the two largest trading volumes over the past month have accompanied down moves in the stock.

Cambridge, MA-based ENUMERAL BIOMEDICA COM USD0.001 (OTCMKTS:ENUM) discovers and develops antibody immunotherapies that assist the body’s immune system attack diseased cells. Their process allows them to measure drugs in a customizable fashion for each patient. Enumeral is building a pipeline of treatments for cancer and inflammatory diseases.

On June 9, 2017 ENUMERAL BIOMEDICA COM USD0.001 (OTCMKTS:ENUM) filed a form with the SEC detailing their separation from the company’s former CEO Dr. Arthur Tinkelenberg. Also included in the form was the assertion that the company has implemented a reduction in the company’s labor force. This course of action is being taken to prolong the company’s ability to operate. Currently Enumeral believes they have enough cash to operate through June, 2017. However the SEC filing makes it clear that avenues are being investigated to avoid having the company be forced to wind down. These options could include a sale, private debt or equity offerings, collaborations, licensing, or even a merger – among other possibilities.

Investors would be well advised to keep a close eye on any news concerning ENUMERAL BIOMEDICA COM USD0.001 (OTCMKTS:ENUM).

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $ENUM and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.