Pristine Solutions (OTC:PRTN) has been compared in recent days to large pharmaceutical companies like Arena Pharmaceuticals, Inc. (NASDAQ:ARNA), VIVUS Inc. (NASDAQ:VVUS) and Orexigen Therapeutics, Inc. (NASDAQ:OREX). At it's current price of $0.29 after trading 26.33 million shares on Wednesday, PRTN stock has gained 115,900% for the insiders who own the shares at $0.00025.
Each of the companies Pristine has been compared to have had dugs they manufactured approved by the U.S. Food and Drug Administration (FDA) and seen their stock prices climb from such approval. The question at hand is, if Pristine Solutions was to travel the long road of FDA approval for their Tropine 3 which they claim to hold the intellectual property and global marketing rights to through their wholly-owned subsidiary company, Eaton Scientific Systems, Ltd., could PRTN truly be one of the Awesome Penny Stocks?
PRTN had a short lived retraction to start the week when the share price dipped to as low as $0.17 after opening at $0.419, a decline of -59.43% before rebounding to close at $0.2421. Bargain hunters who anticipate this penny stock to perform similar to Sunpeaks Ventures (SNPK.OB) scooped up cheap shares on the premise that PRTN could be on the verge of shooting up to multi-dollar levels. SNPK was one of the Awesome Penny Stocks traders saw climb from $0.34 to $2.40 in April.
Tropine 3 is claimed by Pristine Solutions to be a patent pending novel indication of an existing FDA approved drug for the non-hormonal treatment of hot flashes in pre-menopausal, pari-menopausal, and post-menopausal women. However, with claims that the Company could be on the verge of a possible FDA approval for Tropine 3, novice investors are under the influence that the likelihood of approval is imminent.
According to the FDA website, it can take as little as six (6) months FDA review time for a priority reviewed drug. A Priority Review designation is given to drugs that offer major advances in treatment, or provide a treatment where no adequate therapy exists. A Priority Review means that the time it takes FDA to review a new drug application is reduced. The goal for completing a Priority Review is six months.
With Pristine Solutions' claims to be aggressively moving towards getting its Tropine 3 approved by the FDA, which could in fact help millions of women throughout the world once on the market as it solves a problem that no other drug has been able to address in the past, would it be considered a Priority by the FDA or be subject to the standard timeline of six (6) to thirteen (13) years?
Whether they do apply for clinical trial studies or not, PRTN stock has already given the insiders a much needed gain on paper of 115,900%. There is no chance the company which 6 months ago was focused on selling hot water heaters made in China to the Jamaican consumer market could have ever seen one-one hundredth of those gains. Luckily the PRTN scam has Awesome Penny Stocks to thank for that.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.