Sino Clean Energy, Ecosphere Technologies, and Cellceutix are OTC stocks to watch today.
Sino Clean Energy, Inc. (OTCBB:SCLX 0.43) announced this morning that the company had raised $11.6 million through the sale notes, warrants, and 30.5 million new shares of common stock. The three-year notes' initial conversion price is 19 cents. If Sino Clean Energy does not generate revenue of $40 million as well as earn $10 million in fiscal 2009, the conversion price is reduced by 25%. They are reduced by 20% if Sino doesn't drive sales of $70 million and earn $15 million in 2010. The company's CEO, Baowen Ren, personally guaranteed the notes.
Prior to the issuance of these shares, Sino had 93.3 million shares issued and outstanding and $5.9 million worth of cash on the books. The company's market cap was about $39.6 million.
Sino Clean Energy produces and distributes coal-water mixture in the People's Republic of China.
Ecosphere Technologies, Inc. (OTCBB:ESPH 0.43) said its water and engineering company Ecosphere Energy Services, LLC has raised $10 million in funds by selling 33% of the subsidiary to former NFL star Drew Bledsoe's venture capital company.
No details of the deal were available at the time. However, we do know that the company's market cap prior to the Bledsoe investment was $36.7 million. Ecosphere's sales were less than $200K during the first quarter.
The company provides water-recycling services to energy companies that extract natural gas from shale.
Cellceutix Corporation (OTCBB:CTIX 0.43) has reached a significant development milestone with its pre-clinical cancer drug Kevetrin. The cancer treatment was previously shown to be effective at fighting tumors that were resistance to other drugs. Today's announcement confirms that Kevetrin showed no indication that it was toxic to the mice in this initial study.
Kevetrin is currently being developed as a lung cancer treatment. The non-small cell lung cancer market is worth about $4 billion annually, while the small-call lung cancer market is worth less than a billion annually.
One incredible coincidence about all three stocks... they each closed at 43 cents yesterday.