Earlier this week, LifeTech Capital issued an update on its FluoroPharma Medical coverage. The latest report reiterates the stock as a "Strong Speculative Buy" and sets a $2.50 price target. The entire 23-page report can be viewed at the following link: http://dtg.fm/fpmi-report-120412.
On November 30, 2012, FluoroPharma Medical reported BFPET's continued successful results in the second round of high-quality images from the Phase Ib investigator-sponsored trial (NYSEARCA:IST) at the PLA 301 Hospital in Beijing China. The results reflected those seen from the first round of images announced on July 26, 2012, demonstrating BFPET's clear diagnostic qualities as well as PET technology's inherent superior resolution compared to SPECT technology.
The report further noted that on November 19, 2012, FluoroPhara raised $1.5 million dollars by selling approximately 1.8 million shares at a 23% premium to the market price. The company also issued 1,819,118 1-year warrants with an exercise price of $0.90 per share. The additional funding will enable FluoroPharma to further advance its portfolio of diagnostic imaging products.
Also notable, FluoroPharma's open-label Phase IIa trial in Europe for CardioPET has begun patient screening. LifeTech anticipates the availability of interim data from the 40-patient trial in the first quarter of 2013. CardioPET is being developed to help healthcare providers detect regions of metabolic insufficiency in order to accurately diagnose acute and chronic cardiac artery disease.
"Although FluoroPharma is an early-stage company, we believe savvy investors wanting to get ahead of the curve will find FluoroPharma shares attractive," stated Analyst Stephen M. Dunn in the report. "While currently 'under the radar', we expect their future newsflow in the active molecular imaging space combined with their focus on cardiac PET imaging to bring additional investor attention in the near-future. Our Strong Speculative Buy rating and a 12-18 month price target of $2.50 is based on a 35x multiple on projected fiscal year 2017 EPS and discounted 45% for cumulative risk with an acquisition premium of 20%."
For more information on FluoroPharma Medical, visit www.fluoropharma.com
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