Radient Pharma Shares Reopen
Updated with new company comment.
Earlier Tuesday, Radient issued a statement accusing TheStreet of publishing an "inaccurate" story about the involvement of the Mayo Clinic in a clinical study of Radient's cancer-screening test Onko-Sure.
Radient's stock was halted Monday just before 12 p.m. ET by the New York Stock Exchange with shares at 41 cents. The stock remained halted for most of Tuesday, opening at 3:31 pm ET up 9 cents to 51 cents a share.TheStreet published a story Monday in which Mayo Clinic denied Radient's claim that Mayo was working with Radient on a new clinical validation study of the Onko-Sure cancer test. "Mayo is not engaged in clinical studies with Radient and does not have a partnership agreement with Radient," said Mayo Clinic spokesperson Kathy Anderson in a statement emailed to TheStreet Friday. Mayo Clinic's statement contradicts Radient's recent pronouncements regarding the pending release of results from a new clinical validation study of Onko-Sure. In a press release issued Jan. 18, Radient said it was making "progress on its clinical study with Mayo Clinic for the validation of the company's US FDA-cleared Onko-Sure" test. The same Radient press release described the Onko-Sure clinical study as one in which "1,000 colorectal patient samples with various disease stages are being tested in parallel by RPC [Radient] and Mayo..." Mayo's only involvement in the Onko-Sure study, the Mayo spokesperson confirmed, was to sell blood samples taken from colon cancer patients to Radient so the company could conduct its own clinical study of Onko-Sure. "Mayo Clinic does have a collaboration agreement with Radient whereby Mayo Validation Support Services provided bio specimens from our Bio Specimen Bank to Radient for clinical studies," said Mayo spokesperson Anderson. "The services Mayo was required to provide to Radient have been fulfilled. Any clinical study results about Onko-Sure would be provided by Radient, not Mayo Clinic," she added. On Monday, Mayo confirmed the accuracy of that statement in a blog posting to its Web site. In its response Tuesday, Radient said it is "taking proactive steps to address the article and intends to issue a public statement later today providing existing and prospective shareholders with information correcting certain inaccuracies set forth in the article."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV