Radient Pharma: RIP
Radient Pharmaceuticals (RXPC) is finally dead.
On July 3, the SEC issued an order revoking the registration of Radient's securities. Radient shares, which most recently traded for tiny fractions of a penny on the Pink Sheets, are now gone forever.
For those relatively new to biotech investing, Radient was once a momentum-driven cult stock fueled by wildly promotional (and absurdly unrealistic) claims about the company's cancer screening test Onko-Sure. I spent a good portion of 2011 writing extensively about Radient -- mainly detailing the myriad ways in which company executives were shading the truth and bamboozling investors. Who can forget Radient's business deals with a dead Indian prime minister or pseudo-partnership with the Mayo Clinic? Then there was Radient's massive loan default, the reluctant disclosure that its India joint venture was a bust and the delisting from Amex.
Radient eventually blew up and my fun ended, but the zombie stock continued to trade until last week when the SEC, mercifully and belatedly, put it down for good.