China Medical Technologies Recently Received Approximately 2,200,000 Of Its ADSs From Two Banks Which Borrowed The ADSs In Connection With The Issuance Of The Company's Convertible Notes In August 2008
BEIJING, Oct. 25, 2011 /PRNewswire-Asia-FirstCall/ -- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED), a leading China-based advanced in-vitro diagnostic ("IVD") company, today announced that it has recently received approximately 2,200,000 of its American Depositary Shares ("ADSs") from two investment banks which borrowed the ADSs in connection with the issuance of the Company's convertible notes in August 2008. The ADSs will no longer be available for lending again. There are still approximately 2,010,000 of the Company's ADSs which are held by the banks and are available for investors which are hedging their investment in the Company's convertible notes. Except for the above lending arrangement, the Company does not engage in any lending of its ADSs. In addition, Chengxuan International Limited, the largest shareholder of the Company, has confirmed to the Company that it currently does not, and has no intention to, lend any of its shares in the Company to third parties. About China Medical Technologies, Inc. China Medical Technologies, Inc. is a leading China-based advanced IVD company using molecular diagnostic technologies including Fluorescent in situ Hybridization (FISH) and Surface Plasmon Resonance (SPR) and an immunodiagnostic technology, Enhanced Chemiluminescence Immunoassay (ECLIA), to develop, manufacture and distribute diagnostic products used for the detection of various cancers, diseases and disorders as well as companion diagnostic tests for targeted cancer drugs. The Company generates all of its revenues in China through the sale of diagnostic consumables including FISH probes, SPR-based DNA chips and ECLIA reagent kits to hospitals which are recurring users of the consumables for their patients. The Company sells FISH probes and SPR chips to large hospitals through its direct sales force and ECLIA reagent kits to small and mid-size hospitals through distributors. For more information, please visit http://www.chinameditech.com. ContactWinnie YamTel: 852-2511-9808Email: IR@chinameditech.com SOURCE China Medical Technologies, Inc.
Shares of China Medical Technologies (Nasdaq:CMED) were gapping down Tuesday morning with an open price 65.9% lower than Monday's closing price. The stock closed at $1.82 yesterday and opened today's trading at 62 cents.
Shares of China Medical Technologies (Nasdaq:CMED) were gapping down Friday morning with an open price 30.2% lower than Thursday's closing price. The stock closed at $3.67 yesterday and opened today's trading at $2.56.
Shares of China Medical Technologies (Nasdaq:CMED) have taken a tremendous swing upward. The stock is trading at $3.12 as of 11 a.m. ET, 21.4% above Tuesday's closing price of $2.57. Volume is at 1.4 million, 3.6 times the daily average of 375,600.