Advanced Medical Isotope Corp. (ADMD) CEO and President Michael Korenko (Insider Trades) bought 700,000 shares of the company on Jan. 17. The average price per share was 15 cents for a total transaction of $105,000.
Advanced Medical Isotope is a late stage radiation oncology medical device company focused on development of therapeutic brachytherapy devices. The company has a market cap of 2.82 million.
To date in 2017, Korenko conducted the sole insider trade with the company. In the two years leading up to 2017, there were no insider transactions with Advanced Medical Isotope, and only one insider buy of 1,000 shares purchased by former CEO James Katzaroff (Insider Trades) for an average per share price of $2.00. Korenko was named interim president and CEO on Dec. 20, 2016 after previously serving as an adviser to the company’s board of directors and was later named the president and CEO of the company. Katzaroff will remain a member of the board. For more information about insider transactions with Advanced Medical Isotope, click here.
For the third quarter of 2016 ended Sept. 30, 2016, Advanced Medical Isotope reported operating loss of $666,414, which is up from the company’s reported operating loss of $293,811 from the corresponding quarter of the previous year. On the other hand, net income loss decreased from $2.530 million, or 13 cents per share, to $155,982, or 1 cent per share when comparing the same periods of time. The company also announced on Nov. 10, 2016, that it reduced overall liabilities recorded on the balance sheet by over 75% over the course of the previous 18 months. In November 2016, then-CEO Katzaroff commented that 2016 was a “transformative year” for the company, which was in part due to “financial restructuring.” Since then, the company won a default judgment of $527,875.74 from BancLeasing Inc. over the interpretation and application of terms for finance leases.
On Jan. 11 Korenko issued a letter to shareholders explaining the failed attempts at obtaining approval from the Food and Drug Administration (FDA) for the treatment of a wide variety of cancers using RadioGel™ since 2012. Korenko plans to resubmit the FDA application for RadioGel™ for a unique type of cancer treatment. Korenko stated that Isopet, the company’s veterinary oncology division, “is also in the process of refocusing” and continues to treat for feline sarcoma at the Washington State University Veterinary Center.
Since 2012, annual Advanced Medical Isotope revenue decreased 44.95%, but it follows an increasing growth trend line. Advanced Medical Isotope annual net income follows a decreasing growth trend line starting in 2008. For more financial statistics on Advanced Medical Isotope, click here.
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