Cell MedX Corp (OTCBB:CMXC) is trading lower on decelerating volume in recent days after a nice run over $0.80 on the alert from several online newsletters. CMXC just started on the bb’s and has only been active since October of last year.
CMXC has been heavily promoted by a number of online newsletters who said ”CMXC is far from a big pharma behemoth, but that’s why we love these ground-floor opportunities! If CMXC can carve off even a SLIVER of the billions swirling around the diabetes industry, I think shareholders will feel the impact. It may take a few years to take this radical new system to the FDA, but CMXC seems committed to jumping all the clinical hurdles by around 2017.”
Cell MedX Corp (OTCBB:CMXC) is an early development stage company focused on the discovery, development and commercialization of therapeutic products for patients with diseases such as diabetes by developing technologies to help manage the illness and related complications. Through its wholly owned subsidiary, Avyonce Cosmedics Inc., Cell MedX Corp. is also engaged in the resale and marketing of spa technology and equipment.
In November of last year CMXC made an important acquisition when they purchased a proprietary technology for the treatment of diabetes and related ailments from the inventors of the Technology, Jean Arnett and Bradley Hargreaves.
In consideration for the Technology, the Company paid to Ms. Arnett and Mr. Hargreaves a total of USD $100,000 and issued to Ms. Arnett and Mr. Hargreaves options to purchase up to an aggregate of 20,000,000 shares of the Company’s common stock (10,000,000 each), having an initial exercise price of $0.05 per share. The options are subject to performance vesting provisions based on the planning and completion of clinical trials involving the Technology. Prior to completing the sale of the Technology to the Company, Ms. Arnett and Mr. Hargreaves purchased an aggregate of 10,000,000 shares of the Company’s common stock from Mario Gregorio, formerly the Company’s principal shareholder.
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While Frank McEnulty continues as CMXC CEO, upon closing Ms. Arnett joined the Company as Vice President of Corporate Strategy as well as being appointed to the BOD. Mr. Hargreaves is the new Vice President of Technology and Operations and Yanika Silina takes over as CFO, Treasury and Secretary.
In recent news CMXC said it has scheduled the commencement of its pilot trial of the e-balance Technology for January 9, 2015. The trial will be conducted on human subjects and is designed to test the safety and efficacy of the e-balance Technology as an adjunctive treatment for diabetes mellitus. Objectives for this trial will include the identification of markers of improved diabetic control, insight into optimal treatment parameters, magnitude and timing of clinical effects, and measurement of overall efficacy while monitoring for any potential adverse effects.
The shell was incorporated as Plandel Resources, Inc. under the laws of the State of Nevada on March 19, 2010 with 300,000,000 authorized common shares with a par value of $0.001. On March 24, 2014, the Company changed its name to Sports Asylum, Inc. The Company was organized with the intent to acquire and develop mineral properties. On August 29, 2014, the Company signed a Letter Agreement to acquire exclusive rights to a proprietary technology for the treatment of diabetes and related ailments.
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Currently trading at a $22 million market valuation CMXC is a pink sheet stock however they are reporting; according to the 10Q from October 9, the Company has just $4,655 in the treasury, mounting short term debt and no revenues to date. As long as the promo dollars continue to flow CMXC could easily go much higher, long term it lacks fundamentals and may test the $0.55 once again.
Disclosure: we hold no position in CMXC either long or short and we have not been compensated for this article.