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Altamira Therapeutics Stock Slips 30% After Bentrio Trial Update Disappoints

Shares of Altamira Therapeutics Ltd. (CYTO) are slipping over 30% on Tuesday morning after the company provided an update on its clinical trials with Bentrio. The COVAMID study did not reach the primary efficacy endpoint.

CYTO is currently trading at $3.4800, down $1.5200 or 30.40%, on the Nasdaq. The stock opened its trading at $5.1500 after closing previous day's trading at $5.0000. The stock has traded between $2.8500 and $43.0000 in the past 52-week period.

Top-line data from the COVAMID trial in 160 patients with current COVID-19 infection show a trend for a more pronounced improvement in the Bentrio treatment groups on the primary efficacy endpoint, the change in PCR cycle threshold (CT), compared with no treatment.

"Although the COVAMID study did not reach the primary efficacy endpoint, we observed a trend for faster and more pronounced reduction in the nasal viral load, which was corroborated by a similar trend in COVID-19 related symptoms," said Thomas Meyer, Altamira Therapeutics' founder, Chairman, and CEO.

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