Harbinger Research has rated drug development company Amazon Biotech Inc. (Bulletin Board:AMZB.OB) “speculative buy” with a target price of $0.25, a 400% premium on the share’s price of $0.075 when the report was released. The share subsequently rose to $0.089.
Amazon Biotech is a development-stage pharmaceutical/biotech company that is developing an all-natural drug (AMZ 0026) for the treatment of HIV/AIDS.
Given that Amazon Biotech paid for the report, the recommendation should be taken with some skepticism, but it does provide some interesting data about the company. It says that the company plans to begin Phase I/II human clinical trials in mid-2007, and that it has already obtained permission to begin the trials and is now recruiting patients. The company expects preliminary results after six months.
Amazon Biotech’s AMZ 0026 is derived from plants. Harbinger Research says that patients in a feasibility trial reported improvement in their symptoms, and that there were few side effects. The trial also found that patients had an increase in concentrations of CD4, an indicator that the immune system was growing stronger.
Published by Globes [online], Israel business news - www.globes.co.il - on February 21, 2007
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