MultiCell Technologies Inc (MCET)

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Penny Stock of the Day; MultiCell Technologies Inc.

By Jacob Black on Jan 25, 2011 in Business


Shares of MultiCell Technologies Inc. (OTC: MCET) are soaring in today’s trading. The penny stock reached a 52-week high of $0.02 in mid-day trading, and at last check, it was up 33.04% to $0.0153, with volume up from daily average of 8.68 million to 91.52 million.

The penny stock of MultiCell Technologies has a 52-week range of $0.00-$0.02. The stock is currently trading above its 50-day and 200-day moving averages. It gained 159.32% in the last three trading sessions.

In November last year, MultiCell announced the receipt of cash grant awards under the U.S. government’s Qualifying Therapeutic Discovery Project program. The program was started by the Congress and offers a tax credit or grant equal to eligible costs and expenses for tax years 2009 and 2010.

Commenting on the grant, W. Gerald Newmin, Chairman and CEO of MultiCell, said that the company is pleased with its MCT-465 and MCT-475 drug development programs for the treatment of cancer. Newmin said that the company’s MCT-125 drug development for the treatment of fatigue in multiple sclerosis patients qualified for certification under the Qualifying Therapeutic Discovery Project.

MultiCell Technologies is a clinical-stage biopharmaceutical company, focusing on the development of novel therapeutics and discovery tools to address unmet medical needs for treatment of neurological disorders, hepatic disease and cancer.

http://www.techrockz.com/2011/01/25/penny-stock-of-the-day-multicell-technologies-inc/