Guided Therapeutics Inc (OTCMKTS:GTHP) is currently best known for having developed the LuViva Advanced Cervical Scan and the company’s stock was on the move on Wednesday following a key announcement.
On Wednesday, GTHP stock gained 6.68% at $0.64 with more than 13k shares, compared to its average volume of 7k shares. The stock has moved within a range of $0.5900 – 0.6400 after opening trade at $0.60.
The company announced yesterday that it had started enrolling and testing of patients with the LuViva scan at the Department of Obstetrics & Gynecology Hospital that is located at Fudan University in the city of Shanghai, China. The news came as a source of considerable optimism for investors since it commenced the start of the Chinese trial that could eventually lead to Guided Therapeutics marketing and selling the LuViva scan in the vast Chinese market.
The data derived from this round of testing is going to be submitted by the company to the Chinese National Medical Products Administration. Once the submission is completed, Guided Therapeutics is also going to get a payment of as much as $620,000 from Shandong Yaohua Medical Instrument Corporation, its co-manufacturer and distributor for the Chinese market.
The latest development was largely seen as a positive by investors and he stock rallied strongly to end the day with gains of as much as 7%. It now remains to be seen if it can add to its gains today.
“Starting the pivotal clinical trial in China is a key milestone in our international commercialization strategy,” said Gene Cartwright, CEO of Guided Therapeutics. “The study is very reasonable in terms of number of women to be tested and it is a pleasure to be working with thought leaders in the Chinese Gynecological and Obstetrics community.”
GTHP stock is trading above the 20-Day and 50-Day Moving averages of $0.59 and $0.58. Moreover, the stock is trading above the 200-Day moving average of $0.64. The stock is up 18% over the past month.