ALR Technologies Inc. (OTCMKTS:ALRT)
Shares of ALR Technologies Inc. (OTCMKTS:ALRT) more than doubled in market value following the recent FDA clearance of the company’s Insulin Dose Adjustment feature. The stock was up by 103.33% in Monday’s trading session to end the day at $0.04549 a share.
ALRT Stock Performance
Monday’s rally helped reverse a downward trend that had gripped the stock in recent weeks. While the stock is up for the year, it is still down by more than 50% from last month’s trading high of $0.14 a share. ALRT faces immediate resistance at the $0.06 and $0.07 marks, above which it could make a push for its 52-week high of $0.15 a share.
The cleared ALRT systems uses the American Association of Clinical Endocrinologists insulin dosing guidelines, to process patients’ blood glucose. The Insulin dosing adjustment will make it easy for healthcare providers to prescribe optimal doses for patients, thereby addressing the so-called insulin glass ceiling.
“With FDA clearance for Insulin Dose Adjustment, it will simplify insulin dosing for healthcare providers,” said Sidney Chan CEO of ALR Technologies. “First, it makes it easy for healthcare providers to titrate insulin dosing for new insulin patients.
ALR Technologies Inc. (OTCMKTS:ALRT) has since released 5 videos detailing a patent-pending Predictive A1C innovation added to the diabetes management system. One of the videos gives an overview of how the system works. Another video shows how Predictive A1C provides an ongoing indication of patient status.
Separately, ALR Technologies Inc. (OTCMKTS:ALRT) has authorized a private placement of $5 million worth of secured debentures. The debentures will be exercisable into common stock at $0.05 a share
The company plans to use funds from the ordering for working capital. Net proceeds should also allow ALR Technologies Inc. (OTCMKTS:ALRT) to meet SEC reporting requirements.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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