As you know, TCPI was Mondays pre-open alert...It has done very well today on 2x normal volume at this time...But, we are picking up rumors that the reason for the big financing news today is the result of pending outcome on TCPI's in home cholesteral screening product.
TCPI To Conduct Concurrent Clinical Trials For New Total and HDL Cholesterol Home Screening Test And Professional Use TriMeter For Physician Office Measurement
POMPANO BEACH, Fla.--(BUSINESS WIRE)--March 10, 2000-- Technical Chemicals and Products, Inc. (Nasdaq:TCPI - news), a developer, manufacturer and marketer of diagnostic products and drug delivery technologies, announced today that the United States Food and Drug Administration (FDA) has not cleared TCPI's new HealthCheck® Total Cholesterol Home Screening Test for over-the-counter (OTC) marketing.
Pursuant to recent discussions with the FDA, the Company plans to modify the format of the color chart in which test results are displayed and obtain clinical data for a new regulatory submission of this consumer total cholesterol screening test. Concurrently, the Company will conduct clinical trials for its new HealthCheck® HDL Cholesterol Home Screening Test for the OTC market and its new professional use TriMeter(TM) for measurement of Total and HDL cholesterol and fingerstick blood glucose in the physician's office. The Company anticipates it will be able to initiate regulatory filings for these products later this year.
25 million dollars that TCPI received today is rumored to be in response to insiders knowledge that this product is about to come to market and TCPI common stock will increase in value dramatically as a result.