Monday, June 15, 2009

Stock Alert: Manhattan Pharmaceuticals (MHAN.ob) Doubles on High Volume

Manhattan Pharmaceuticals (MHAN.ob), a stock that I previously labeled as "The Next TTNP" has more than doubled on huge volume during early trading on Monday.

Investors have long been awaiting news of an update on the company's progress in bringing Hedrin, a non-pesticide treatment for head lice, to market in the United States. Manhattan owns North American rights for the product in a joint venture agreement with Nordic Biotech Venture Fund II K/S (Nordic). Any positive update on the possibility of Hedrin approval in the US could the stock price of MHAN.ob to over one dollar.

Manhattan has other drug candidates in the pipeline, should the company fail to bring Hedrin to market, but Hedrin has the most immediate chance to make an impact on the stock price.

Also in the pipeline:

Topical PTH for Psoriasis- Currently in Phase II trials. Early test results were promising, but the same could be said for the company’s failed weight loss drug. Positive Phase II results could influence the stock price.

Altoderm for Dermatitis- showed promise in late-stage trials conducted by Thornton and Ross. FDA gave the green light for a Phase II trial in the US.

Altolyn and a Propofol Lingual Spray are in very early stages of development.

MHAN.ob is a great risk reward play while trading for under ten cents, but Monday's volume indicates that the stock may not be trading that low for much longer.

Without a doubt, MHAN.ob could very well be the next TTNP success story.

Disclosure: VFC is long MHAN.ob

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