ORLANDO, Fla., Oct. 3, 2008 (GLOBE NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc. today announced that it has issued a second quarter 2008 research update for CellCyte Genetics Corp. (OTCBB:CCYG), a biotechnology company engaged in developing stem cell enabling therapeutic products and medical devices for cell production.
Ajay Mohan, MFM, RedChip Research Analyst, reported:
"We are revising our stock rating on CCYG from 'Speculative Buy' to 'Sell' and are suspending our target price on the stock in the wake of an acute liquidity crunch and the uncertain future faced by the Company. We believe the present cash position is not sufficient to fund the operations of the Company for the next three months and that the Company must raise funds in 3Q08 to sustain operational expenses. In the absence of the availability of long-term financing, CCYG faces a threat to its very existence and will be required to cease operations.
"We initiated coverage on CCYG with a rating of 'Speculative Buy' and a 12-month target of $0.80 assuming that the Company would be able to commercialize its main programs CCG-TH30 and CCG-TH35 in 2014. However, in view of the precarious situation CCYG is currently facing, we are not sure the Company will be able to raise adequate financing in a timely manner to continue operations. Accordingly, we are changing our stock rating to 'Sell' and are suspending our target price on CCYG," Mohan concluded.
To receive a complimentary copy of the RedChip Visibility Research Report for CCYG, please visit: http://www.redchip.com/visibility/about.asp?page=vreport&reportid=138&from=10032008pr
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Disclosure
None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. CellCyte Genetics Corporation paid RedChip Visibility, a division of RedChip Companies, Inc., $36,000 for RedChip Visibility Program services, which included the preparation of this equity research report. To the fullest extent permissible under applicable law, RedChip Companies, Inc. will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information. RedChip Companies, Inc. employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein.