Shares of CB Scientific Inc (OTCMKTS:CBSC) were one of the biggest gainers with a jump of 385.
Market Reaction
On Tuesday, CBSC stock soared 38% to $0.40 with 14.63k shares, compared to its average volume of 26.08K shares. The stock has moved within a range of $0.3680 – 0.4000 after opening trade at $0.3680.
CB Scientific, Inc. Executes Manufacturing Letter of Intent with Shenzhen Pump Medical System Co., Ltd.
Company providing innovative services and products ambulatory non-invasive cardiac monitoring space, CB Scientific Inc (OTCMKTS:CBSC) on December 7, 2021, announced Chinese developer and distributor of medical equipment, Shenzhen Pump Medical System Co Ltd, has issued a Letter of Intent for manufacturing the firm’s products targeting important Southeast Asia markets like Thailand, Indonesia, Singapore, and China. The partnership aims to give high volume manufacturing capacity as well as make it easy to get government approvals.
Charles Martin, Chief Executive Officer of CBSC said that the critical collaboration is vital as it establishes a prominent manufacturing relationship but also secures validation from US FDA and National Medical Products Administration, responsible for medical and pharmaceutical products in China.
Martin added that in addition to regulatory approval and manufacturing advantages, the cooperative alliance will be providing numerous gateways into existing channels throughout the region once the company starts complete production.
The company is planning to make timely announcements through regulatory filings as well as press releases to ensure shareholders, public markets, and industry are informed.
CB Scientific is engaged in clearing EKG devices, interactive cloud-based acquisition software as well as smartphone apps for Android as well as iOS platforms to provide improved compliance for patients suffering from risks of abnormal heart rhythms.
Traders Review
CBSC stock is trading above the 20-Day and 50-Day Moving averages of $0.2859 and $0.2370 respectively. However, the stock is trading below the 200-Day moving average of $0.5014.
