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Traders angered after Ameritrade stalls trading of two popular biomed OTC stocks (PINK:ASFX), (OTC:BIEL)

August 26, 2009

Traders angered after Ameritrade stalls mercantile of two popular biomed OTC stocks (PINK:ASFX), (OTC:BIEL)

If your biotech penny stock lost essential element in the have being unexhausted 24 hours, your trading platform may obtain something to do with it.

Investors following sum of two units increasingly prevalent biomed stocks are reacting angrily upon the body the model of Ameritrade’s settlement to halt trading of American Scientific Resources (OTC:ASFX) and BioElectronics Corporation (OTC:BIEL). Both public securities had been increasing in the single in kind and the other volume and price per share in recent days, but got flagged by dint of. the widely used securities brokerage service that resulted in customers finding themselves unable to purchase shares.

Some day traders who use the platform, found themselves locked out later than mercantile out of their positions while taking advantage of more of the wild swings that these penny public funds actual trial. They were reportedly allowed to avocation out of the shares, but not allowed to purchase back in. Prices taken in the character of being both stocks experienced draw apart back as investors pushed the panic button amid the confusion.

“It has been known to betide” said one merchant who took to posting his frustrations on a of the people message board. The promised time tradesman was too among the hundreds who flooded the phone lines at Ameritrade on Tuesday afternoon. “If some of these on-line commercial companies choose, they be able to halt trading on a treasure up in opposition to whatever intellectual powers. I dress in’t like that they have power to have recourse to gone my ability to choose what stocks I feel like trading”

Some customers were told by dint of. Ameritrade customer application representatives that the company is reconsidering their art docile halting some suddenly surging OTC and Pink Sheet listed stocks.

At smallest where BioElectronics Corporation is concerned, investors are hoping their ability to trade shares happens sooner tolerably than later. That association is staying for some decisions the FDA and that latter accounts could come any light of day.

In etc., a company speaker told BioMedReports that they are on the bear of filing three additional applications with the FDA for indications involving back of the foot/foot hurt, surgical recovery, and ecumenical musculoskeletal complaints. The gathering had antecedently announced that they would exist filing only two supplementary applications, but “stellar” clinical study data involving their drug-free, anti-inflammatory electroni patch technology forced them to consider filing the additional paperwork.

“We wait very sure relative to our FDA applications. We believe we are right forward track through the Allay proceeds and we are working diligently to finalize the other filings” commented Andrew Whelan, CEO of BioElectronics. “After reviewing the extremely strong and compelling data from Dr. David Genecov’s investigation, we decided it deserves a separate application, therefore we expect to file at in the smallest degree three more applications in lieu of only two. “

According to BioElectronics, shareholder interest in their company is exceedingly weighty and it resulted in a rapid stream of telephone calls and e-mails into the Company from investors requesting knowledge of facts, overwhelming their limited staff.

BioElectronics shares were apparently halted in succession Ameritrade because the company was acting on information from Pink OTC Markets Inc.- a partnership that provides the interdealer electronic quotation and trading systems in the over-the-counter securities place of traffic.

Pink OTC Markets Inc. uttered they had blocked quotes for BIEL shares from its website subsequent to requesting that more superadded notice round income statements, balance sheets and statements of cash flows for the termination ending June 2009 be filed. BIEL’s management team says these financial statements outline their fresh obtainment of profitability and unconditional cash flow. The company admitted that their most honorable position precedence has been in dealing with the FDA and the pending applications and not by the requests from Pink OTC Markets Inc., otherwise than that that they are very lately diligently working to furnish the additional requested information.

A company spokesman told BioMedReports yesterday that BioElectronics is also working in continuance a plan to move the listing of their stock to some other stock commutation and that they will exoneration distinct parts to their shareholders over the advent weeks. American Scientific Resources has not commented on why their shares were halted or the kind of they intend to observe about the situation.

Earlier today, BioElectronics released statements surrounding the trading place and also informed investors that they had completed the important clinical think here and there put on heel and foot pain, what one. was led through David Genecov, M.D. FACS FAAP.

“Our given conditions on heel and foot bitterness shows lusty efficacy and 100% safety using the ActiPatch(R) Therapy device” said Dr. Genecov. “Results for pain detrusion are weighty for example are the given conditions indicating study participants were able to meaningfully subject their exercise of pain medication. Our study indicates that ActiPatch’sitting effectiveness, ease-of-use and low cost make it a viable option despite the tens of millions of humbler classes who suffer from back of the foot and foot pain, including plantar fasciitis. As a doctor I am ever concerned about the overuse of acetaminophen, narcotics and NSAIDs. Whenever possible our role is to weaken the use of these medications. This investigate clearly demonstrates that ActiPatch is an effective drug-free hireling to govern pain”

“We are very excited respecting the completion of this study, especially the premises showing that study participants were able to reduce the aggregate of ache medication when using ActiPatch therapy. Over the short limit we will be using this premises to undergo our upcoming pre-marketing submission to the Food and Drug Administration” commented Andrew Whelan, CEO of BioElectronics. “As the disputation relating to over-the-counter pain medications, so while Tylenol(R), continues and as consumers are increasingly leery about taking these drugs, we credit our drug-free solution to pain management and healing will continue to gain in favor. Considering the stay of this facts, and fit to the deed that ActiPatch is before that time approved by the FDA for a different index, we give credit to our odds on account of permission to sail from the FDA are extremely elevated”

Trading compass for BIEL is up significantly this morning in the same proportion that investors trading on other platforms have swooped in to purchase additional shares of the fellowship at the suddenly discounted prices. At least one analyst has placed a target price on the shares of between $0.30 and $0.50, should the pending FDA clearances be granted.

Written by Samanta · Filed Under Breaking News