Penny stock company Genitope down from near $5.00.
Genitope (NASDAQ: GTOP, Bullboard) has dropped from a 52-week high of $4.93 to 10 cents. That is extremely hard to do. Try to find many other companies which have accomplished that in a year. The company's future is based on whether it can get short-term financing. Holders of the GTOP debt want to get paid. One of those lenders is GE Capital and it is looking for $3.8 million.
Genitope's hope has to be that it is worth more if it is in business than if it is not. Management has already showed a measure of good faith by taking salary cuts. GTOP is also considering selling its MyVax personalized cancer vaccine. The treatment did not pass Phase III trials but the research may have significant value to another company. GTOP says that MyVax is likely to see approval overseas.
GTOP stock could still take a huge swing. It could go to zero, but, if it gets an overseas approval or sells MyVax, it could spike up.
Investments in the company should not come out of a college or retirement savings fund.
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