Georgie-based Guided Therapeutics (OTC:GTHP) hasn’t won many points after announcing increased distribution for its LuViva advanced cervical scanning system.
The device maker last week signed agreements with distributors that open up markets in France, Qatar, Malaysia, Indonesia and Bangladesh, extending the company’s reach to around 86 million women aged 25-64, according to a company statement.
LuViva’s looking for a win since shares dropped nearly 20% last month after the company announced that FDA regulators were still not satisfied with the company’s pre-market approval application for the LuViva advanced cervical scanner. That setback hasn’t taken LuViva out of the race, with the new distribution agreements taking the company’s total reach to 21 countries.
"We continue to see high levels of interest for LuViva across the globe as governments and other institutions work to reduce the financial burden of managing cervical cancer," president & CEO Mark Faupel said in prepared remarks. "Developed countries are beginning to adopt human papillomavirus testing to screen for cervical cancer which is creating a high number of false positive results leading to women receiving unnecessary, invasive testing. LuViva is uniquely suited to effectively help manage this population. As a result, the international market remains a potentially lucrative opportunity for building shareholder value over the near term."
GTHP shares had lost another 4.3% and were trading at 65¢ apiece as of about 4 p.m. on Friday.
