Rockwell Medical, Inc. (RMTI), a biopharmaceutical company, has declined by 3.99% during the aftermarket trading session. Consequently, RMTI stock is trading at $0.45 at the time of the writing. The decline has come in the aftermath of a burgeoning Thursday when the stock rallied 17.44% during the regular trading session and closed the day at $0.47. The surge could be attributed to the regulatory approval of one of its products in South Korea.
Why RMTI Soared?
On Thursday, RMTI announced that Jeil Pharmaceutical Co., Ltd., the company’s partner in South Korea, had received regulatory approval from the Ministry of Food and Drug Safety of South Korea with regards to its Triferic Injection, which is marketed in the US as Triferic AVNU. The product is meant for iron supplementation therapy as well as for maintenance of haemoglobin in adult patients who are suffering from hemodialysis-dependent chronic kidney disease.
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Q3 2021 Operational Results
In mid-November, RMTI released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated net sales of $15.98 million during the quarter against $15.28 million for the same quarter of 2020. The operating loss suffered by the company during the three months was $6.97 million against $6.69 million for the same three-month period of 2020. The net loss suffered by the company during the period was $7.58 million (or $0.08 per basic and diluted share) against $7.35 million (or $0.10 per basic and diluted share) for the same period of 2020.
Russell Ellison, M.D., M.Sc., President and Chief Executive Officer of RMTI, while commenting on the results said that the company has delivered a strong third quarter which was driven by accelerating growth in dialysis concentrates products. Looking ahead, the company is making steady progress for the development and delivery of innovative treatment to patients with iron deficiency anaemia (IDA).
Future Outlook for RMTI
During the last three months, RMTI stock has declined by approximately 18%. But the more recent stats depict an optimistic picture for the stock. Hence, potential investors should keep a close eye on the upcoming performance of the stock.