The iShares NASDAQ Biotechnology Index (ETF) (NASDAQ:IBB) has come under significant selling pressure this week. The ETF is down more than 1.2% in midday trading today and has fallen more than 3.60% for the week.
Technical indicators for IBB are also giving out bearish signals. IBB slipped below a key support level this week and could see further downside if it slips below 270, which is the next key support level.
Despite the sharp pullback since July last year, IBB remains well above the levels it had been trading at in early 2014. Indeed, based on fundamentals alone, there could be further downside in IBB.
The sharp pullback in the sector however has not hurt shares of Cerebrain Biotech Corp. (OTCBB: CBBT). CBBT is a development-stage medical device company focused on the creation and clinical development of a minimally invasive implantable device and synthetic drug solution.
The device leverages the clinically observable, positive impact that omentum stimulation has on cognitive function as related to dementias, and in particular, Alzheimer’s disease. CBBT’s corporate vision is based on these positive clinical observations.
CBBT shares were last trading 17.33% higher at $0.44 on volume of 6,650, which is above the daily average volume of 4,073.
CBBT shares have risen as the company announced that it intends to seek Food and Drug Administration (FDA) approval in conjunction with the development and testing of its medical device for the treatment of Alzheimer’s and Dementia. CBBT said that it has reached a decisive point in their research and is planning to commence development of the device.
CBBT noted that it has three options for implantable devices with a bias towards having them as non-invasive if possible.
Eric Clemons, President and CEO at Cerebrain Biotech, said that it is vital, the company identifies an individual to create its surgical manual for device implantation who has a broad perspective on the Global Healthcare System and its challenges.
Clemons further said that the experience must encompass public, private and academic settings, with proficiencies in public health, statistics and clinical research. He added that the company has entered into discussions with a prominent medical doctor it believes demonstrates these stringent guidelines.
CBBT also announced that it has engaged the services of Hamilton Advisors to support business development goals that will help the company accelerate its research programs, with an emphasis on receiving FDA approval.
Shares of CBBT have been trading in a trading range of $0.55 on the high end and $0.25 on the low end since last summer as shareholders await further developments from the Company.
