Talk about controversy, how about getting three FDA approved drugs, throw them together and call it 'Prometa', say it's the cure for addicition and take the company public -- you get Hythiam Inc. (Public, NASDAQ:HYTM).
HYTM shares are down 49% in the past three months (now at $3.61) and it's CEO Terren Peizer was the subject of a 60 Minutes article last Sunday (12/9).
CBS ran the story (click here to read) called Prescription For Addiction:
Word is spreading fast about a new therapy that is said to break the grip of drug addiction in a simple treatment. Addicts who have tried everything and remained hopelessly hooked say their drug cravings ended almost overnight.
The therapy is called "Prometa." As correspondent Scott Pelley reports, it's being promoted by Terren Peizer, a former junk bond salesman whose business is business, not medicine. He skipped the usual medical research and government approvals to rush Prometa to market.
Why the shortcuts? Peizer, who stands to make millions, says there's no way he can sit on Prometa when he believes it's the miracle treatment that millions are dying for.
This story is worth your time, as is researching Hythiam Inc. The Masters are not preaching this company as a buy, not at all, just making you aware of it's recent spotlight and want you to make the call.
It's a gamble and if anything the 60 Minutes show painted the picture of Prometa, the Company, and its CEO as a traveling salesman selling a miracle tonic from town to town with the promise to cure all.
Just check out the 3 month plunge of Hythiam shares:
On Nov 8th they are hosting their Q3 2007 Earnings Conference Call and with Prometa treatment costing between $12,000 to $15,000 per patient, I'd say the results should be interesting.
So is it a miracle cure? Who knows, some people say it is, other's say it's a scam. Scam or not, the attention 60 Minutes just gave the Prometa treatment program is as good as gold. MSN's story is a good read on the company and the drug treatment program - Meth, cocaine 'remedy' hits market - Addictions- (click here to read)
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This company is an interesting story and if they do win the battle against the FDA, it's on like Donkey Kong.
Article by Mark Cheshier
Contributor at TheStockMasters.com
Disclaimer: The Author does not hold any positions or shares in the securities mentioned in this publication.
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