Decision Diagnostics Corp. Addresses FDA Safety Warning Letter

Decision Diagnostics Corp.’s (OTCQB:DECN - News) stock volume soared, with 1,755,856 changing hands, 11 times more than its three-month average volume of 149,093 shares.

The upsurge in stock volume and the downturn in share value of the California-based diagnostic testing company were fueled by the Apr. 30 news that the FDA sent a safety warning letter about the quality systems issues at Shasta Technologies LLC, the former owner/operator of GenStrip. However, Shasta is no longer involved with GenStrip, which was recently purchased by a subsidiary of Decision Diagnostics.

Now Fully Compliant

According to a press release, Decision Diagnostic believes that the FDA communication is accurate in its criticism of the repeated failures of Shasta to comply with minimum standards of quality procedure and regulatory compliance.

“Their continued noncompliance was the motivating factor behind the March 20, 2014 acquisition of the GenStrip Intellectual Property and the 510(k). The existing product supplied by Shasta performed safely and effectively, met or exceeded its own 510(k) described standards, and there have been no reported incidents regarding patient safety or health and it is now under the regulatory control of the company's PharmaTech subsidiary and is fully compliant with the mandated quality procedure policies and documentation,” the released explained.

On Apr. 30 DECN’s share price closed at 27 cents, down 13 cents, or 32.72%, from the previous day’s close of 40 cents.

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Accretive Health Inc.’s CEO Stepping Down

In other news, Accretive Health Inc. (OTCPINK:ACHI - News) announced that its Board of Directors has accepted the resignation of Steve Schuckenbrock as president and CEO, effective October 2, 2014, which is the completion of his contract term.

According to the Chicago Tribune, Schuckenbrock has led the company through a bumpy period achieving ambivalent results.

Delisted From NYSE

In March, the New York Stock Exchange delisted Accretive’s stock because the company failed to meet a deadline for restating its financial results from the last three years

The Chicago-based healthcare provider has not released quarterly results since the third quarter of 2012. Accretive also pulled nine quarters of financial statements going all the way back to the second quarter of 2010 because of accounting discrepancies, according to the Chicago Tribune.

The Board of Directors has initiated a search for a new CEO with deep healthcare domain expertise to lead the company through its next phase of operational enhancement, as well as reigniting the company's growth and strategic innovation.

Schuckenbrock will continue to serve on Accretive Health's Board of Directors, remain as President and CEO through his contract term, enabling a stable transition to a new CEO, and managing the completion of the company's financial restatement as soon as possible.

Chief Operating Officer to Lead Transformation Office

To continue the company's momentum, the Board of Directors appointed current chief operating officer, Joe Flanagan, to lead a newly created Transformation Office.

Flanagan's expanded responsibilities will enable him to provide the continuity and cross-functional accountability to focus on the continued execution of the company's turnaround plan by leveraging his broad operational and restructuring experience.

On Apr. 30, ACHI’s share price closed at $8.05, unchanged from its close the previous day.

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Cocrystal Pharma Inc. Committed To Develop More Effective Antivirals

Meanwhile, Cocrystal Pharma Inc.’s (OTCQB:COCP - News) share volume soared Apr. 30, with 823,736 shares changing hands, substantially higher than its three-month average volume of 639,548 shares.

The uptick in volume comes on the heels of the Australian-based biopharmaceutical company’s Apr. 30 announcement that its developing new antiviral therapeutics for human diseases, as a result of a recent BBC article titled "Tamiflu: Millions wasted on flu drug.” The article concludes that Tamiflu, a drug widely stockpiled for use in influenza pandemics, is no more effective than paracetimol, a generic over-the-counter pain reliever and fever reducer.

According to Cocrystal Pharma, currently approved antiviral treatments for influenza are not very effective and are burdened with significant viral resistance. That’s why Cocrystal Pharma says it has decided to develop drug candidates that are specifically designed to be effective against all strains of the influenza virus and to have a high barrier to resistance.

On Apr. 30, COCP’s share price closed at 41 cents, up 5 cents from the previous day’s close of 36 cents.

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Medbox Inc. Forms 6 Diverse Subsidiaries to Fill Needs of Legal-Marijuana Sector

Finally, Hollywood, Calif.-based Medbox Inc. (OTCPINK Markets: MDBX), a maker identity-verifying medical-marijuana dispensers, recently announced it is forming 6 new subsidiaries to serve the legal marijuana business.

Medbox has formed subsidiaries in marijuana research and development, real estate investments, dispensary management, banking, armored car transport and strategic investments in other public companies that have shown promise in the ancillary service sector of the burgeoning marijuana industry.

The new subsidiaries are:

-Medbox CBD Inc., specializing in hemp-oil concentrates and development of pharmaceutical products derived from cannabis to produce and distribute products based upon lifting of federal prohibitions of such activities.

-Medbox Property Investment Inc., specializing in real property acquisitions and leases to dispensaries and cultivation centers.

-Medbox Management Services Inc., specializing in dispensary management services to state licensed dispensaries for cultivation, dispensing, and marijuana infused products (MIPS).

-Medbox Banking Inc., specializing in banking transactions with prepaid debit cards, convenience checks, and cash depository needs for operators.

-Medbox Armored Transport Inc., specializing in armored car transport of cash from Dispensaries to participating banks.

-Medbox Investments Inc., specializing in investments and strategic partnerships in other public companies in the marijuana ancillary service sector that Medbox believes are viable and have growth potential.

"We are all witnessing the birth of a new industry and with that comes amazing opportunities for the companies that are properly positioned to take advantage of trends and leverage that into value," said Vice President of Medbox Matthew Feinstein, in a written statement. "While we are all focused on our core consulting and equipment sales, we would be remiss if we didn't capitalize on these opportunities presenting themselves on a daily basis it seems," he added.

The company is still focused on its existing subsidiaries of:

Medicine Dispensing Systems, Vaporfection International, Medbox Rx, and Medbox Technologies Ltd. (Canadian Corporation). Company executives report that all other subsidiaries not currently in use by the company shall be dissolved.

On Apr. 30, MDBX shares closed at $20.02, down $2.48 from its closing price the previous day of $22.50.

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