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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Capstone Therapeutics Corporation (QB) | USOTC:CAPS | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.10 | 4.10 | 4.90 | 0.00 | 13:01:10 |
[ X ]
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended
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June 30, 2013
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or
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from _________________________
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to |
____________________
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CAPSTONE THERAPEUTICS CORP.
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(Exact name of registrant as specified in its charter)
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Delaware
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86-0585310
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(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
1275 W. Washington Street, Suite 101, Tempe, Arizona
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85281
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(Address of principal executive offices) | (Zip Code) |
(602) 286-5520
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Page No.
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Part I
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Financial Information
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Part II
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Other Information
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·
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the impact of our actions to preserve cash, including the reduction from eighteen employees to two employees and additional steps taken towards a virtual operating model;
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·
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unfavorable results of product candidate development efforts;
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·
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unfavorable results of pre-clinical or clinical testing;
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·
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delays in obtaining, or failure to obtain FDA approvals;
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·
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increased regulation by the FDA and other agencies;
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·
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the introduction of competitive products;
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·
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impairment of license, patent or other proprietary rights;
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·
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the impact of present and future joint venture, collaborative or partnering agreements or the lack thereof;
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·
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failure to successfully implement our drug development strategy for AEM-28;
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·
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failure to obtain additional funds required to complete clinical trials and supporting research and production efforts necessary to obtain FDA approval for product candidates; and
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·
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effect of the ongoing
qui tam
litigation on our stock price, liquidity, and our ability to execute corporate or other transactions, or our ability to continue operations.
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June 30,
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December 31,
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|||||||
2013
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2012
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|||||||
(unaudited)
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||||||||
ASSETS
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||||||||
Current assets
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||||||||
Cash and cash equivalents, $3,073 reserved at June 30, 2013
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$ | 8,123 | $ | 10,205 | ||||
Other current assets
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197 | 383 | ||||||
Total current assets
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8,320 | 10,588 | ||||||
Patent license rights, net
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902 | 980 | ||||||
Furniture and equipment, net
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7 | 23 | ||||||
Total assets
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$ | 9,229 | $ | 11,591 | ||||
LIABILITIES AND EQUITY
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||||||||
Current liabilities
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||||||||
Accounts payable
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$ | 74 | $ | 233 | ||||
Other accrued liabilities
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27 | 61 | ||||||
Total current liabilities
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101 | 294 | ||||||
Equity
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||||||||
Capstone Therapeutics Corp. Stockholders' Equity
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||||||||
Common Stock $.0005 par value;
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20 | 20 | ||||||
100,000,000 shares authorized; 40,885,411 shares in 2013 and 2012
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||||||||
issued and outstanding
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||||||||
Additional paid-in capital
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189,209 | 189,181 | ||||||
Accumulated deficit ($152,339 at June 30, 2013 and
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||||||||
$150,335 at December 31, 2012, accumulated during
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||||||||
development stage period)
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(180,101 | ) | (178,097 | ) | ||||
Total Capstone Therapeutics Corp. stockholders' equity
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9,128 | 11,104 | ||||||
Noncontrolling interest
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- | 193 | ||||||
Total equity
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9,128 | 11,297 | ||||||
Total liabilities and equity
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$ | 9,229 | $ | 11,591 |
As a Development
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||||||||||||||||||||
Three months ended June 30,
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Six months ended June 30,
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Stage Company
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||||||||||||||||||
August 5, 2004 -
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||||||||||||||||||||
2013
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2012
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2013
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2012
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June 30, 2013
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||||||||||||||||
OPERATING EXPENSES
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||||||||||||||||||||
General and administrative
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$ | 277 | $ | 393 | $ | 711 | $ | 817 | $ | 32,197 | ||||||||||
Research and development
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749 | 403 | 1,661 | 959 | 104,095 | |||||||||||||||
Purchased in-process research and development
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- | - | - | - | 34,311 | |||||||||||||||
Other
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- | - | - | - | (375 | ) | ||||||||||||||
Total operating expenses
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1,026 | 796 | 2,372 | 1,776 | 170,228 | |||||||||||||||
Interest and other income, net
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3 | (84 | ) | (154 | ) | (88 | ) | (14,007 | ) | |||||||||||
Loss from continuing operations before taxes
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1,029 | 712 | 2,218 | 1,688 | 156,221 | |||||||||||||||
Income tax benefit
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(21 | ) | - | (21 | ) | - | (1,376 | ) | ||||||||||||
Loss from continuing operations
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1,008 | 712 | 2,197 | 1,688 | 154,845 | |||||||||||||||
Discontinued operations - net gain on sale of
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||||||||||||||||||||
the bone device business, net of taxes of $267
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- | - | - | - | (2,202 | ) | ||||||||||||||
NET LOSS
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1,008 | 712 | 2,197 | 1,688 | 152,643 | |||||||||||||||
Less: Net Loss attributable to the noncontrolling
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||||||||||||||||||||
interest
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- | - | (193 | ) | - | (667 | ) | |||||||||||||
Net Loss attributable to Capstone
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||||||||||||||||||||
Therapeutics Corp. stockholders
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$ | 1,008 | $ | 712 | $ | 2,004 | $ | 1,688 | $ | 151,976 | ||||||||||
Per Share Information:
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||||||||||||||||||||
Net loss, basic and diluted, attributable to
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||||||||||||||||||||
Capstone Therapeutic Corp. stockholders
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$ | 0.02 | $ | 0.02 | $ | 0.05 | $ | 0.04 | ||||||||||||
Basic and diluted shares outstanding
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40,885 | 40,878 | 40,885 | 40,875 |
As a Development
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||||||||||||
Six months ended
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Stage Company
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|||||||||||
June 30,
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August 5, 2004 -
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|||||||||||
2013
|
2012
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June 30, 2013
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||||||||||
OPERATING ACTIVITIES
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||||||||||||
Net loss
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$ | (2,197 | ) | $ | (1,688 | ) | $ | (152,643 | ) | |||
Non cash items:
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||||||||||||
Deferred tax expense
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- | - | 770 | |||||||||
Depreciation and amortization, net of gain on sale
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90 | (44 | ) | 4,061 | ||||||||
Non-cash stock compensation
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28 | 76 | 4,960 | |||||||||
Gain on sale of bone device business
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- | - | (2,298 | ) | ||||||||
In-process research and development
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- | - | 34,311 | |||||||||
Change in other operating items:
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||||||||||||
Interest, income taxes and other current assets
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186 | 558 | 1,511 | |||||||||
Accounts payable
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(159 | ) | 4 | (897 | ) | |||||||
Accrued liabilities
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(34 | ) | (30 | ) | (2,990 | ) | ||||||
Cash flows used in operating activities
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(2,086 | ) | (1,124 | ) | (113,215 | ) | ||||||
INVESTING ACTIVITIES
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||||||||||||
Expenditures for furniture and equipment, net
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- | 170 | (1,044 | ) | ||||||||
Proceeds from sale of assets
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4 | - | 7,176 | |||||||||
Cash paid for assets of AzERx/CBI
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- | - | (4,058 | ) | ||||||||
Cash paid for patent rights
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- | - | (1,028 | ) | ||||||||
Purchases of investments
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- | - | (282,538 | ) | ||||||||
Maturities of investments
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- | - | 340,476 | |||||||||
Cash flows provided by investing activities
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4 | 170 | 58,984 | |||||||||
FINANCING ACTIVITIES
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||||||||||||
Net proceeds from stock option exercises
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- | - | 4,612 | |||||||||
Net proceeds from sale of stock
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- | - | 3,376 | |||||||||
Common stock purchases
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- | - | (1,041 | ) | ||||||||
Cash flows provided by financing activities
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- | - | 6,947 | |||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
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(2,082 | ) | (954 | ) | (47,284 | ) | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
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10,205 | 13,778 | 55,407 | |||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
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$ | 8,123 | $ | 12,824 | $ | 8,123 | ||||||
Supplemental Disclosure of Non-Cash Investing Activities -
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LipimetiX/AzERx/CBI
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|||||||||||
LipimetiX/AzERx/CBI Acquisitions:
|
||||||||||||
Current assets acquired
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$ | 29 | ||||||||||
Patent rights acquired
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3,187 | |||||||||||
Liabilities acquired, and accrued acquisition costs
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(457 | ) | ||||||||||
Original investment reversal
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(750 | ) | ||||||||||
In-process research and development acquired
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34,311 | |||||||||||
Noncontrolling interest
|
(667 | ) | ||||||||||
Common stock issued for acquisition
|
(31,217 | ) | ||||||||||
Cash paid
|
$ | 4,436 |
Note A.
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CASH AND CASH EQUIVALENTS
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Note B.
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JOINT VENTURE FOR DEVELOPMENT OF APO E MIMETIC PEPTIDE
MOLECULE AEM-28 AND ANALOGS
|
Patent license rights
|
$ | 1,045 | ||
Noncontrolling interests
|
$ | ( 667 | ) | |
Cash paid at formation
|
$ | 378 |
Note C.
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CONTINGENCY – LEGAL PROCEEDINGS
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Item
2.
|
Management’s Discussion and Analysis of Financial Condition and
Results of Operations.
|
Signature | Title | Date |
/s/ John M. Holliman, III
John M. Holliman, III
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Executive Chairman
(Principal Executive Officer)
|
August 14, 2013
|
/s/ Les M. Taeger
Les M. Taeger
|
Senior Vice President and Chief
Financial Officer
(Principal Financial and Accounting Officer)
|
August 14, 2013
|
1 Year Capstone Therapeutics (QB) Chart |
1 Month Capstone Therapeutics (QB) Chart |
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