Report: CellCyte stock up after promoter touts shares

After struggling for years to survive on angel investments, the Seattle Times reports that CellCyte Genetics has ridden a wave of hype this fall to push its market value to $440 million. And the biotech's share price rose following a flood of glossy brochures and spam faxes from an outside investor who had been barred from the securities business in British Columbia.

The spike occurred after CellCyte bought an inactive shell company and went public while a Canadian promoter acquired millions of shares. That attracted the attention of regulators, who say they've been guarding against "pump-and-dump" schemes. CellCyte CEO Gary Reys says that the spike in the company's share price simply shows investor confidence in the company's ability to manipulate stem cells.

- check out the article from the Seattle Times