Shares of a Canadian small market cap medical cannabis research firm jumped after it obtained a critical notice from the US Food and Drug Administration (FDA).
Tetra Bio-Pharma (TSXV:TBP,OTCQB:TBPMF) confirmed on Wednesday (December 4) that its delta-9-tetrahydrocannabinol (THC) treatment of hepatocellular carcinoma received orphan drug designation from the federal regulator.
The FDA offers this denomination for drugs designed to treat rare diseases; it serves as an incentive for companies in the pharmaceutical development cycle.
The company opened Wednesday’s trading session at a price of C$0.52 per share, representing a nearly 10 percent jump from its previous closing price. As of 12:10 p.m. EST, Tetra Bio-Pharma traded up 13.68 percent to a price of C$0.54.
Guy Chamberland, CEO and chief regulatory officer of the company, said the approval will cause the company to now prepare a modified formulation of its drug for hepatocellular carcinoma as part of a clinical trial in Q1 2020.
Hepatocellular carcinoma is a common type of liver cancer; according to the Mayo Clinic, it most commonly affects patients with chronic liver diseases.
“This second (orphan drug designation) for cannabinoids demonstrates our innovation and successful drug development program that will soon include hepatocellular carcinoma,” Chamberland said.
The executive added that the company will be able to incorporate the drug as a cancer therapy with supposedly no extra cost to its investors.
“The Caumz-kit technology already exists, so we will maximize our investment in the development of inhaled cannabinoid drugs to bring another drug to the market,” Chamberland said.
Investors of Tetra Bio-Pharma have seen an upswing in the company thanks to recent critical developments to its medical cannabis drug pipeline.
In November, the company restarted its trial for PPP001 after obtaining approval from the FDA. This drug is being investigated for patients facing pain management issues related to cancer.
Chamberland told INN the company was surprised to find out about the ruling from the health agency in the US.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).
Canopy Growth to Participate in BofA Securities Virtual Consumer & Retail Technology Conference on March 11, 2021
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) (“Canopy Growth” or “the Corporation”) announced today that EVP & CFO Mike Lee will be participating in a fireside chat at the BofA Securities Virtual Consumer & Retail Technology Conference on Thursday, March 11, 2021 at 9:30am ET .
Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”). The Company announces that further to its press release dated March 2, 2021, it has obtained TSX Venture Exchange approval to extend the closing date of its previously announced private placement of units (“Units”) until April 7, 2021. Each Unit is comprised of one (1) common share and one (1) warrant, exercisable for one common share at price of $0.11 per share, for a period of three (3) years from the date of Closing. The Company applied to extend the date of closing to allow a greater number of interested investors to participate.
For more information regarding the Company or the offering, please contact email@example.com, or