Shares of Intec Pharma (NASDAQ:NTEC) stock are blasting off on Wednesday morning. And it’s actually no shock after the latest firm announcement of a helpful settlement.
In accordance with a press launch, the pharmaceutical agency entered a “feasibility agreement” with GW Prescription drugs (NASDAQ:GWPH) — an organization targeted on growing therapies from plant-derived cannabinoid. That mentioned, this deal will middle on the Accordion Tablet platform, Intec’s oral drug supply system, and its makes use of “for an undisclosed research program.”
Jeffrey A. Meckler, vice chairman and CEO of Intec Pharma, had this to say concerning the NTEC stock information:
“We are very excited to collaborate with GW. Through partnerships such as this, we continue to evaluate the utility of our Accordion Pill (AP) platform in the development of innovative therapeutics.”
It has been a busy few months for each Intec Pharma and NTEC stock. In early October, the corporate introduced a brand new analysis settlement with Merck (NYSE:MRK) and Intec stock gained 10% on the day. Nonetheless, Intec Pharma then introduced a 1-for-20 reverse stock break up, and the response was not nice. NTEC stock fell almost 25% that day, and one other 25% the next day.
Nonetheless, third-quarter earnings supplied some aid. And thus, Intec stock was capable of get better nicely earlier than the huge run up at this time.
NTEC stock was up greater than 62% as of Wednesday morning.