Politics make strange bedfellows, it’s true, and a cannabis company out of Sandusky, Ohio is monitoring events on Capitol Hill with a sharp eye.
The health-care sector in New York slipped 0.5% Tuesday afternoon, and 1.3% in Canada. At press time, there were no Canadian companies worthy of the attention.
The outlook for PAO Group, Inc. (OTC: PAOG) brightened considerably on word of new bill introduced by Senator Marco Rubio and Congresswoman Jenniffer González Colón.
PAOG recently acquired cannabis pharmaceutical development assets. At the same time, the company initiated efforts in Puerto Rico to partner with a Contract Research Organization (CRO) to advance an Investigational New Drug Application, ultimately, to achieve U.S. Food and Drug Administration approval for its newly-acquired RespRx, a treatment for Chronic Obstructive Pulmonary Disease (COPD).
The market for COPD treatment is anticipated to reach $14 billion by 2025.
Based on positive results from an informal trial of RexpRx with 25 COVID-19 patients, PAOG also plans to apply for a Coronavirus Treatment Acceleration Program (CTAP) application after entering into a CRO agreement.
Rubio and González Colón introduced legislation last week to position Puerto Rico as a national production center of medical equipment and drugs.
Stock in the company perked 22.2% to 22-100ths of a cent late Tuesday, on volume of more than 114 million shares.
