Shares of ProtoKinetix, Inc. (OTCQB:PKTX) are hitting a new 52-week high on news that the company has executed a Material Transfer Agreement (MTA) with a reputed biotechnology company having a number of worldwide offices on four continents.
ProtoKinetix is a molecular biotechnology company that has developed and patented a family of hyper stable, potent glycopeptides (AAGP®) that enhance both engraftment and protection of transplanted cells used in regenerative medicine.
Preliminary results of the testing program are scheduled to be presented to ProtoKinetix by mid-summer. Should these results be successful, under the MTA, this company has the right to negotiate a licensing agreement for each application initiating the global commercialization of AAGP®.
Based on projections from Grand View Research, Inc., the global cell line development market size is expected to reach $3.96 billion by 2019 and is anticipated to grow at a compound annual growth rate (CAGR) of 12.9% over the forecast period.
President and Chief Executive Officer Clarence E. Smith commented, "We are delighted to be collaborating with this reputed, international biotechnology company with facilities worldwide. If testing proves to be successful, this may give ProtoKinetix the first opportunity to license out AAGP®."
Shares of PKTX reacted favorably to the news with the stock hitting a new 52-week high in today’s trading with shares currently up 12.36% at $0.10 on the news.
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