Shares of this micro cap biotech company ripped this morning after an announcement was made pertaining to a merger agreement to combine their business with two other biopharmaceutical companies. Cytocom, Inc., a leading biopharmaceutical company in the area of immune-modulation, and Cleveland BioLabs, Inc., an innovative biopharmaceutical company developing novel approaches to activate the immune system, both announced today the all-stock transaction.
The Micro cap mentioned earlier that is benefiting from this merger is Immune Therapeutics, Inc. (OTC-PNK:IMUN). The merger is believed to create near-term commercial opportunities in numerous areas of significant unmet medical needs including acute radiation injury, oncology and much more according to the press release.
Traders wasted no time snatching up shares all the way up to $.0489/share (+237%) on massive volume following the news. This was just shy of the 52-week high of $.0499/share
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