Pharma Stock Pops After Receiving Approval From Health Canada (HC)

A Calgary-based pharmaceutical company turned heads today after they announced it received approval from Health Canada (HC) for its product, MultiX barium sulfate powder. Shares of Voyageur Pharmaceuticals Ltd. (TSX-V:VM) rallied on the news as this is the second license the company has received for MultiX.

Voyageur is engaged in the development of pharmaceutical ingredients (API) minerals. The company focuses on developing barium and iodine radiocontrast products and bromine based pharmaceutical products. It provides its products to medical applications and diagnostics.

Traders were optimistic on the news as shares hit a session high of $0.19/share (+8.57%) following the announcement. This move is welcomed by investors that have been holding this stock since making a multi-year high of $0.35 in February.