Coming off of a major announcement yesterday, a certain Toronto-based healthcare company is catching a bid yet again so far this morning.
Yesterday, it was announced that Pharmadrug Inc. (OTCPK:LMLLF) has been granted a pre-investigational new drug meeting with the U.S. Food and Drug Administration (FDA) for the clinical development of its patented enteric-coated formulation of cepharanthine (PD-001), an oral antiviral pill as a potential treatment for mild-moderate COVID-19, according to the release. Shares of Pharmadrug rallied to close at $0.036 (+16.13%) following the news.
Pharmadrug operates as a vertically integrated business in the medical cannabis industry. The company's only segment being the distribution of medical cannabis in Germany. Geographically, it operates in Germany and Canada.
The fun didn’t stop Tuesday, however. Traders seemed to indicate a bullish move premarket as the bid is currently at $0.0393/share (implied +9.17% open) at the time of writing. This move would echo the success the stock had on Tuesday should it continue to be bid up!
