A Toronto-based medical technology company just announced that it has entered into a subscription agreement to which Social Capital Holdings Inc. will make a strategic CAD $43.4-million investment into the company. Shares of Perimeter Medical Imaging AI Inc. (TSX-Venture:PINK) (OTCPK:PYNKF) rallied strongly on the news following a trading halt this morning.
Perimeter Medical is a medical technology company driven to transform cancer surgery with ultra-high-resolution, real-time, advanced imaging tools to address high unmet medical needs. The company is developing, with plans to commercialize, advanced imaging tools that allow surgeons, radiologists, and pathologists to visualize microscopic tissue structures during a clinical procedure.
Traders were extremely optimistic on the news as shares on the TSX Venture Exchange traded up to $4.29/share (+41.58%) at the session high. This move is a strong continuation of the bullish breakout from the multi-month downtrend the stock was caught in until October of this year.
