A small Illinois-based biotech company had its shares pop at the open on news that it has entered a bid implementation agreement (BIA). Wize Pharma, Inc. (OTCQB:WIZP) announced that it entered into the agreement with Cosmos Capital Limited, a leading digital infrastructure provider based in Sydney, Austrailia, whereby Wize has agreed to make an off-market takeover offer to acquire all of the outstanding shares of Cosmos.
Wize Pharma Inc. is a clinical-stage biopharmaceutical company. It is focused on the treatment of ophthalmic disorders. The company has an in-licensed LO2A eye drop, which is a drug developed for the treatment of Dry Eye Syndrome and other ophthalmological illnesses, including Conjunctivochalasis and Sjogren's.
Traders seemed excited on the news as shares traded up to an early session high of $0.22/share (+69.2%) following the news. This move snaps a six-month long downtrend and is a breath of fresh air for long term shareholders.
