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The biotech company started the week with a 39.71 percent jump in its stock price, closing at $4.75 per share.
Q BioMed (OTCQB:QBIO) started the week with a 39.71 percent jump in its stock price.
Last week, the company announced a worldwide exclusive license and option agreement with Bio-Nucleonics for the FDA-approved generic drug, Strontium Chloride or SR89. More importantly, the drug was reported to be revenue ready within a short time frame, with Q BioMed aiming to generate sales within the first year.
SR89 is an FDA-approved generic drug for pain associated with metastatic bone cancer. In the US alone, there are approximately 300,000 new cases of bone metastases in breast and lung cancer patients per year.
CEO Denis Corin said in the press release that SR89 will be brought to market as quickly as possible.
Q BioMed’s focus is on licensing and acquiring strategic assets across a broad spectrum of biotech and healthcare related sectors, providing these target assets with the capital resources, developmental support and clinical expertise needed to bring them to market or to a significant value inflection point.
Aside from SR89, Q BioMed also has a License and Purchase Option Agreement in place with Mannin Research for MAN-01, a nanofiber eye drop for glaucoma patients.
Oracle Dispatch posted a note today about Q BioMed, noting that the company’s financials show “there may be a ton of opportunity here, particularly if the squeeze action gets traction.”
Life Science Investing News asked Q BioMed CEO Denis Coris for a comment about today’s stock performance, and he said, “We announced a very promising deal last week and perhaps that news is making its way to a greater audience and starting to resonate.”
Q BioMed opened the trading day at $3.45 and closed it at $4.75 per share.
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Securities disclaimer Securities Disclosure: I, Pia Rivera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Q BioMed is a client of the Investing News Network. This article is not paid-for content.