BioSyent Inc. (CVE:RX), a Canadian specialty pharmaceutical company, jumped in midday trading, extending this year's gains, after signing an exclusive licensing and distribution agreement for a new urgent care drug product.
Shares climbed 9.6 percent to C$7.30 at 2:18 p.m. in Toronto, stretching this year's rally to 71 percent.
The deal was signed between BioSyent Pharma, a BioSyent subsidiary, and an existing European partner, the Toronto, Ontario-based company said in a statement today.
The new product, to be marketed by BioSyent's hospital products division, utilizes a patented delivery system that offers technical advantages over existing alternatives and will be used in hospitals and acute care settings.
These products will provide hospitals, clinics, and healthcare professionals with improved patient safety as well as operational efficiencies.
The product is the third one that BioSyent has in-licensed from the same partner that uses the same underlying patented technology.
The first of the three is already approved and being prepared for launch later this year or early next, and the second is in the latter stages of the Health Canada approval process, the company said.
"We have already started discussions and due diligence with our European partner on the fourth product that utilizes this technology and we are aware that they are developing more such products," Chief Executive Officer René Goehrum said in the statement.
This new product deal brings the combined number of products that BioSyent Pharma has either in-market, Health Canada approved, or in-licensed to eight."
Reported by Proactive Investors 7 hours ago.
Shares climbed 9.6 percent to C$7.30 at 2:18 p.m. in Toronto, stretching this year's rally to 71 percent.
The deal was signed between BioSyent Pharma, a BioSyent subsidiary, and an existing European partner, the Toronto, Ontario-based company said in a statement today.
The new product, to be marketed by BioSyent's hospital products division, utilizes a patented delivery system that offers technical advantages over existing alternatives and will be used in hospitals and acute care settings.
These products will provide hospitals, clinics, and healthcare professionals with improved patient safety as well as operational efficiencies.
The product is the third one that BioSyent has in-licensed from the same partner that uses the same underlying patented technology.
The first of the three is already approved and being prepared for launch later this year or early next, and the second is in the latter stages of the Health Canada approval process, the company said.
"We have already started discussions and due diligence with our European partner on the fourth product that utilizes this technology and we are aware that they are developing more such products," Chief Executive Officer René Goehrum said in the statement.
This new product deal brings the combined number of products that BioSyent Pharma has either in-market, Health Canada approved, or in-licensed to eight."
Reported by Proactive Investors 7 hours ago.