Innovate Biopharmaceuticals Inc (NASDAQ: INNT) is having an overwhelmingly strong start to the trading session this morning after the company announced that it has entered into a clinical research collaboration. Of course, the news excited investors, sending the stock on a run for the top. Today, we’ll talk about:
- The agreement;
- what we’re seeing from INNT; and
- what we’ll be watching for ahead.
INNT Climbs On Agreement
As mentioned above, Innovate Biopharmaceuticals is having an incredibly strong start to the trading session this morning after the company announced that it has entered into an agreement. In a press release issued early this morning, the company annunced that it has signed an agreement with Amarex Clinical Research. In the release, INNT said that the agreement surrounds data management and biostatistics for its planned Phase 3 celiac disease trial. According to the agreement, Amarex will provide the company with electronic data capture solutions as well as associated services for data management and biostatistics.
In a statement, June Almenoff, M.D., Ph.D., F.A.C.P, CMo and COO at INNT, had the following to offer:
With their strong expertise in biostatistics and data management, I am pleased to be working with Amarex to support our Phase 3 trial. Our clinical team has been impressed with Amarex’s capabilities, and we look forward to a productive working relationship.
The above statement was followed up by Kazem Kazempour, Ph.D., President and CEO at Amarex. Here’s what he had to offer:
We are excited to support Innovate in the development of its novel therapeutic, which has the potential to help so many patients suffering from celiac disease. We look forward to working closely with Innovate’s experienced team to advance the clinical development of larazotide for this underserved population.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of Innovate Biopharmaceuticals, the news proved to be overwhelmingly positive. With the selection of Amarex, the company is now one step closer to getting the Phase 3 celiac disease trial rolling. So, it comes as no surprise to see that excited investors are sending the stock on a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:37), INNT is trading at $5.24 per share after a gain of $0.17 per share or 3.35% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on INNT. In particular, we’re interested in following the story surrounding the company’s continued work in the celiac disease space. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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