SenesTech Inc (NASDAQ: SNES) is having an overwhelmingly strong day in the market today after announcing that it has reached a regulatory milestone. Of course, the news means that a new market may open for the company, exciting investors and sending the stock screaming for the top. Today, we’ll talk about:
- The regulatory milestone;
- what we’re seeing from the stock as a result; and
- what we’ll be watching for ahead.
SNES Announces Regulatory Milestone
As mentioned above, SenesTech is having an overwhelmingly strong day in the market today after announcing that it has reached a regulatory milestone. In a press release issued early this morning, the company announced that the California Department of Pesticide Regulation (CDPR) has proposed to register its product, ContraPest®, for use in California. In the release, SNES said that the proposed action will be posted for a period of 30 days. Once approved, the company will have the ability to market the product in California. This is a key milestone for the company, as California is considered to be one of the largest state markets for pest control. In a statement, Dr. Loretta P. Mayer, Co-Founder and CEO at SNES, had the following to offer:
California consistently leads the way with respect to innovative and environmentally sensitive policies, and California consumers can be the most demanding of the products they buy and use – the products must be effective, they must be as safe as possible, they must be ethical, and they must pose the least burden on the planet. These are the qualities that we are committed to and evident in our design of ContraPest. I expect this will be a great market for ContraPest, with rapid adoption, as the California consumers are always ahead of the curve.
The above statement was followed up by Tom Chesterman, Executive Vice President and CFO at SNES. Here’s what he had to offer:
We have been preparing for a California launch for some months now, and will aggressively launch our prepared marketing and sales campaigns. We have already booked space at upcoming regional trade shows as well as advertising in the appropriate media, and have provided information to key opinion leaders.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In this particular case, the news proved to be overwhelmingly positive. In fact, it is highly likely that the action will lead to SenesTech receiving marketing approval for ContraPest, leading to strong potential revenue ahead. So, it’s no surprise that excited investors are sending the stock screaming for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:13), SNES is trading at $0.74 per share after a gain of $0.42 per share (134.47%) 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 SNES. In particular, we’re interested in following the news and expecting to see something surrounding ContraPest receiving approval to be marketed in California relatively soon. Nonetheless, we’ll continue to watch the story closely and bring the news to you as it breaks!
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