Point Therapeutics Skyrockets Following Merger with DARA
by H.S. Ayoub, DMD
BioHealth Investor
Point Therapeutics (POTP) jumped from a close of just over $0.04 a share on Tuesday to an intra-day high of $0.45 following news that privately held DARA Biosciences will take over the unsuccessful biotech in a reverse merger. The stock ended trading at $0.26, however, post-bell trading has it back up to $0.33
By reverse merging with Point DARA becomes a publically traded company, by-passing the extra costs and waiting period of filing for an IPO.
Point Therapeutics was trading for pennies following failure of its phase 3 clinicals for a lung cancer treatment earlier this year. DARA acquires the company along with its pipeline.
Watch shares of POTP tomorrow morning as it will sure be another wild open.
BioHealth Investor.com
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BioHealth Investor
Point Therapeutics (POTP) jumped from a close of just over $0.04 a share on Tuesday to an intra-day high of $0.45 following news that privately held DARA Biosciences will take over the unsuccessful biotech in a reverse merger. The stock ended trading at $0.26, however, post-bell trading has it back up to $0.33
By reverse merging with Point DARA becomes a publically traded company, by-passing the extra costs and waiting period of filing for an IPO.
Point Therapeutics was trading for pennies following failure of its phase 3 clinicals for a lung cancer treatment earlier this year. DARA acquires the company along with its pipeline.
Watch shares of POTP tomorrow morning as it will sure be another wild open.
BioHealth Investor.com
________________________
posted by Nico at
4:32 PM
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