Biotech Stock Powers Higher on Study Data

iCo Therapeutics (TSXV:ICO), a biotech stock, moved up after announcing results from the Phase 1 study of its Oral Amphotericin B candidate

Sean Mason | September 6, 2018 | SmallCapPower

“Positive pharmacokinetic data” sparked much speculation in a Canada-listed biotech stock Thursday. Here’s some small stocks making big moves on Thursday, September 6, 2018 (as of 4 pm EST):

iCo Therapeutics (TSXV:ICO), a biotech stock, jumped 39% to $0.125 on Thursday after announcing what it called “additional positive pharmacokinetic data” from its recent Phase 1 study of its Oral Amphotericin B (Oral Amp B) candidate, reporting a median AUC0-inf of 2029 hr*ng/mL at the 400 mg dose of Oral Amphotericin B, representing an approximate doubling of the critical AUC0-inf measure at an increased dose.

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As well, shares of Cypress Development Corp. (TSXV:CYP) slipped 19% to $0.325 as the lithium junior revealed results from a Preliminary Economic Assessment (PEA) of its Clayton Valley Lithium Project in Nevada. Highlights included an estimated Net Present Value of US$1.45 billion, at an 8% discount rate, and a 32.7% internal rate of return on after-tax cash flow.

Cornerstone Capital Resources Inc. (TSXV:CGP), meanwhile, reported that its Board of Directors has decided not to proceed with the previously-announced plan of arrangement at this time, which would have involved a spin-off transaction transferring its non-Cascabel assets to a newly-created company. Cornerstone Capital stock moved up 50% to $0.27 following the announcement.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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