Biotech Stock Climbs on License Agreement

Sirona Biochem Corp. (TSXV:SBM), a biotech stock, jumped after announcing an agreement to license its skin lightener

Sean Mason | February 6, 2019 | SmallCapPower

A skincare industry licensing agreement lifted a biotech stock Wednesday. Here’s some small stocks making big moves on Wednesday, February 6, 2019 (as of 4 pm EST):

Sirona Biochem Corp. (TSXV:SBM), a biotech stock, shot up 32% to $0.125 on Wednesday after announcing that it has signed a Right of First Refusal (ROFR) agreement with an industry-leading, skincare company to license Sirona’s skin lightener, TFC-1067. Sirona added that it has received an up-front payment for the acceptance of the ROFR. Financial terms were not disclosed.

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As well, shares of Distinct Infrastructure Group Inc. (TSXV:DUG) sank 44% to $0.10 as the company said that as of September 30, 2018, it was in violation of certain financial covenants contained in its Revolving Loan and Term Loan dated November 21, 2017.

ATS Automation Tooling Systems Inc. (TSX:ATA), meanwhile, reported a 16% increase in its third-quarter revenue to $321.4 million, while earnings from operations for the quarter were $38.5 million, compared with $14.8 million during the same period year. ATS Automation Tooling Systems stock moved up 17% to $19.01 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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