A cannabinoid-based pain drug development deal lifted a Canadian biopharma stock Monday. Here’s some small stocks making big moves on Monday, December 2, 2019 (as of 4 pm EST):
Tetra Bio-Pharma Inc. (TSXV:TBP), a Canadian biopharma stock, powered 35% higher to $0.50 on Monday after announcing that it has signed a definitive co-development and commercialization agreement with Alternavida S.A. de C.V. for the clinical development, marketing and distribution of CAUMZ, a cannabinoid-derived therapeutic composed of pure synthetic THC and CBD for use in treatment of chronic pain, in Mexico. Tetra will receive a one-time license fee of C$125,000 as well as royalties on CAUMZ sales in Mexico of 10% in year one, 12.5% in year two, and 15% in years three to 15.
As well, shares of Centerra Gold Inc. (TSX:CG) slipped 11% to $10.06 as the gold miner said two of its employees are missing following what it called a “significant rock movement” at its Kumtor Mine in the Kyrgyz Republic.
Continental Gold Inc. (TSX:CNL), meanwhile, reported that it has agreed to be acquired by Zijin Mining Group Co., Ltd. at a price of C$5.50 per share in cash, or a total consideration of approximately C$1.4 billion on a fully-diluted basis. Continental Gold stock moved up 11% to $5.39 following the announcement.
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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