Canadian Biotech Stock Climbs on COVID-19 Vaccine Initiative

Theralase Technologies Inc. (TSXV:TLT), a Canadian biotech stock, powered higher after announcing a coronavirus vaccine research initiative

Sean Mason | August 19, 2020 | SmallCapPower

A COVID-19 vaccine collaboration produced healthy gains for a Canadian biotech stock Wednesday. Here’s some small stocks making big moves on Wednesday, August 19, 2020 (as of 4 pm EST):

Theralase Technologies Inc. (TSXV:TLT), a Canadian biotech stock, surged 27% to $0.215 on Wednesday after announcing that it has executed a Sponsored Research Agreement with the University of Manitoba Medical Microbiology department to begin development of a coronavirus vaccine and therapy utilizing Theralase’s Photo Dynamic Compounds.

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As well, shares of General Moly, Inc. (TSX:GMO) plunged 43% to $0.205 as the molybdenum development company said it currently has negative working capital and its existing capital resources are only adequate to sustain its operations through September 30, 2020.

Silver Elephant Mining Corp. (TSX:ELEF), meanwhile, reported that first chip sampling results on its recently-acquired polymetallic (gold, silver, zinc & lead) El Triunfo Project in Bolivia assayed up to 8.3 g/t gold equivalent, and that it has commenced an initial drill program of up to 1,000 meters. Silver Elephant Mining stock moved up as much as 9% 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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